UNIVERSITY OF MANITOBA Dan Torbiak, CA I. H. ASPER SCHOOL OF BUSINESS

UNIVERSITY OF MANITOBA
I. H. ASPER SCHOOL OF BUSINESS
Department of Accounting and Finance
Dan Torbiak, CA
[email protected]
Twitter – @dtorbiaktax
Office: 454 Drake Centre
Office hours: Tuesdays and Thursdays,
645 to 800 pm, other times by appointment
ACC 3050
Taxation Accounting
WINTER TERM 2015
The University will only use your U of M email account for communications, including
messages from your professors. Claim your u of m email account at http://umanitoba.ca/claimid.
It is your responsibility to check it daily for all University communication.
In this course, students learn:
• theory behind the taxation of income in Canada
• structure of the Income Tax Act and rules of interpretation
• tax planning for:
o managing a business
o investing
o personal financial planning
• ethics of tax planning and compliance
Textbooks
• Buckwold, W.J., Canadian Income Taxation: Planning and Decision Making, 2014-15
Edition, McGraw-Hill Ryerson (electronic or paper version – your choice)
• Sherman, David M., The Practitioner’s Income Tax Act, 46th Edition, Carswell
(Sorry – Previous editions of these books are out-of-date. If you use them, you risk learning
incorrect material.)
Electronic platform – D2L
Mark allocation
Mid-term
Mid-term
Final
Thursday, Feb. 5, 2015 (2 hours – 5:30-7:30 pm)
Thursday, March 12, 2015 (2 hours – 5:30-7:30 pm)
TBA
1
25%
25%
50%
100%
Grades – This course is marked on a curve. I anticipate that approximately 70% of students will
achieve C+ or higher, of those do not voluntarily withdraw. Go to link for a full explanation.
http://screencast.com/t/eA1F1OHbnS
How to succeed
1. Stay up-to-date on readings and practice questions. My experience is that most students who VW
wait too long to start doing practice questions.
2. Ask me a lot of questions, in class or privately.
3. Work with another student to:
• help each other understand the course material
• complete practice questions
• study for exams
(In Tax, it is very helpful to ‘bounce ideas’ off colleagues. This is true both when you are
learning Tax and when you actually advise clients.)
4. Come to class:
• I will announce which topics are more likely to be covered in exams
• We will talk about concepts not covered in the textbook, for example personal financial
planning
• We will do practice questions
5. Use the on-line Q&A pages (one for each chapter – see D2L for links):
• Post your questions, anonymously
• See my answers (I work toward a 12-hour turnaround, 7 days a week)
• See what other students are asking about
Open book exams
You can use The Income Tax Act during all exams. You can:
• highlight and tab the Act (use small Post-Its to make tabs if you like)
• write anything you want in the Act (in the margins, inside covers, etc.)
Do not insert additional pages into the Act.
No textbook or other book is allowed. Calculators are allowed.
2
Medical problems – Students who miss a midterm examination for legitimate medical reasons
will have the midterm examination marks added to the final examination. In all cases of absence,
please provide me with documentation, signed by you and the attending physician (use the
Medical Absenteeism Form attached at the end of this outline). Students who miss the final
examination can apply to the Undergraduate Program Office, Room 268 Drake, for possible
deferred examination privileges.
3
Course Schedule
Day
Jan 6
(Tues)
Jan 8
(Thurs)
Jan 13
(Tues)
Jan 15
(Thurs)
Jan 20
(Tues)
Jan 22
(Thurs)
Jan 27
(Tues)
Jan 29
(Thurs)
Feb 3
(Tues)
Feb 5
(Thurs)
Feb 10
(Tues)
Feb 12
(Thurs)
Feb 24
(Tues)
Feb 26
(Thurs)
Mar 3
(Tues)
Mar 5
(Thurs)
Mar 10
(Tues)
Mar 12
(Thurs)
Mar 17
(Tues)
Mar 19
(Thurs)
Mar 24
(Tues)
Mar 26
(Thurs)
Mar 31
(Tues)
Apr 2
(Thurs)
Apr 7
(Tues)
Apr 9
(Thurs)
Topic
Decision Making
Tax Planning
Income, Liability for Tax, Administration
Income from Business
Textbook reference
Ch. 1
Ch. 2
Ch. 3
Ch. 5
Depreciable Property
Ch. 6
Depreciable Property
Ch. 6
Income from Property
Ch. 7
Capital Gains and Losses
Ch. 8
Capital Gains and Losses
Ch. 8
Income from Employment
Ch. 4
Income from Employment
Ch. 4
Mid-term – 5:30-7:30 pm, 122 Drake Centre
Ch. 1-3, 5-8
Other Income and Deductions
Ch. 9
Other Income and Deductions
Ch. 9
Individuals: Taxable Income and Taxes Payable
Ch. 10
Individuals: Taxable Income and Taxes Payable
Ch. 10
Corporations – Introduction
Ch. 11
Corporations – Organization, Capital Structures, Income Distributions
Ch. 12
CCPCs
Ch. 13
Mid-term – 5:30-7:30 pm, 122 Drake Centre
Ch. 4, 9-10
CCPCs
Ch. 13
Multiple Corporations, Reorganizations
Ch. 14
Buying and Selling Businesses
Ch. 18
Buying and Selling Businesses
Partnerships
Limited Partnerships and Joint Ventures
Trusts
Advanced topics
No Class
Ch. 18
Ch. 15
Ch. 16
Ch. 17
Advanced topics
Exam Review
4
Academic Integrity
It is critical to the reputation of the Asper School of Business and of our degrees that everyone
associated with our faculty behaves with the highest academic integrity. As the faculty that helps
create business and government leaders, we have a special obligation to ensure that our ethical
standards are beyond reproach. Any dishonesty in our academic transactions violates this trust. The
University of Manitoba General Calendar addresses the issue of academic dishonesty under the
heading "Plagiarism and Cheating". Specifically, acts of academic dishonesty include, but are not
limited to:
-
using the exact words of a published or unpublished author without quotation marks and
without referencing the source of these words
-
duplicating a table, graph or diagram, in whole or in part, without referencing the source
-
paraphrasing the conceptual framework, research design, interpretation, or any other ideas of
another person, whether written or verbal (e.g., personal communications, ideas from a verbal
presentation) without referencing the source
-
copying the answers of another student in any test, examination, or take-home assignment
-
providing answers to another student in any test, examination, or take-home assignment
-
taking any unauthorized materials into an examination or term test (crib notes)
-
impersonating another student or allowing another person to impersonate oneself for the
purpose of submitting academic work or writing any test or examination
-
stealing or mutilating library materials
-
accessing tests prior to the time and date of the sitting
-
changing name or answer(s) on a test after that test has been graded and returned
-
submitting the same paper or portions thereof for more than one assignment, without
discussions with the instructors involved.
In the Asper School of Business all suspected cases of academic dishonesty are referred to the
Dean's office to ensure consistency of treatment.
5
UNIVERSITY OF MANITOBA
I. H. Asper School of Business
Medical Absenteeism Form
Student Identification: (please print clearly)
______________________________ ___________________ ______________ _________________________
Last Name
First Name
Middle Initial U of M Student Id. Number
I hereby authorize ______________________________ to verify with the attending physician or his/her
(Name of Instructor/Administrator)
staff or colleagues that the contents of this form are true.
________________________________________
Student’s Signature
Date
_______________________________________
To be completed by the attending physician: (after the above section is completed)
____________________________________________
Physician’s Last Name (please print clearly)
______________________________ ______________
Physician’s First Name
Middle Initial
____________________________________________ ______________________________
Street Address
City, Province
Postal Code
____________________________________________
Telephone Number
Fax Number
______________
______________________________
To the attention of the physician: Your evaluation of the student’s condition is being used for the
purpose of determining whether or not the student has a valid reason to miss an important exam or
assignment. Your professional evaluation is necessary to ensure that only valid cases are excused.
I certify that the nature of the student’s condition is severe enough to prevent the student from
taking an exam or completing an assignment. If requested, my associates or I will verify for the
above-named instructor/administrator that this information is accurate.
The student’s condition will likely span the following dates: ____________________________
(indicate start date)
until ____________________________
(indicate end date)
_____________________________________
Physician’s Signature
____________________________
Date
Notes to physician:
•
Please make a note in the student/patient’s file indicating that the student has given the
above-named instructor/administrator permission to verify with you, your staff, or your
colleagues, that the information contained on this form is correct. Thank you for your
professional evaluation of this student’s condition.
•
PLEASE ATTACH THIS FORM TO YOUR REGULAR OFFICE STATIONERY THAT INDICATES THE STUDENT VISITED
YOUR OFFICE.
Note to student:
•
The use of this form is at the option of the student. However, in order to obtain an excused
absence for an assignment or exam, the student must obtain a doctor’s certification that the
student’s condition is severe enough to prevent the student from taking the exam or completing
the assignment.
•
It is NOT SUFFICIENT to provide a note that only indicates the student visited the doctor’s
office.