TAXX 301 (Taxation I) is a three-credit, senior level accounting course that emphasizes the determination of “Net Income for Tax Purposes.”
This course gives detailed attention to the components that make up this figure, including employment income, business and property income, and capital gains. The prerequisite for this course is Accounting 253: Introductory Financial Accounting, or an equivalent introductory financial accounting course from another college or university.
Taxation I consists of eleven lessons, five assignments, a midterm exam (pen and paper), and a final exam (pen and paper). To receive credit for this course, students will have to achieve an overall course grade of at least fifty percent, achieve a grade of at least fifty percent on assignment five, and achieve a grade of at least fifty percent on both the midterm and final examinations. Students should be aware that completion of assignments 1 and 2 and practice assignments 3 and 4 is not required in order to receive credit for the course, though assignments one and two both weigh five percent toward your final grade. Assignment three carries no weight. Assignments one and two are written assignments, and assignment five is a tax software application assignment.
Students should note that assignment five requires students to download tax return software from the textbook companion website to complete and submit two tax returns. This software will only run on a Windows operating system.
Students planning to transfer this course to a Chartered Professional Accountant designation are advised that they will be required to achieve a grade higher than the minimum passing grade. See the CPA Requirements for details.
Pamela Quon has been with Athabasca University for over twenty-five years. She was a tutor for ten years in ACCT 250 (Accounting for Managers), ACCT 355 (Cost Analysis), ACCT 356 (Strategic and Competitive Analysis) and ACCT 454 (Decision Analysis) before becoming a full-time course coordinator. In addition to TAXX301, she is currently the course coordinator for ADMN 100 (Introductory Quantitative Skills for Business), ACCT 250 (Accounting for Managers), and ACCT 356 (Strategic and Competitive Analysis).
She states, “I was born in Hong Kong and immigrated to Canada as a young child. All my schooling and academic credentials were acquired in Canada. I have an undergraduate business degree with major in accounting from the U of Alberta and am a CMA (certified management accountant) and CPA (chartered professional accountant). After receiving my formal accounting and business training I worked many years in private industry. My interest in becoming a full-time educator prompted me to pursue further formal education and I obtained a master of distance education (Athabasca U) and am near completion of a doctorate in business administration – my research is on strategic management accounting.”
She continues, “I love reading murder mystery books, hiking, bike riding, curling, and travelling to new places. I believe in volunteering for worthwhile causes. I was a board director for EFLS (Edmonton Financial Literacy Society), a non-profit organization delivering financial literacy education predominantly to low income clients.”
When asked what type of work ethic students should have to be successful in this course, she states “To be successful in this course it is best for a student to follow the suggested study schedule. It is important for the student to be systematic and organized.”
She further advises, “This course is an intermediate/senior level course and is suitable for business/accounting students. Students enrolled in this course may find some of the content difficult and my advice is that they should not hesitate to contact a tutor for support. Students planning to enroll in the course should ensure that they have the prerequisite for this course – ACCT 253 Introductory Financial Accounting or equivalent financial accounting course from another post-secondary institution.”
When asked what she believes students will take away from this course, she stated “Students will have an appreciation of the Canadian tax system and gain the technical knowledge and applied skills in determining Net Income for tax purposes, Taxable Income and Tax Payable for individuals.”
She also warns that “Some of the topics that students have needed further clarification with were on capital gains, capital losses, ABIL (allowable business investment loss), CCA (capital cost allowance). It is very important for students to contact their tutor when they need further clarification on any course topics/content. This will ensure that students work through course materials more effectively and have a positive study experience.”
Whether TAXX 301 is a degree requirement of yours or the topics that were discussed above are of interest to you, this course will have you learning all about the Canadian tax system!