Taxation 1 ACCT-226

Course Name:	Taxation 1
Course Number:	ACCT-226
Category:	Accounting
Description	Taxation 1 will offer you a basic understanding of the Income Tax Act and regulations used to determine Income Tax Liability as it applies mainly to individuals. In the in-class course, you will be involved in lectures and interactive class discussions. You will also complete assignments, term tests, quizzes and a final exam, which will cover all of the semester's materials. You will learn how to prepare a simple tax return for individual residents of Canada, and to use the knowledge you gain to solve problems relating to the taxation of individual resident and non-residents of Canada. A real-life simulation will see you complete both a manual and computer-generated tax return using recognized software to ensure you are comfortable and confident with the task. As a result of Taxation 1, you will be able to demonstrate the ability to: •Determine who is liable for taxation in Canada; •Identify different sources of income and how they are taxed in the hands of an individual; •Prepare an income tax return manually for an individual resident of Canada; •Identify the administrative and enforcement policies of Canada Revenue Agency; •Identify taxation issues and sources for research.
Notes	Prerequisite: Financial Accounting 1 ACCT-112 or permission of the department. This course is offered in both CE and Distance Learning formats. For further information regarding Distance Learning, email online@centennialcollege.ca.
Associated Programs
Pre-requisities	Requires the following prerequisite(s): ACCT-112 - Financial Accounting 1 Or permission of department