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The problem sets for each lecture will be discussed in the lectures. 2. 2 To prepare for each lecture, we advise the following approach: (a) Read the lecture notes first. B) Attempt the problem set next. Also, for extra practice at the end of each FIT textbook chapter there are multiple choice questions, exercises and review questions. The answers to these items are contained in the FIT Study Guide. In each set of lecture notes, we recommend several for you to do. (c) Use FIT and the Act as a reference to clarify your understanding of the law. You are only responsible for what is in the Lecture Notes and Problem Sets.
There is much more in the Act and in the FIT textbook than what we cover in this course. If you have questions, please ask them in class or post them on the Model arum. But before you do that, please try to look the answer up for yourself. Because tax law is constantly changing and is very complex, one of the many skills needed for a career in taxation (or any accounting discipline) is the ability to do research. So for questions related to the content of the course, please try looking for answers to your questions in the lecture notes, the textbook and the Act first.
By the same token, for administrative questions please try looking for answers in this course outline first. The course materials provide you with answers to most of the frequently asked questions. There is an Administrative Forum at the top of the Model website and a separate forum accompanying each Lecture where the Lecture Recording is. The Group Forum for Administrative Matters and the individual lecture forums must each be subscribed to individually in order to automatically receive emails of posts to the forums. To subscribe, click on the forum to access it.
In the settings menu on the left at the bottom click on “subscribe to this forum”. Information from the Atkinson Professional Accounting Association is available at WV. Happy. Com or by emailing info@yuapaa. Com Enjoy the course! Joanne Image (jmagee@yorku. A) Tax Course Coordinator 3 Learning Outcomes and Professional Behavior Students can attend any section that they wish. Notes and problem material have been provided to help you with your learning. As future professionals you are expected to act like professionals.
In terms of expected behavior in class you should: Prepare in advance for each lecture. The more prepared you are, in advance, the more you will get out of a lecture and it is the only way to get full participation marks; Arrive on time for each on-campus class (and for exams) since entering late can disrupt others; Actively listen and ask and answer questions during class; Avoid disruptive behavior like talking in class, checking emails, sending texts, talking on the phone, et cetera since this behavior can disturb your fellow classmates and your course director.
If you need to have a conversation, send an email, text or make a phone call (and if you cannot wait until break or after class) then quietly leave the classroom to do so and return to class when finished (since this is less disruptive); Turn your cell phone off and put it away during class and exams; and For all assignments and exams, read and follow the directions and fully comply with Work’s Academic Honesty Policy. See “1 0 Important York Policies” (below) for more information on Academic Honesty.
Attend the entire class; If you need to leave early, be polite and tell the instructor ahead of time and try to leave at the break to minimize disruption and you should review the audio tape of the class or try to attend the second half of another section’s class to avoid missing important information. You learned the basics of many of the rules we cover in this course in ADAMS 3520; this course will help you refresh that knowledge, learn the finer details (including how to read the rules in the Act! ) and apply the rules to more employ problem material involving transactions and planning situations.
Building on ADAMS 3520, this course has been designed to help you: 1 . Explain and critique the policy objectives and legislative intent of the technical rules in the Income Tax Act as they apply to individuals and the corporations they own. 2. Explain what is involved in tax research (reading and interpreting the technical rules in the Act, taking into consideration judicial decisions and CRA pronouncements) and to be able to do basic tax research. 3. Apply Canadian income tax law and related planning concepts in robber and case settings involving individuals and the corporations they own. . Demonstrate improvement in their written and verbal communication skills and their use of excel spreadsheet software in solving tax problems. To achieve these learning outcomes, students are recommended to devote at least six hours a week to the course outside Of the lecture time. 4 Course Website All students can access lecture notes and other important course information by clicking on the model link at HTTPS://model. York. Ca/ The 2013 ADAMS 3520 Lecture notes can be found at http jacking. So. York . Ca/Liturgics/off-apadms3520a-03/Main. SF/ E 12367BD714CE385257051006BF18E/59372f8c3722a6bb852570510070 1043/? Appointment 5 York. Ca Emails You may receive emails about the course through your York. Ca email address. 6 Required Texts The required textbooks are – Federal Income Taxation in Canada (FIT), ACH, by Beam, Liken and Barnett (35th Edition (2014/2015) – I. E. The most recent edition). This textbook has very good examples and lots of problem material. Because this book is updated once a year in late August, the most recent edition of the book should be purchased.
The Study Guide should also be purchased since it contains solutions to the recommended problems. The CD included with this book contains Cantata software and a research library which may be used in – An Income Tax Act, the most recent edition available. We recommend the ACH Act which comes bundled with the FIT. A slightly older edition of the Income Tax Act may be used, but the student is responsible for learning the current rules. Note: the textbook is also available in the Frogman Business Library (in the Schulz Building) for short term viewing. You may wish to bookmark the CRA website at http://www. CRA. Go. A 7 Supplementary Texts Supplementary texts are not required for the course but may be useful for preferences: – Canadian Income Taxation, Buckboard and Kitchen, McGraw-Hill – Canadian Tax Principles, Prentice-Hall, by Byrd, Chin. This book is concise and has good explanations and examples and is used in ADAMS 3520. – Preparing Your Income Tax Returns, ACH- Many tax professionals use this book. – CAFE/ CAFE Tax, 4th edition, Thomson Careless, by Jason Fleming course Design Topics and readings for the lectures are set out on the following pages. The course content will be explained using examples in a problem-solving approach.
Lecture notes are provided so that you don’t have to take notes during the lecture. See heading 9 for the Lecture Schedule. There are some topics in the FIT textbook that we do not cover. You are responsible for the material found in the lecture notes and posted problem sets, not the textbook. Each week, FIT exercises and multiple choice questions are recommended and a problem set is assigned. It is extremely important that you burningly FIT to class because will be referring to exhibits, examples and problems in AT. On designated lectures, you must bring your Act to class. Components of grade % of grade Due date Status [I. E. Term work, mid-term or final examination, final examination substitute] Participation and Professional Behavior 7% The roughly term. See 8. 1 below for details. Term work for all 8 on-campus Lectures. 1% per class (maximum 7%). On-line Quizzes 11% See 8. 2 below for details. Term work for all 11 Lectures. 1% per class 2 Case Study Assignments 12% #1 due pm Wed Cot 8 #2 due at beginning of Lecture 10 Class See 8. 3 below for details Term work. Midterm (3 hours) Friday October 17 CAW 206 Midterm on Lectures 1 to 5.
Past midterms and solutions are on the course website. * Final (Content) Exam Final exam schedule (Time & Location TAB) Final Examination on Lectures 1 through 11. Two past exams and solutions re on the course website. * * Past exams are posted on the course website and other past exam questions have been incorporated in the lecture notes. Please note that (1) new topics have been added to the course and others have been dropped; (2) topics are not always taught in the same order and, accordingly, topics tested on each exam vary and (3) solutions have not been updated for changes in the law.
To study for an exam, review the Lecture notes and problem materials. Then look for exam questions on those same topics, if any (as there may not be any). 8. 1 Participation and Professional Behavior (7%) There is one participation mark available for answering question(s) in each of the 8 On campus lectures (8 weekly opportunities in total to earn 7 marks Max). When you have earned your participation mark, the professor will take your name card. If you still have your name card at the end of class, you can get a h mark (for being present) by handing it in at the end of class.
As this course uses a problem-solving approach to help learners understand how tax law applies to real-life problems involving transactions and planning situations, most of the lecture time and most of the questions posed will be on problem material. Only students who prepare for class will get full participation marks. See Heading 2. 2 for how to prepare for class. In Lectures 2, 7 and 9, you will also review the problems assigned in the online Lectures 1, 6 and 8, respectively. See heading 9 for the Lecture Schedule.
Students can attend any section that they wish, but for administrative convenience students should attempt to register for the section that they plan on attending (or actually attend) regularly. If you have a good reason for missing a class and advise your professor on a timely basis, your participation mark may be waived. Discuss this with your professor. There are NO on-line participation marks. You must participate in class and there a lots of opportunities. 8. Non-line Quizzes (11%) There is one mark Max available for each of the Lectures 1 to 11.
The on-line quizzes have been designed to help you keep up with the material and understand and apply it. For each of the eleven lectures there is a 4 question online multiple choice quiz. You will see your score when the quiz closes and each question is worth 25%. Your on-line quiz mark is the sum of your weekly quiz marks. So if you get 5 quizzes @ 50% and 6 @ 75%, your quiz score is 2. 5 plus 4. 5=7 out of 11. Generally speaking, the online quiz will open the Thursday of the lecture week at 7 pm and close the following Tuesday at 7 pm.
For example, the Lecture 2 online quiz will open on Thursday Swept 18 at 7 pm and close on Tuesday Swept 23 at 7 pm. There is an exception for the Lecture 1 Quiz, which will open and close at the same time as the Lecture 2 Quiz. We have delayed the Lecture 1 Quiz so you have time to buy books, etc. We have set the quiz close time as the night before the next Wednesday class so you have time to prepare for next week’s class. The Lecture 6 Online Quiz Opens Thursday Cot 23 7 pm and closes Tuesday Cot 28 pm because Cot 29 to November 2 is co-curricular week.
There is also a special Case Study Quiz: See heading 8. 3 below. 8. Case Study Assignments (12%) Assignment 1 (2%) is an online quiz to show that you are prepared for the Assignment 1 Case Study Take-up in Lecture 5: IEEE, that you have read the case and have made a reasonable attempt at providing the qualitative and quantitative analysis that the client or employer needs. The Assignment 1 Case Study can be found in the Lecture 5 file and the quiz will open on Thursday October 2 at 7 pm and close on at 4 pm. Wednesday October 8. Note the extra time allowed for the Case Study Quiz.
Like other quizzes, the answers will be provided when the quiz closes and will be displayed in class for those who cannot view them online between 4 pm Cot 8th and the beginning of your class. If you score 50% on the quiz, you will get 1 mark out of 2. Assignment 2 (10%) is a Case Study Assignment which you will find in the Lecture 8 file and is due at the beginning of Lecture 10. The instructions which must be followed are provided on the assignment. You may form groups of 5 students Max for Assignment 2 (group members can be from any section and the assignment can be handed in at any section).
Assignment 2 will be taken p in the Lecture 11 class. Bring a copy of your solution with you as the cases will not be handed back in the Lecture 1 1 class. 8. Midterm and Final (Content) Exam The midterm and final (content) exam will contain problems similar to those found in the lecture notes and problem sets. Therefore, it is very important that all students work through the problems found in the lecture notes and problem sets. Most exam questions require explanations and calculations. Please note that the examinations take place in a different room and on a different time from the regularly scheduled class.
The information will be announced in class and posted on the course website closer to the exam dates. All exams must be written in pen. Do not miss another class because of our midterm. Students who have a conflict should contact their course director ASAP at least 1 0 days prior to the midterm/exam to be put on the list to write an alternate ADAMS 4561 midterm/exam. Students should explain the nature of their conflict. Conflicts include: (a) religious conflicts; (b) having an exam at the same time; (c) having a class at the same time; (d) having 3 or more exams within 24 hours.
Illness is not a conflict (for illness see below). Midterm and Final Content Exam Questions The exams will test the lecture material listed on the course website. The exams will have approximately 2 to 3 problems similar in difficulty to the problem sets and examples used in class. One question will be a case. From 40% to 60% of the exam will be comprised of objective questions: multiple choice questions, short answer, true/false, or fill in the blank type questions similar in difficulty to the teach test questions in the notes.
At least one question will require Income Tax Act section references: see format used on the prior exams on the course website. Midterms can be reviewed and impaired against the solution when they are taken up in class but both will be collected at the end of the take-up class. The final (content) exam will not be returned to students and its solution will not be provided. Examination Aids: Quiz, Midterm and Final (Content) Exam 1. A non-programmable calculator can be used. 2. You will be provided with a handout which is also posted on the course website. . You are allowed to use your hard copy Income Tax Act. Highlighting, underlining and the use of tabs is allowed. However, nothing can be written in your Act or on the tabs except the section number… E. G. ND no other materials may be inserted in your Act. If you have an Act that has writing in it, you must buy a new Act if you want to use it during a midterm/exam. Photocopying or downloading sections of the Act is not an acceptable substitute for the Act. Use of unauthorized aids is considered to be a breach of the Senate Policy on Academic Honesty.
Acts that contain unauthorized writing or materials will be confiscated during the exam and use*d as evidence. 4. No dictionaries or other aids are allowed. No cell phone is allowed to be used as a watch or clock. If quiz or midterm is missed due to illness Medical Documentation: If a midterm examination or other grading component is missed due to illness, appropriate documentation must be provided to the course director within two weeks of the missed work. The only acceptable documentation that can be used to support an absence due to illness is an Attending Physician’s Statement dated within two days of the missed examination.