School of Business

BUS 345 (ON1) – Income Tax I

Fall 2021

Important dates See http://www.ufv.ca/admissions/registration/imprtregdates/

Faculty Quan Cheng, MSc, CPA,CA,CGA, Office: C2407

Contact [email protected] Phone: (604) 504-7441 (local 4376)

Please put BUS 345 in Please do not use voice mail for course
subject line for all emails. messages.

Please quote your student ID as well your section in your emails.

Email correspondence is the most efficient and the quickest way to reach me.
(Use only UFV Email for all communication with UFV faculty, staff, and students)

Office hours Wednesdays from 1:30 PM-5:30 PM (online); Any other times by appointment.

Prerequisite(s) (BUS 144 or BUS 145) and 45 university-level credits

Calendar Introduces the Canadian system of income taxation for individuals. Specific study
description concentrates on the rules and procedures in the Canadian Income Tax Act. Topics include
employment income, income from business, income from property, capital gains and
losses, eligible deductions such as RRSPs, and capital cost allowances.

Learning Upon successful completion of this course, students will be able to:
outcomes LO 1. Assess taxable income and tax payable for individuals using the Income Tax Act
(ITA).
LO 2. Solve tax problems for individuals earning employment, business and property
income.

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 LO 3. Analyze critically the determination of taxable capital gains and allowable capital
losses for individual taxpayers.
LO 4. Communicate effectively the application of tax rules and procedures to individuals.
LO 5. Demonstrate competency in calculating Capital Cost Allowance (CCA) for
individuals earning business income.
LO 6. Determine the effect of the attribution rules on individuals who transfer assets to
other family members, as well as Registered Retirement Saving Plans.

Required 1. Instructor lecture notes and other materials posted in blackboard.

resources 2. Text: Canadian Tax Principles – 2020-2021 Edition (no other edition allowed)
Byrd and Chen, Pearson (Please bring the text to class each week).
3. A calculator approved by the School of Business. For a list of approved models please
see: https://www.ufv.ca/business/handbook/
(cellphones are NOT allowed as calculators on exams).
4. Technology Requirements:
 Fast, stable network connection: 50-100 mpbs download, 5-10 mbps upload
 Wi-Fi 5Ghz connections are preferred over 2.4 Ghz. Please do not rely on wireless
connections in public places such as coffee shops, malls and grocery stores
 No Dial-up: You should not rely on dial-up connections at all
 USB headset/microphone/speakers and webcam
 Desktop or laptop computer on the current versions of Windows or Mac OS
 Use Google Chrome and Mozilla Firefox: with pop-up blockers off, JavaScript &
cookies enabled and cache cleared
For a full list please see:
https://www.ufv.ca/myclass/technical-requirements/

Supplemental 1. CPA competency map study notes – Densmore (www.dcscpa.com)

resources 2. Practitioner’s Income Tax Act 2021, 60th Edition - Carswell

Methods of Midterm Exam I(Chps 1-4) 15% (MC, short answers, problem based)(take-home)
evaluation Midterm Exam II(Chps 5-8) 25% (MC, short answers, problem based)(test)
Final Exam (Chaps 1-10) 45% (MC, short answers, problem based)(test)
Participation 15% (In-class questions, participation, and quizzes)
TOTAL 100%

In calculating final grades, any assignments, group or partner project grades will only be
considered if the student has an overall passing grade in exams (e.g. midterm, final
exam). This means students cannot pass the course on the basis of group work or
homework. Students must pass individual exams before any group or partner grades are
even considered.

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 You must retain a copy of each submitted assignment and all working files (including, but
not limited to, draft versions of your assignments, articles cited, interview transcripts,
surveys) until you have received your final grade for the whole course.

By submitting an assignment, you are making a declaration of intellectual integrity. You

are declaring that the work submitted is your own and complies with all regulations stated
in the Academic Misconduct section in this syllabus as well as UFV Policy 70. You are
also agreeing to allow your work to be compared against the work of others, including the
use of plagiarism detection software, to detect plagiarism.

References Written assignments must use the current APA style of referencing. See also guidelines
from the Academic Success Centre.

English Assignments must be free of spelling, punctuation, and grammatical errors. Assignments
standards containing such errors will be penalized (i.e. mark deductions up to 20%).

Accommodation Students with documented disabilities requiring academic and/or exam accommodation
should contact The centre of Accessibility Services in Abbotsford or Chilliwack.

PASS – Priority The UFV Priority Access to Student Supports (PASS) program connects students to the
Access to supports and resources that may help them to increase their chance of success. Such
Student assistance may include putting students in touch with an academic advisor, financial aid, a
Supports counsellor or another resource. If your instructor is concerned about your progress, he/she
may refer you to PASS. The referral is treated confidentially and is sent because your
instructor cares about your progress and success in this course. Your response to PASS
is entirely voluntary. If you do not wish your instructor to make a referral to PASS on your
behalf, please let them know by email. Visit ufv.ca/studentservices/PASS/ for more
information.

Grading scale Grades will be assigned according to the following scale.

Grade Percent equivalent Grade point value

A+ 90 – 100 4.33
A 85 – 89 4.0
A- 80 – 84 3.67
B+ 77 – 79 3.33
B 73 – 76 3.0
B- 70 – 72 2.67
C+ 67 – 69 2.33

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 C 63 – 66 2.0
C- 60 – 62 1.67
D 50 – 59 1.0
F < 50 (fail) 0.0
FD 0 0.0

Standard percentage equivalencies are used to determine the final letter grade. The final
percentage will be rounded to the nearest integer, using standard mathematical practice
(i.e. if the first digit after the decimal place is 5 or higher, rounding is to the next higher
integer) before converting to a letter grade.

An FD grade denotes a fail due to academic discipline and is included in the GPA
calculation. Rules for assigning an FD grade are found in the Procedures and Regulations
document of Policy 70: Academic Misconduct. The FD grade is changed to an F on the
transcript after a period of 12 months provided the student successfully completes a
workshop on Academic Integrity through the Academic Success Centre, and commits no
further violations during the 12 month period. Otherwise, the FD remains. Once an FD
grade is converted to an F, it is subject to the same regulations as any other F grade a
student receives.

Academic Academic misconduct includes, but is not limited to, giving and receiving information
misconduct during any test or exam, using unauthorized sources of information during any test;
plagiarizing; fabrication, cheating, and, misrepresenting the work of another person as
your own, facilitation of academic misconduct, and under certain conditions, non-
attendance.

Plagiarism will not be tolerated. You must reference your work and acknowledge sources
with in-text citations and a complete list of references. This includes direct and indirect
quotes, diagrams, charts, figures, pictures, and written material.

For group projects, the responsibility for academic integrity, which can result in academic
misconduct and its resulting penalties, rests with each person in the group and sanctions
would be borne by each member.

For more information see UFV Policy 70 on Student Academic Misconduct. Also watch the
videos at www.ufv.ca/ai/faculty-resources/promoting-academic-integrity-,
www.ufv.ca/asc/academic-integrity-matters, and www.ufv-aim.ca.

Student Students are required to conduct their behaviour in a mature and responsible manner,
conduct consistent with the University mission, policies, procedures and regulations. Students will
be held accountable for their actions whether acting alone or in a group. Students should
familiarize themselves with UFV Policy 204.

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Examination Examinations must be written at the scheduled, time, date, and location. The final
policy examination period includes Saturdays.

Writing the final examination at a time other than the one in the posted examination
schedule will only be permitted when a student has a direct conflict between two
scheduled examinations. Two exams on a single day is not considered a valid reason for
moving an exam. Students must notify the affected instructors of a conflict by the end of
Week 9 of the class. Exams may be scheduled at a time or day of the week different from
the class meeting time. You must adjust your schedule accordingly.

Only severe extenuating circumstances (such as serious documented illness) will be

accepted as a reason for not writing an exam as scheduled. In this case, the instructor
must be notified by the student at the earliest possible opportunity, and a doctor's
certificate must be provided. The instructor will establish the alternate date and location
for the make-up exam. All make-up exams will be different exams than scheduled ones,
and the format will be oral exams with the instructor.

Any travel plans need to be made for dates after the scheduled exam period which is
published well in advance in the UFV Calendar Schedule of Events.

No electronic devices (other than calculators, if required) will be allowed. Where

calculators are allowed, the professor reserves the right to clear the calculator’s memory.

All papers, mobile phones, books, bags, and outer garments must be placed at the front of
the class or under the desk as specified by the instructor.

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Assignments QUIZZES & PARTICIPATION

Students are expected to participate each class period. All Students are required to work
on the weekly quizzes. Students will receive participation marks for presenting the correct
answers to these questions.

The University of the Fraser Valley (UFV) is committed to the fundamental values of
preserving academic integrity as defined in UFV policies. Use of Turnitin contributes to
student success by enabling students to have their papers evaluated for plagiarism by
Turnitin before the work is assessed by an instructor. Students agree that by taking this
course, assignments may be required to be submitted to Turnitin.com or that the instructor
may submit questionable text on behalf of a student. Students will be required to create an
account with Turnitin and to submit their work via that account, on the terms stipulated in
the agreement between the student and Turnitin. This agreement includes the retention of
your submitted work as part of the Turnitin database. Students should be aware that
Turnitin servers reside in the United States. Accordingly, students may use an anonymous
identity in their interactions with Turnitin. Students who have concerns about the Turnitin
tool should consult with their instructor in advance of any submission deadline.

All the quizzes and exams will be submitted on assigned blackboard drop boxes.
The drop boxes will be closed after the due time, and late submission is not allowed
on any of the quizzes and assignments.

NOTE: To encourage studies outside of classroom, as well as attendance and

presence, solutions to in-class questions, quizzes and exams are generally not
made available online.

Study Abroad Students are able to Study Abroad in over 80 partner institutions worldwide. Credits can
be transferred, scholarships are available, virtually all courses are taught in English and
applying early can ensure it doesn’t affect your graduation timeline. Visit
ufv.ca/studyabroad, email [email protected] or drop by UFV International (B223) for
more information. Don’t miss this incredible opportunity to be a UFV Explorer!

Important Notes This syllabus is subject to change. Changes (if any) will be made based on our class
experiences. You will be informed sufficiently in advance about any relevant changes.
Additional in-class work and homework may be assigned.

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 Course Schedule (ON1)

Date Topics Chapters Notes

1. Sept 16 Course outline and information

2. Sept 23 Introduction to Federal Taxation in Canada 1 Chp 1 Example Exam Questions

3. Sept 30 No class - National Day for Truth and Reconciliation

4. Oct 7 CRA Procedures and Administration 2 Chp 2 Example Exam Questions

Income or Loss from an Office or Employment 3 Chp 3 Example Exam Questions

5. Oct 14 Taxable Income and Tax Payable for Individuals 4 Chp 4 Example Exam Questions

6. Oct 21 Capital Cost Allowance 5 Chp 5 Example Exam Questions

BUS 345 Midterm Exam I (Chps 1-4)
Take-home assignment release

7. Oct 28 Income or Loss from a Business 6 Chp 6 Example Exam Questions

8. Nov 4 Income from Property 7 Chp 7 Example Exam Questions

9. Nov 11 No class – Remembrance Day

10. Nov 18 Capital Gains and Capital Losses 8 Chp 8 Example Exam Questions
Midterm II review

11. Nov 25 BUS 345 Midterm Exam II (Chps 5-8)

12. Dec 2 Other Income and Other Deductions 9 Chp 9 Example Exam Questions

13. Dec 9 Retirement Savings and Other Special Income 10 Chp 10 Example Exam Questions
Arrangements
Final review

Final exam period includes Sats (Dec 13-22) BUS 345 Final Exam (Chapter 1-10)