Taxation 1 Personal Tax

This course provides the student with a basic knowledge of the structure, purpose and administration of the federal personal income tax system. The course begins with an introduction to the Canadian personal tax system as well as administration and deadlines related to personal tax. It also covers the calculation of employment income (what income and benefits are included on an employee's T4). It looks at various personal tax credits that individuals are eligible for, how to calculate them, and the eligibility requirements. It also covers business income for self employed individuals/sole proprietorships and the deductibility of various business expenses, including capital cost allowance. The course also covers income from property rules and discusses the difference between the various sources of income for individuals.