FIN2060 Personal Taxation

Intermediate · 1 credit · BIT - Business, Admin, Finance and IT

Description: Students examine the Canadian income tax system through the preparation of a variety of personal income tax returns, completed manually and/or electronically.
Prerequisite: None
Parameters: Access to appropriate computer equipment, personal accounting software and/or spreadsheet software, the Internet and supporting materials.
Supporting courses: FIN1010: Personal Financial Information

Outcomes The student will:

1 investigate the Canadian concept of taxation
- 1.1 describe the different kinds of taxes and their purposes; e.g., Goods and Services Tax (GST), Provincial Sales Tax (PST), capital gains tax, inheritance tax
- 1.2 describe the role of the Canada Revenue Agency in the collection and distribution of direct taxes
- 1.3 research how to apply for a Social Insurance Number and its importance
- 1.4 explore the history and administration of the Canadian tax system
- 1.5 explain how Canadian tax dollars are spent
- 1.6 summarize the rights and responsibilities of the Canadian taxpayer; e.g., working overseas, earning extra income
2 demonstrate skill in preparing personal income tax returns
- 2.1 identify and describe the components of a personal income tax return
- 2.2 identify and list the types of documentation required for filing tax returns
- 2.3 prepare personal income tax returns
- 2.4 research the features of an electronic tax program
- 2.5 describe and compare various filing procedures; e.g., electronic filing, Internet filing, tax discounters
3 demonstrate basic competencies
- 3.1 demonstrate fundamental skills to:
  - 3.1.1 communicate
  - 3.1.2 manage information
  - 3.1.3 use numbers
  - 3.1.4 think and solve problems
- 3.2 demonstrate personal management skills to:
  - 3.2.1 demonstrate positive attitudes and behaviours
  - 3.2.2 be responsible
  - 3.2.3 be adaptable
  - 3.2.4 learn continuously
  - 3.2.5 work safely
- 3.3 demonstrate teamwork skills to:
  - 3.3.1 work with others
  - 3.3.2 participate in projects and tasks
4 identify possible life roles related to the skills and content of this cluster
- 4.1 recognize and then analyze the opportunities and barriers in the immediate environment
- 4.2 identify potential resources to minimize barriers and maximize opportunities