This course is designed to provide the student with the fundamentals of Canadian income taxation and the accounting needed to begin work in the tax field. It will cover both personal and corporate taxation with assigned cases used to demonstrate how the tax system actually works. It will also cover balance sheet and income statement accounting topics related to tax practice. The course will be held in August each year.
The goal of financial accounting is to reflect the economic activities of the firm in its financial statements. This course introduces students to the accounting for income taxes with a particular focus on analyzing differences between accounting and tax treatments, computing tax provisions, and disclosing tax information in corporate financial statements. The course also provides exposure to the both internal and external users of tax accounting disclosures. In doing so, the course builds a solid grounding in the preparation of accounting information, but also helps students gain an appreciation for the role financial accounting in tax planning and compliance decisions.
This course focuses on the valuation of business interests in the context of the Income Tax Act. Particular attention is given to business valuation matters that arise in circumstances that involve income tax planning assignments. This course will be of interest to those who intend to undertake such tax assignments since they often begin with establishing the fair market value of a taxpayer's business interests. The Income Tax Act refers to the concept of "fair market value" over 700 times without ever defining what it means. Students will gain an appreciation of the degree of information and analysis required in order to render a reasoned conclusion as to fair market value.
This course covers two of the most fundamental skills of a tax practitioner: statutory interpretation and the understanding and application of case law. Students will learn the basic structure of the Income Tax Act and related legislation, gain familiarity with the various tools for interpreting and applying the legislation (e.g., defined terms, deeming rules, general rules of statutory interpretation etc.) and understand the various external sources for guidance and their relevance (e.g., CCRA opinions, cases etc.). Students will also be given an opportunity to draft proposed legislation to see the statutory interpretation issue from the legilator's perspective. Students will also learn how to read cases, to determine what legal principles and precedents a case established, and to apply case law to particular fact situations. Approximately one-half of the course is devoted to each of statutory interpretation and case law.
This course integrates tax and accounting issues into cases for discussion in class. The material will provide the student with an approach to both prepare and interpret the income tax liability and expense on financial statements in accordance with Canadian generally accepted accounting principles. The calculation of both 'current' and 'future' income taxes will be reviewed. There will also be an introduction to 'capital taxes'. Capital taxes are imposed by most tax jurisdictions in Canada and their significance has demanded that tax practitioners provide planning to minimize the annual cost.
This course concentrates on issues related to the taxation of corporations. This course is taught by integrating a variety of tax issues into cases for discussion.
This course introduces students to the more advanced areas of taxation including corporate reorganizations, partnerships and trusts.
This course investigates the Canadian tax system in light of the objectives of that system. For any current tax rule, the idea is to identify the underlying policy problem the rule is intended to solve, consider alternative solutions, and then determine if the current tax rule can be improved. Students will apply this procedure in a major essay. In class, topics discussed will include: the process of formulating tax policy and the roles of Finance; CCRA; courts, lobby groups, etc.; the goals of taxation such as fairness and neutrality; tax evasion and the underground economy; flat taxes and single-rate taxes versus progressive-rate taxes; and implementing incentives through the tax system versus as direct government expenditures. This course is intended to make students think about the purpose of tax rules. Tax rules are just so many random bits of information unless you understand the purpose of the rules. Understanding the purpose helps you remember the rules and makes you better able to explain them to clients. Also, by identifying gaps and inconsistencies where the rules do not achieve their purpose, you may be able to identify tax planning opportunities and areas where the rules may change in the future.
The Business Structuring course is intended to provide students with an overview, from a tax and business perspective, of a variety of corporate structures that may be used to carry on business. The course examines how these structures differ from one another and how businesses may be reorganized with existing corporate groups and within the context of purchase and sale transactions. The course also deals with related debt and equity financing and capital restructuring issues. Focus is placed on the use of the numerous reorganization provisions contained in the Income Tax Act. This is in order to facilitate the completion of transactions designed to meet the stakeholders' objectives in a tax efficient manner while taking into account an analysis of the business and tax risks associated with the structure.
Barriers to cross border trade and investment continue to come down. At the same time, technology has enabled business organizations to access markets that were previously out of reach and to develop new business models that improve the profitability of their operations. The business operations for companies of all sizes are increasingly global. International tax plays a significant role in shaping the manner in which multi-national enterprises organize and finance their operations. The practice of international tax provides an exciting opportunity to actively participated in the fast changing world of global commerce alongside a multi-disciplinary team of other professionals and business leaders. The International Tax I Course is designed to provide an introduction to Canada's international tax rules and tax treaties.
Owner-Managers usually have dynamic tax circumstances which demand that the tax advisor adapt their thinking quickly and effectively. Owner-Managers also require their advisors to bring significant value to their businesses and often look for instant gratification. This course is designed with this in mind. Students will learn the tools required to bring value to their clients through practical application.
This course investigates tax and related accounting issues found in the tax provision on the financial statements to deepen the understanding of the impact of tax on accounting. It will also address the identification, measurement and reporting of tax risk. Cases are used to highlight the interaction between the income Tax Act and the CICA Handbook. Corporate governance issued involved in the tax provision will overlay this course.
This course introduces students to the Scholes-Wolfson microeconomic approach to tax planning. This approach addresses non-tax costs of tax planning strategies; the related concepts or marginal tax rates, implicit taxes, tax clienteles, and tax arbitrage in personal and corporate decision-making; and multiperiod considerations. Application to specific tax-planning decisions is discussed.
This course integrates the tax, legal, family and business issues involved in planning for the estate and retirement of the business owner, the professional and the executive. Cases are used to highlight the application of many of the techinques that can be used to accomplish the objectives of the individual involved.
In today's business environment Canadian companies are rapidly expanding and competing in the global marketplace. Given the existing level and the continual expansion of cross-border trade and investment by Canadian companies, particularly in the age of electronic commerce, an understanding of international taxation is vital for every tax practitioner and business advisor. International Tax II builds on the fundamental principles taught in International Tax I. The course examines in more detail the foreign affiliate and foreign accrual property income rules and practices that apply to Canadian companies seeking to establish, expand, structure and finance their foreign operations in a tax efficient manner. The course challenges students to explore the implications and planning opportunities under the Canadian rules and to learn how these rules interact with foreign tax law. The course also examines how Canadian companies can make effective use of low-tax jurisdictions in international tax planning to own and to finance foreign operations. Finally, the course explores how domestic and international developments and rules, such as transfer pricing, might impact such planning currently and in the future.
There are two aspects to this course. First, this is the major research paper course, which requires students to design and conduct original research on a specific tax issue. Second, the classes address current and emerging tax policy and practice initiatives which practitioners need to recognize to properly advise their clients. They also cover tax and economic issues which might be addressed only tangentially in other courses. The object of the class is to combine administrative, policy and technical issues in a practical context. Practitioners are often invited to discuss specialized areas of tax practice and procedure.
One or more one-term courses will be offered at different times as announced.