EBM630 - Taxation Matters for The Entrepreneur
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|Last revision date||Sep 23, 2014 6:03:34 AM|
|Last review date||Dec 2, 2014 9:34:11 AM|
Taxation Matters for The Entrepreneur
This subject will give the entrepreneur a greater awarness of some of the principles and concepts of the Income Tax Act and related statutes. Particular emphasis will be placed on self-employed income and the expenses and taxes payable by a small business owner. Some of the topics discussed will include, personal taxation, corporate taxation, HST.
Required credit course for BAS - Entrepreneurial and Small Business Management Specialization. Professional Option - Business Administration Program.
Upon successful completion of this subject the student will be able to:
1. Explain key components of peresonal income tax including total, net and taxable income, deductions, and credits.
2. Calculate a student tax return using personal income tax software.
3. Apply current income tax legislation and tax planning strategies for a sole proprietor, a partner, and an owner of a corporation dealing with situations such as those involving:
- a home-based business
- capital cost allowance (CCA)
- rental income
- capital gains and losses
- income from draws, salary, and dividends
- deductions and remittances for IT, EI and CPP
4. Determine from a tax perspective whether a small business should incorporate.
5. Discuss key components of the corporation tax return of a private corporation.
5. Compute the HST liabilities or refunds for various small businesses and complete their HST returns.
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Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.