Income Tax for Financial Planning FMGT 3444

Upon successful completion, the student will be able to:

• Describe the basic structure and rules contained within the Income Tax Act.
• Identify the different sources of income for tax purposes and have a basic understanding of the tax ramifications of receiving such income.
• Explain how an individual’s tax credits and taxes payable are calculated.
• Distinguish between tax deductible expenses and those that are not tax deductible for both individuals and corporations.
• Explain how integration works within the Canadian Income Tax system.
• Identify and explain specific legal tax breaks and benefits provided to all Canadians under the Canadian Income Tax system.
• Provide general advice on optimal retirement and tax planning scenarios.
• Describe the basics of the calculation of corporate taxes payable and the incentives put in place by the government to encourage timely payment of taxes by these corporations.
• Determine how companies are taxed in the event of dissolution or wind‐down.

Effective as of Fall 2024