Consistent with the title of this textbook, our objective is to instill a solid understanding of the basics of income tax and GST/HST through an appreciation of the tax principles, concepts, and unique vocabulary that make up the framework upon which the Canadian tax system has been built. This level of understanding is not solely directed at a theoretical or academic level; considerable emphasis is placed on practical, everyday situations in preparation for careers where an understanding of tax in some form will be helpful at a minimum and essential at best.
The textbook will provide you with the elementary tools necessary to develop an awareness to help identify, analyze, and apply the tax law to a wide range of subjects ranging from determining the income tax liability or refund of individuals earning employment income; carrying on a business; earning investment income, including the implications of selling investments; identifying potential income tax benefits directed at students; investing in Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs); and understanding how the income tax law applies to corporations, trusts, and partnerships.
Our approach breaks down the necessary parts of the legislation, such as the Income Tax Act (ITA) and the Excise Tax Act (ETA), and employs reference materials and interpretations of the Canada Revenue Agency (CRA) and long-standing legal and tax principles developed through the courts, all with the goal of simplifying, to the extent possible, the tax learning environment to achieve success. We have provided numerous examples and step-by-step analysis together with an abundant supply of exercises and problem material to facilitate your journey through the world of Canadian tax.
For those pursuing CPA certification, we have ensured that the tax coverage is consistent with that required of CPA Canada as indicated for core level competencies in the most recent CPA competency map.
The 2023-2024 Edition of Byrd & Chen's Canadian Tax Principles is available with MyLab Accounting.
The various items that are included on MyLab can be described as follows:
- Pearson eBook This eBook gives you access to the book whenever and wherever you have access to the Internet, through various devices. It contains the content of both volumes of the book and the Study Guide. The eBook pages look exactly like the printed text and offer powerful functionality. You can create notes, highlight text in different colours, create bookmarks, zoom, and search.
- Data Analytics Project With this new assignable project, students analyze a comprehensive data set and make a series of accounting decisions. This assignment is designed to prepare students for the data analytics competencies that have been included in the recent CPA Competency Maps. Students will use Excel-based tools to assess data for accuracy, then organize and filter large quantities of information to make the data appropriate for income tax calculations. Students will then incorporate income tax concepts, including the calculation of net income, taxable income, and income tax payable using the outputs of their data analysis in Excel. This assignment also includes data visualization and incorporates tax planning concepts for a business.
- Self Study Problems Self Study Problems are available on MyLab, with solutions in your Study Guide. In the textbook, we have marked the point within the text that you should work each Self Study Problem.
- Supplementary Self Study Problems Additional Self Study Problems for each chapter, along with their detailed solutions, are available for further practice in problem solving. These are separated out by chapter.
This MyLab will include the student files that have always been made available for students, including tax returns, practice examinations, PowerPoint presentations, updates, self-study problems, and more. In addition, students can access valuable assessments and study tools to help students practise and understand key concepts from the text. Students can practice an expanded number of questions based on chapter content, watch videos highlighting core topics from the text, review key terms with glossary flashcards, and work on additional comprehensive assignments throughout the resource. MyLab Accounting for Canadian Tax Principles will be available in September, and can either be included for no extra charge with the print package, or provide a more affordable purchase option for students.
Instructor Resources, including PowerPoint presentations, Solutions Manual, Test Bank, Tax Software Assignment Problems, Tax Return files, and much more, will be available from the Instructor's Resource Centre in MyLab Accounting.
Student Resources will be available at MyLab Accounting. These include downloads and a Pearson eBook that gives students access to the text whenever and wherever there is access to the Internet.