Course Code: PLBA 4001
Academic Year: 2020-2021
This course examines the fundamental tax principles and accounting practices applicable to carrying on a paralegal practice. Students gain insight into the dichotomy between income and capital receipts, the special tax treatment of partnerships and corporations, the intricacies of income tax and GST calculations and assessments and the stringent requirements for compliance with these taxation regimes. The standards required for proper financial record keeping and the preparation of accounting statements are systematically examined. Students also receive practical experience in utilizing PCLaw and other practice management software systems. Through exercises and assignments, students acquire proficiency in preparing bookkeeping entries, accounting journals and ledgers, profit and loss statements and bank reconciliations. The fundamental principles of financial management are taught in accordance with the Law Society's requirements for financial record keeping.