The University of Waterloo, Master of Taxation (MTax) program is a two-year intensive tax program designed to produce highly competent, technically proficient tax recruits for accounting firms, law firms and industry tax groups.
Students are available for two four-month periods. The first practice term is from January to April. The second term is from September to December. Most students prefer to gain experience in performing a variety of different types of tax work throughout the two work terms although that is not always possible and is dependent on the needs of employers.
Before the first practice term, students complete studies in corporate taxation, introductory business structuring, tax policy, business valuations and tax provisions. Following the first practice term, students add studies in international tax, tax risk management, tax research & statutory interpretation and tax planning for the owner-manager and executive.
Students have sufficient technical knowledge to assist an employer’s tax group in the following areas:
- Tax compliance work.
- Special project work including related tax research.
- Dealing with Canada Revenue Agency auditors.
Students of the program have a business degree prior to entering the program and may have a professional CA, CMA, CGA or CPA designation, or have a law degree. Many have prior work experience. The MTax program covers Canadian Income Taxation and touches briefly on Goods and Services Tax but not other commodity, customs or property taxes. The program strongly emphasizes reading and understanding tax legislation that can assist students in making the move to other specializations.
Compensation amounts are negotiated between employers and students. In the past, salary levels for work terms have ranged from $45,000 to $65,000 on an annualized basis tied to the background of the student. In addition, employers often contribute to a student’s tuition.