New Harmonized Value-added Tax System Regulations (SOR/2010-117)

Marginal note:Election for shorter reporting period

58.4 Any person that, immediately before April 1, 2013, is resident in Prince Edward Island and registered under Subdivision d of Division V of Part IX of the Act may, subject to section 250 of the Act,

• (a) if the reporting period of the person immediately before April 1, 2013 is a fiscal quarter, make an election under section 246 of the Act to have reporting periods that are fiscal months of the person to take effect, despite paragraph 246(1)(a) of the Act, on the first day of any fiscal quarter of the person that begins before April 1, 2014; and

• (b) if the reporting period of the person immediately before April 1, 2013 is a fiscal year,

  • (i) make an election under section 246 of the Act to have reporting periods that are fiscal months of the person to take effect, despite paragraph 246(1)(a) of the Act, on the first day of any fiscal month of the person that begins before April 1, 2014, or

  • (ii) make an election under section 247 of the Act to have reporting periods that are fiscal quarters of the person to take effect, despite paragraph 247(1)(a) of the Act, on the first day of any fiscal quarter of the person that begins before April 1, 2014.