Excise Tax Act

Marginal note:Fiscal year — selected listed financial institution

• 244.1 (1) If a person is a financial institution described in subparagraph 149(1)(a)(vi) or (ix) that is a selected listed financial institution throughout a particular reporting period in a particular fiscal year of the person that begins in a particular calendar year and the person was not a selected listed financial institution throughout the reporting period immediately before the particular reporting period, the following rules apply:

  • (a) the particular fiscal year ends on the last day of the particular calendar year; and

  • (b) as of the beginning of the first day of the calendar year that is immediately after the particular calendar year, the fiscal years of the person are calendar years and any election made by the person under section 244 ceases to have effect.

• Marginal note:Fiscal year — selected listed financial institution

  (2) Despite subsection (1), if a person is a financial institution described in subparagraph 149(1)(a)(vi) or (ix) that is a selected listed financial institution throughout a particular reporting period in a particular fiscal year of the person, the following rules apply in prescribed circumstances to determine the fiscal year of the person:

  • (a) the particular fiscal year ends on the day immediately before the prescribed day referred to in paragraph (b); and

  • (b) the following fiscal year of the person begins on a prescribed day.

• Marginal note:Ceasing to be selected listed financial institution

  (3) If a person is a financial institution described in subparagraph 149(1)(a)(vi) or (ix) that is a selected listed financial institution throughout a reporting period in a particular fiscal year and the person is not a selected listed financial institution throughout a reporting period in the following fiscal year of the person, that following fiscal year ends on the day on which it would end in the absence of this section.