Excise Tax Act (R.S.C., 1985, c. E-15)

Marginal note:Election for fiscal year

• 244 (1) Where the taxation year of a person is not a calendar year, the person may elect to have fiscal years that are calendar years, effective on the first day of a calendar year.

• Marginal note:Idem

  (2) Where the taxation year of an individual or a trust is not a period that is, for the purposes of the Income Tax Act, the fiscal period of a business carried on by the individual or trust, or by a partnership of which the individual or trust is a member, the individual or trust may elect to have the fiscal year of the individual or trust be that fiscal period, effective on the first day of one of those fiscal periods.

• Marginal note:Revocation of election

  (3) A person who has made an election under this section may revoke the election, effective on the first day of a taxation year of the person that begins more than one year after the day the election became effective.

• Marginal note:Form and contents of election, etc.

  (4) An election made under this section or a revocation of an election made under this section shall

  • (a) be made in prescribed form containing prescribed information;

  • (b) specify the day the election or revocation is to become effective; and

  • (c) be filed with the Minister not later than the day the election or revocation is to become effective.