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

Full Document:  

Act current to 2019-11-19 and last amended on 2019-08-28. Previous Versions

PART IXGoods and Services Tax (continued)

DIVISION VCollection and Remittance of Division II Tax (continued)

SUBDIVISION EFiscal Periods and Reporting Periods (continued)

Marginal note:Election for fiscal months

  •  (1) Any person may make an election to have reporting periods that are fiscal months of the person, to take effect

    • (a) where the person is a registrant, on the first day of a fiscal year of the person; or

    • (b) on the day the person becomes a registrant.

  • Marginal note:Idem

    (2) Where a person has made an election under section 248 and the election ceases to have effect on the beginning of a fiscal quarter of the person specified in paragraph 248(2)(b), the person may make an election, to take effect on the first day of that fiscal quarter, to have reporting periods that are fiscal months of the person.

  • Marginal note:Duration of election

    (3) An election made under this section by a person is to remain in effect until the earlier of

    • (a) the beginning of the day on which an election by the person under section 247 or 248 takes effect, and

    • (b) the day on which a revocation of the election by the person under subsection (4) becomes effective.

  • Marginal note:Revocation of election

    (4) A listed financial institution that has made an election under this section may revoke the election, effective on the first day of a fiscal year of the financial institution, by filing in prescribed manner with the Minister a notice of revocation in prescribed form containing prescribed information not later than the day on which the revocation is to become effective or any later day that the Minister may allow.

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • 1990, c. 45, s. 12
  • 2012, c. 31, s. 86

Marginal note:Election for fiscal quarters

  •  (1) A person that is a charity on the first day of a fiscal year of the person or whose threshold amount for a fiscal year does not exceed $6,000,000 may make an election to have reporting periods that are fiscal quarters of the person, to take effect

    • (a) where the person is a registrant on the first day of that fiscal year, that day; or

    • (b) on the day in that fiscal year that the person becomes a registrant.

  • Marginal note:Duration of election

    (2) An election made under this section by a person shall remain in effect until the earliest of

    • (a) the beginning of the day an election by the person under section 246 or 248 takes effect,

    • (b) where the person is not a charity, the beginning of the first fiscal quarter of the person for which the threshold amount of the person exceeds $6,000,000,

    • (c) where the person is not a charity, the beginning of the first fiscal year of the person for which the threshold amount of the person exceeds $6,000,000, and

    • (d) the day on which a revocation of the election by the person under subsection (3) becomes effective.

  • Marginal note:Revocation of election

    (3) A listed financial institution that has made an election under this section may revoke the election, effective on the first day of a fiscal year of the financial institution, by filing in prescribed manner with the Minister a notice of revocation in prescribed form containing prescribed information not later than the day on which the revocation is to become effective or any later day that the Minister may allow.

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • 1990, c. 45, s. 12
  • 1997, c. 10, s. 56
  • 2012, c. 31, s. 87

Marginal note:Election for fiscal years

  •  (1) A registrant that is a charity on the first day of a fiscal year of the registrant or whose threshold amount for a fiscal year does not exceed $1,500,000 may make an election to have reporting periods that are fiscal years of the registrant, to take effect on the first day of that fiscal year.

  • Marginal note:Duration of election

    (2) An election made under this section by a person shall remain in effect until the earliest of

    • (a) the beginning of the day an election by the person under section 246 or 247 takes effect,

    • (b) if the person is not a charity and the threshold amount of the person for the second or third fiscal quarter of the person in a fiscal year of the person exceeds $1,500,000, the beginning of the first fiscal quarter of the person for which the threshold amount exceeds that amount, and

    • (c) if the person is not a charity and the threshold amount of the person for a fiscal year of the person exceeds $1,500,000, the beginning of that fiscal year.

  • Marginal note:New reporting period

    (3) For the purposes of this Part, if a person ceases to have reporting periods that are fiscal years with effect from the beginning of a fiscal month in a fiscal year of the person and that fiscal month is not the first fiscal month in that fiscal year, the period beginning on the first day of that fiscal year and ending immediately before the beginning of that fiscal month is deemed to be a reporting period of the person.

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • 1990, c. 45, s. 12
  • 1994, c. 9, s. 18
  • 1997, c. 10, s. 57
  • 2000, c. 30, s. 66
  • 2007, c. 35, s. 6

Marginal note:Threshold amount for fiscal year

  •  (1) For the purposes of sections 245, 247 and 248, the threshold amount of a particular person for a fiscal year of the person is an amount equal to the total of

    • (a) the amount determined by the formula

      A × (365/B)

      where

      A
      is the total of all consideration (other than consideration referred to in section 167.1 that is attributable to goodwill of a business) for taxable supplies (other than supplies of financial services, supplies by way of sale of real property that is capital property of the person and supplies included in Part V of Schedule VI) made in Canada by the person that became due to the person in the immediately preceding fiscal year (in this subsection referred to as the “base year”) of the person or that was paid to the person in the base year without having become due, and
      B
      is the number of days in the base year, and
    • (b) the total of all amounts each of which is an amount in respect of a person (in this paragraph referred to as the “associate”) who was associated with the particular person at the end of the particular fiscal year of the associate that is the last such year ending at the same time as, or at any time in, the base year, determined by the formula

      C × (365/D)

      where

      C
      is the total of all consideration (other than consideration referred to in section 167.1 that is attributable to goodwill of a business) for taxable supplies (other than supplies of financial services, supplies by way of sale of real property that is capital property of the associate and supplies included in Part V of Schedule VI) made in Canada by the associate that became due to the associate in the particular fiscal year of the associate or that was paid to the associate in that year without having become due, and
      D
      is the number of days in the particular fiscal year of the associate.
  • Marginal note:Threshold amount for fiscal quarter

    (2) For the purposes of sections 245, 247 and 248, the threshold amount of a particular person for a particular fiscal quarter of the person at any time in a fiscal year of the person is an amount equal to the total of

    • (a) the total of all consideration (other than consideration referred to in section 167.1 that is attributable to goodwill of a business) for taxable supplies (other than supplies of financial services, supplies by way of sale of real property that is capital property of the person and supplies included in Part V of Schedule VI) made in Canada by the person that became due to the person in the preceding fiscal quarters of the person ending in that year or that was paid to the person in those preceding fiscal quarters without having become due; and

    • (b) the total of all amounts each of which is an amount in respect of a person (in this paragraph referred to as the “associate”) who was associated with the particular person at the beginning of the particular fiscal quarter equal to the total of all consideration (other than consideration referred to in section 167.1 that is attributable to goodwill of a business) for taxable supplies (other than supplies of financial services, supplies by way of sale of real property that is capital property of the associate and supplies included in Part V of Schedule VI), made in Canada by the associate that became due to the associate in the fiscal quarters of the associate that end in that fiscal year of the particular person and before the beginning of the particular fiscal quarter or that was paid to the associate in those fiscal quarters of the associate without having become due.

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • 1990, c. 45, s. 12
  • 1993, c. 27, s. 106
  • 2000, c. 30, s. 67
 
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