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Excise Tax Act

Version of section 244.1 from 2018-12-13 to 2020-11-17:


Marginal note:Fiscal year — selected listed financial institution

  •  (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.

  • Marginal note:Fiscal year — investment limited partnership

    (4) If a particular fiscal year of an investment limited partnership begins in 2018 and includes January 1, 2019 and the investment limited partnership would be a selected listed financial institution throughout a reporting period in the particular fiscal year if the particular fiscal year began on January 1, 2019 and ended on December 31, 2019, the following rules apply:

    • (a) the particular fiscal year ends on December 31, 2018;

    • (b) subject to subsection (2), the fiscal years of the investment limited partnership are calendar years as of January 1, 2019;

    • (c) any election made by the investment limited partnership under section 244 ceases to have effect as of January 1, 2019; and

    • (d) if the first taxation year of the investment limited partnership that begins after 2018 does not begin on January 1, 2019, for the purposes of this Part (other than section 149) the investment limited partnership is deemed, for the period beginning on January 1, 2019 and ending on the day preceding the first day of that taxation year, to be a financial institution, a listed financial institution and a person referred to in subparagraph 149(1)(a)(ix).

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • 2012, c. 31, s. 85
  • 2018, c. 27, s. 46
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