Section 245 — Excise Tax Act: Reporting period of non-registrant

Subject to section 251, the reporting period of a person who is not a registrant is a calendar month. Subject to subsection 248(3) and sections 251, 265 to 267 and 322.1, the reporting period of a registrant at a particular time in a fiscal year of the registrant is where the registrant has made an election under section 248 that is effective at that time, the registrant has not made an election under section 246 or 247 that is effective at that time, an election under section 248 by the registrant would be effective at that time if the registrant had made such an election at the beginning of the fiscal year of the registrant that includes that time and, except where the reporting period of the registrant that includes that time is deemed under subsection 251(1) or any of sections 265 to 267 to be a separate reporting period, the last reporting period of the registrant ending before that time was a fiscal year of the registrant, the registrant is a charity and has not made an election under section 246 or 247 that is effective at that time, or the registrant is a listed financial institution described in any of subparagraphs 149(1)(a)(i) to (x) and has not made an election under section 246 or 247 that is effective at that time, the fiscal year of the registrant that includes that time; where the threshold amount of the registrant for the fiscal year or fiscal quarter of the registrant that includes that time exceeds $6,000,000 and the registrant is neither a listed financial institution described in any of subparagraphs 149(1)(a)(i) to (x) nor a charity, the last reporting period of the registrant ending before that time was the fiscal month of the registrant and the registrant has not made an election under section 247 or 248 that is effective at that time, or the registrant has made an election under section 246 that is effective at that time, the fiscal month of the registrant that includes that time;

and in all other cases, the fiscal quarter of the registrant that includes that time. [Repealed, 1997, c. 10, s. 55]