Section 246 — Excise Tax Act: Election for fiscal months

Any person may make an election to have reporting periods that are fiscal months of the person, to take effect where the person is a registrant, on the first day of a fiscal year of the person; or on the day the person becomes a registrant. 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. An election made under this section by a person is to remain in effect until the earlier of the beginning of the day on which an election by the person under section 247 or 248 takes effect, and the day on which a revocation of the election by the person under subsection (4) becomes effective. 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.