Section 247 — Excise Tax Act: Election for fiscal quarters

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 where the person is a registrant on the first day of that fiscal year, that day; or on the day in that fiscal year that the person becomes a registrant. An election made under this section by a person shall remain in effect until the earliest of the beginning of the day an election by the person under section 246 or 248 takes effect, 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, 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 the day on which a revocation of the election by the person under subsection (3) 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.