Section 248 — Excise Tax Act: Election for fiscal years

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. 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 247 takes effect, 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 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. 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.