Section 363.2 — Excise Tax Act: Revocation of election for streamlined accounting

If a registrant who has made an election under subsection 227(1) that is in effect on the implementation date for a participating province is resident in that participating province immediately before that implementation date or has made supplies in that participating province in the one-year period ending immediately before that implementation date, the registrant may, despite paragraph 227(4.1)(a) but subject to paragraph 227(4.1)(b), revoke that election under subsection 227(4) with effect from if the reporting period of the registrant that includes that implementation date is a fiscal year of the registrant, the first day of any fiscal month of the registrant that begins before the day that is one year after that implementation date;

and in any other case, the first day of any reporting period of the registrant that begins before the day that is one year after that implementation date. If a registrant whose reporting period is a fiscal year revokes an election under subsection 227(4) in accordance with subsection (1) with effect from the first day of a particular fiscal month in a fiscal year of the registrant and that month is not the first fiscal month in that fiscal year, for the purposes of this Part, the period beginning on the first day of that fiscal year and ending immediately before the first day of the particular fiscal month and the period beginning on the first day of the particular fiscal month and ending on the last day of that fiscal year are each deemed to be a separate reporting period of the registrant; and for the purposes of subsections 237(1) and (2), each of those separate reporting periods is deemed to be a reporting period determined under subsection 248(3).