Section 78 — Excise Tax Act: Determination of fiscal months

The fiscal months of a person shall be determined in accordance with the following rules: if fiscal months of the person have been determined under subsection 243(2) or (4) for the purposes of Part IX, each of those fiscal months is a fiscal month of the person for the purposes of this Act; if fiscal months of the person have not been determined under subsection 243(2) or (4) for the purposes of Part IX, the person may select for the purposes of this Act fiscal months that meet the requirements set out in subsection 243(2);

and if neither paragraph (a) nor paragraph (b) applies, each calendar month is a fiscal month of the person for the purposes of this Act. The fiscal half-years of a person shall be determined in accordance with the following rules: the period beginning on the first day of the first fiscal month in a fiscal year of the person and ending on the earlier of the last day of the sixth fiscal month and the last day in the fiscal year is a fiscal half-year of the person; and the period, if any, beginning on the first day of the seventh fiscal month and ending on the last day in the fiscal year of the person is a fiscal half-year of the person. Every person who is required to file a return shall notify the Minister of their fiscal months in the prescribed form and manner.