Section 78.1 — Excise Tax Act: Reporting period — general

Subject to this section, the reporting period of a person is a fiscal month. On application in the prescribed form and manner by a person, the Minister may, in writing, authorize the reporting period of that person to be a fiscal half-year in a particular fiscal year if the person has been required to pay tax under Part III, or has been holding a licence granted under or in respect of that Part, for a period exceeding twelve consecutive fiscal months; the total of all taxes payable under Part III by the person and any person associated with the person in the fiscal year ending immediately before the particular fiscal year did not exceed $120,000; the total of all taxes payable under Part III by the person and any person associated with the person in the particular fiscal year does not exceed $120,000; and the person is in compliance with this Act. An authorization under subsection (2) is deemed to be revoked if the total of all taxes payable under Part III by the person and any person associated with the person exceeds $120,000 in a fiscal year, which revocation is effective as of the first day after the end of the fiscal half-year in which the excess occurs. The Minister may revoke an authorization if the person requests in writing the Minister to do so; the person fails to comply with this Act; or the Minister considers that the authorization is no longer required. If the Minister revokes an authorization under subsection (4), the Minister shall send a notice in writing of the revocation to the person and shall specify in the notice the fiscal month for which the revocation becomes effective. If a revocation under subsection (4) becomes effective before the last day of a fiscal half-year of a person that is authorized under subsection (2), the period beginning on the first day of the fiscal half-year and ending immediately before the first day of the fiscal month for which the revocation becomes effective is deemed to be a reporting period of the person.