Excise Tax Act (R.S.C., 1985, c. E-15)

Marginal note:Determination of fiscal quarters

• 243. (1) For the purposes of this Part, the fiscal quarters in a fiscal year of a person shall be determined in accordance with the following rules:

  • (a) there shall not be more than four fiscal quarters in the year;

  • (b) the first fiscal quarter in the year shall begin on the first day of that year, and the last fiscal quarter in the year shall end on the last day of that year;

  • (c) each fiscal quarter shall be shorter than one hundred and twenty days; and

  • (d) except for the first and last fiscal quarters in the year, each fiscal quarter shall be longer than eighty-three days.

• Marginal note:Determination of fiscal months

  (2) For the purposes of this Part, the fiscal months in a fiscal year of a person shall be determined in accordance with the following rules:

  • (a) the first fiscal month in each fiscal quarter in the year shall begin on the first day of that fiscal quarter, and the last fiscal month in each fiscal quarter shall end on the last day of that fiscal quarter;

  • (b) each fiscal month shall be shorter than thirty-six days except that the Minister may, on request in writing made in prescribed form containing prescribed information and filed with the Minister in prescribed manner, allow the person to have one fiscal month that is longer than thirty-five days in a fiscal quarter; and

  • (c) each fiscal month shall be longer than twenty-seven days unless

    • (i) that fiscal month is the first or last fiscal month in a fiscal quarter, or

    • (ii) the Minister, on request in writing made in prescribed form containing prescribed information and filed with the Minister in prescribed manner, allows the person to have that fiscal month shorter than twenty-eight days.

• Marginal note:Notice by registrant

  (3) Where a person is a registrant at any time in a fiscal year of the person, the person shall specify the first and last day of each of the fiscal quarters and fiscal months in the year in prescribed form containing prescribed information and filed with the Minister in prescribed manner on or before the day that is

  • (a) where the person becomes a registrant in that fiscal year, the later of

    • (i) the day the person files an application for registration under section 240 or, where the person was required under subsection 240(2.1) to file that application on or before an earlier day, that earlier day, and

    • (ii) the effective date of the registration; and

  • (b) in any other case, the first day of that fiscal year.

• Marginal note:Determination by Minister

  (4) Where a person fails to determine the fiscal quarters or fiscal months in a fiscal year of the person in accordance with subsection (1) or (2), or fails to satisfy the requirements of subsection (3), for the purposes of this Part, the Minister may determine those fiscal quarters or fiscal months and shall notify the person in writing of the determination.