Income Tax Act — I-3.3 249.1
te, an election in prescribed form to have paragraph 249.1(1)(b) not apply is filed with the Minister by the individual on or before the individual’s filing-due date, and with the individual’s return of income under Part I, for the taxation year that includes the first day of the first fiscal period of the business that begins after 1994, and (d) in the case of an individual who is a member of a partnership a member of which is a graduated rate estate, an election in prescribed form to have paragraph (1)(b) not apply is filed with the Minister by the individual on or before the earliest of the filing-due dates of the members of the partnership for a taxation year that includes the first day of the first fiscal period of the business that begins after 1994. Alternative method not applicable to tax shelter investments (5) Subsection 249.1(4) does not apply to a particular fiscal period of a business where, in a preceding fiscal period or throughout the period of time that began at the beginning of the particular period and ended at the end of the calendar year in which the particular period began, the expenditures made in the course of carrying on the business were primarily the cost or capital cost of tax shelter investments (as defined in subsection 143.2(1)). Revocation of election (6) Subsection 249.1(4) does not apply to fiscal periods of a business carried on by an individual that begin after the beginning of a particular taxation year of the individual where (a) an election in prescribed form to revoke an election filed under subsection 249.1(4) in respect of the business is filed with the Minister; and (b) the election to revoke is filed (i) in the case of an individual (A) who is not a member of a partnership, or (B) who is a member of a partnership no member of which is a graduated rate estate, by the individual on or before the individual’s filing-due date, and with the individual’s return of income under Part I, for the particular taxation year, and (ii) in the case of an individual who is a member of a partnership a member of which is a graduated rate estate, by the individual on or before the earliest of the filing-due dates of the members of the partnership for a taxation year that includes the first day of the first fiscal period of the business that begins after the beginning of the particular year. Change of fiscal period (7) No change in the time when a fiscal period ends may be made for the purposes of this Act without the concurrence of the Minister. Single-tier fiscal period alignment (8) The members of a partnership that has a fiscal period that begins before March 22, 2011 and that would, if this Act were read without reference to this subsection and subsection (10), end on a day after March 22, 2011, may elect to end that fiscal period on a particular day that is before the day on which the fiscal period would otherwise end (in this subsection and subsection (10) referred to as a “single-tier alignment election”) if (a) each member of the partnership is, on the particular day, a corporation that is not a professional corporation; (b) the partnership is not, on the particular day, a member of another partnership; (c) at least one member of the partnership is, on the particular day, a corporation that has a significant interest, as defined in section 34.2, in the partnership; (d) at least one member of the partnership referred to in paragraph (c) has a taxation year that ends on a day that differs from the day on which the fiscal period of the partnership would end if this Act were read without reference to this subsection and subsection (10); (e) the particular day is after March 22, 2011 and no later than the latest day that is the last day of the first taxation year that ends after March 22, 2011 of any corporation that has been a member of the partnership continuously since March 21, 2011; and (f) subsection (10) applies to the single-tier alignment election. Multi-tier fiscal period alignment — one-ti