Excise Act, 2001

Marginal note:Determination of fiscal months

• 159 (1) The fiscal months of a person other than a cannabis licensee or a vaping product licensee shall be determined in accordance with the following rules:

  • (a) if fiscal months of the person have been determined under subsection 243(2) or (4) of the Excise Tax Act for the purposes of Part IX of that Act, each of those fiscal months is a fiscal month of the person for the purposes of this Act;

  • (b) if fiscal months of the person have not been determined under subsection 243(2) or (4) of the Excise Tax Act for the purposes of Part IX of that Act, the person may select for the purposes of this Act fiscal months that meet the requirements set out in that subsection 243(2); and

  • (c) if neither paragraph (a) nor paragraph (b) applies, each calendar month is a fiscal month of the person for the purposes of this Act.

• Marginal note:Fiscal months — cannabis or vaping product licensee

  (1.01) For the purposes of this Act, the fiscal months of a cannabis licensee or a vaping product licensee are calendar months.

• Marginal note:Determination of fiscal half-years

  (1.1) The fiscal half-years of a person shall be determined in accordance with the following rules:

  • (a) 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

  • (b) 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.

• Marginal note:Notification of Minister

  (2) Every person who is required to file a return shall notify the Minister of their fiscal months in the prescribed form and manner.