FP-670-V Election or Revocation of an Election Respecting a GST/HST and QST Fiscal Year

Information respecting the election or revocation

Terms used in this form

The terms "taxation year" and "fiscal period for income tax purposes" refer to the period used as a basis for calculating the income tax of the person or entity concerned, in conformity with the Income Tax Act and the Taxation Act.

The term "fiscal year" is used for the purposes of the GST/HST and the QST, and is defined in the Excise Tax Act and the Act respecting the Québec sales tax.

Description of the election

Pursuant to section 244 of the Excise Tax Act and section 458.4 of the Act respecting the Québec sales tax, you may elect to have, for the purposes of the GST/HST and the QST, a fiscal year that is not the same as your taxation year (as determined in accordance with the Income Tax Act and the Taxation Act).

If your taxation year is not a calendar year, you may elect to have your GST/HST and QST fiscal year correspond to the calendar year.

Example:

A corporation has a taxation year that starts on June 1 and ends on May 31. The corporation may elect to use the calendar year (January 1 to December 31) as its GST/HST and QST fiscal year.

Election by an individual or a trust

If you are an individual or a trust and you have elected, in accordance with the Income Tax Act and the Taxation Act, to have your taxation year correspond to the fiscal period of a business operated by you or by a partnership of which you are a member, you may elect to have your GST/HST and QST fiscal year correspond to the taxation year. If you do not make such an election, the GST/HST and QST fiscal year will be the calendar year.

Example:

An individual elects, in accordance with the Income Tax Act and the Taxation Act, to have a taxation year that corresponds to the fiscal period of his or her business (February 1 to January 31). The individual may, by making an election on this form, have the business's GST/HST and QST fiscal year coincide with that taxation year.

Duration of the election

Your election with regard to a fiscal year remains in effect until you revoke it. The revocation takes effect on the first day of your taxation year that begins at least one year after the effective date of the election.

Example:

An individual elected to have a GST/HST and QST fiscal year beginning on August 10, 1997. The individual cannot revoke the election before January 1, 1999 (the taxation year of an individual normally corresponds to the calendar year).

Filing this form

This form must be filed no later than the effective date of the election or revocation. Send the duly completed form to an office of the Ministère du Revenu du Québec.

Additional information

If you require additional information, contact the office of the Ministère du Revenu du Québec in your area.