Line 066 - Is the date on line 061 a deemed tax year-end according to subsection 249(3.1)?
Line 066 - Is the date on line 061 a deemed tax year-end according to subsection 249(3.1)?
If at any time a corporation becomes or stops being a Canadian-controlled private corporation (CCPC) for any reason other than an acquisition of control, subsection 249(3.1) provides that the tax year of the corporation is deemed to end immediately before that change. You do not need the minister's approval for the changed tax year.
File a return for the tax year that ends immediately before the change. The next tax year is deemed to start on the date that the corporation type changed, and the corporation can choose any tax year-end within the next 53 weeks.
If the change occurs up to seven days after the end of an established tax year and there has not been an acquisition of control and the corporation has not become or stopped being a CCPC, within those seven days the corporation can choose to extend the tax year up to the time the change occurred. In this case, attach a letter to your return that says you are making an election under paragraph 249(3.1)(c).
|
|
|