An LP between two individuals has elected under s. 249.1(4) to have a non-calendar year end, say April 30, and now wishes to change to a September 30 year end for tax and accounting purposes to conform with the September year end of a related group of corporations. CRA stated:
Since an election under subsection 249.1(4) was made by SENC1, and SENC1 is not subject to the provisions of paragraph 249.1(1)(b)… an application to the Minister to change the time at which its fiscal year-end ends is still available under subsection 249.1(7). Any such change is, however, subject to the concurrence of the Minister and will generally only be accepted where a serious business reason exists.
…[W]here SENC1 [instead] did not make an election under subsection 249.1(4) within the prescribed time period…it would no longer be possible to avoid the application of paragraph 249.1(1)(b) so that SENC1 could not change the end of its fiscal year.
After noting the time limitation for making the s. 249.1(4) election, CRA described the procedure for making the election:
The election under subsection 249.1(4) should be filed with the Minister with the partner's return of income under Part I of the Act, using Form T1139…. As required by paragraph 96(3)(a), to be valid, such election must be made by a partner having the authority to act for the partnership and must be made in the name of the partner and each other person who was a member of the partnership during the fiscal period,