20 February 2017 External T.I. 2014-0534341E5 F - Partnership change of fiscal period -- summary under Subsection 249.1(7)

Where a partnership between 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 (i.e., changing to a new non-calendar year end), such change can be made with CRA’s permission - although such application “will generally only be accepted where a serious business reason exists.”