In an October 16, 2014 Technical Interpretation (2014-0539401I7, Young, Terry), CRA notes that under Subsection 249.1(7), CRA may accept a change to a taxpayer’s fiscal period. CRA notes, however, that the request to change should only be approved when the request is prompted solely on sound business reasons other than to obtain a tax benefit. Changes for the personal convenience of the taxpayer and to defer taxes would not be permitted.
Any request to change a corporation’s tax year-end will be reviewed on its own merit.
For further information see VTN Monthly Tax Update Seminar, Issue No. 403