Late, amended, or revoked elections

The Income Tax Act and its Regulations contain many election provisions that give you the opportunity to decide on an alternative tax treatment in conducting your financial affairs for income tax purposes.

Most election provisions do not:

  • permit you to file an election once the due date for making the election is missed; or
  • give you the ability to modify or cancel an original election that was filed on time.

The topics below provide more information in respect of the Minister's discretion to allow you the benefit of certain elections even though you missed the filing due date, and to permit you to modify or cancel certain elections already filed.


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