Streamlined Accounting (GST/HST) Regulations

16 (1) Where

• (a) a person is, at any time in a reporting period of the person, a specified registrant,

• (b) the total threshold amount for the reporting period does not exceed $400,000, and

• (c) the registrant was engaged in commercial activities throughout the 365-day period ending immediately before the beginning of the reporting period and an election of the registrant did not cease to have effect in that 365-day period because of a revocation of the election,

the registrant is a registrant who may file an election, to take effect on the first day of the reporting period, to determine the net tax of the registrant in accordance with this Part.

(2) A registrant who has filed an election to determine the net tax of the registrant in accordance with this Part ceases to be a registrant who may so determine that net tax at the end of the earliest of

• (a) the first fiscal year of the registrant that is a reporting period of the registrant in which the registrant ceases to be a specified registrant,

• (b) the fiscal year of the registrant immediately before the first fiscal year of the registrant that is a reporting period of the registrant for which the total threshold amount exceeds $400,000,

• (c) the first fiscal quarter of the registrant that includes a reporting period of the registrant for which the total threshold amount exceeds $400,000, and

• (d) the fiscal quarter of the registrant immediately before the first fiscal quarter of the registrant that includes a reporting period of the registrant in which the registrant ceases to be a specified registrant.