ETA s. 156 elections can be filed, viewed and modified through My Business Account

At the time of writing in January 2015, CRA anticipated that electronic filing of the ETA s. 156 nil consideration group elections would be available through "My Business Account" (MyBA) in mid April 2015. Registrants will then be able to view, through MyBA, section 156 elections that they have filed, either electronically or by using the paper Form RC4616, as well as those filed by another group member on their behalf.  Once a section 156 election has been filed either electronically or on paper, the election can be modified through MyBA.

CRA points out that where a specified member wishes to revoke an existing election, care must be taken to ensure that the elections between the other specified members remain in effect. The problem arises because every pair combination of named memers appearing in Part A of the form (RC4616) would be considered to have revoked their election.   The solution is to file separate Forms RC4616 (electronically or on paper) specifically revoking only the targeted elections.

Neal Armstrong.  Summaries of 29 January 2015 Interpretation 167061 under ETA s. 156(4), s. 156(3).