CRA indicates that a corporate taxpayer can reset its first taxation year end after it has filed its first return and before it has been assessed
After indicating that where a taxation year has already been assessed on the basis of a fiscal period end (“FPE”), the Act does not have any provision that allows a reassessment to change the FPE, the Directorate went on to state:
[W]here a corporation has filed its first income tax return, but an assessment is still to be made, the provisions of the Act do not appear to prevent the corporation from sending an amended tax return with a new FPE.
Neal Armstrong. Summary of 24 December 2020 Internal T.I. 2020-0874951I7 under s. 249.1(1).