ertin Ltd. is a Canadian public company that has always used a calendar-based taxation year (January 1 to December 31). However, as December is a very busy time for their business, it has requested a change in their taxation year end to July 31 as required by ITA 249.1(7), a date at which their business activity is at the lowest point in the year. The CRA has approved the request. The change will be implemented beginning with the 2023 taxation year, resulting in a short taxation year of January 1 to July 31, 2023. The company's income statement, prepared in accordance wit