If a trust becomes a MFT within 90 days after the end of its first taxation year, it may make an election with the CRA to be treated as such from the beginning of that taxation year. Under Canadian Federal Legislation, a trust may elect to have its taxation year end on December 15 if it is a MFT on the 74th day after the end of a calendar year and its taxation year (the taxation year concerned) would normally end on December 31 of the calendar year.