Choosing a year-end for your corporation
To begin, you can have any corporate year-end date you'd like.
Here are some key points to keep in mind when choosing a year-end for your corporation:
- It should be at the end of the month.
- It needs to be within 53 weeks of your incorporation date.
- Your GST filing period should match your fiscal year-end (this can be changed after the fact).
Other factors to consider:
- What is your busiest time of year?
It may be a good idea to pick a year-end different from that period. If you're a carpenter or labourer, may want to stay away from a year-end that involves the summer and fall months. If your business is super busy during the holidays, a December year-end is not for you. - When is it easiest for you to meet with your accountant?
- How easy is it for you to compile the information needed to give to your accountant within the allotted time periods? Get more information on tax deadlines.
For more information on picking a tax deadline, visit the CRA.