Glossary
Fiscal year end
A fiscal year end is the date a business closes its books and the date that fixes its filing deadlines. A Canadian corporation may choose any year end within 53 weeks of incorporation, and the choice then drives when the T2 return, the balance owing and the instalments fall due. A year end placed just after the busiest season spreads the compliance workload and can defer tax on a strong year. Changing it later needs CRA approval, so it is worth deciding deliberately at the start.
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