A fiscal year end is also known as the tax year-end or financial year end for a corporation. It is the end date of a corporation’s annual reporting period for accounting purposes.
Our organizational resolutions include the approval of a fiscal year end for the corporation. It can be changed at a later date with the approval of the Canada Revenue Agency.
It’s typically best not to have the fiscal year end occur during a very busy season as it may be difficult to gather and process the necessary paperwork.
If you’re unsure what date to use for the fiscal year end, we recommend discussing the issue with your accountant.