What is Year-End and why should you choose that wisely?

Author: GenNext Chartered Professional Accountants | | Categories: Business Consulting , Business Setup , Business Valuation Services , incorporation



Selecting the right year-end is important in corporate planning. When  setting up a corporation, Any year end can be chosen, the only stipulation is that the Year End Date must be within 371 days of the initial incorporation date. There are some exceptions to this rule, for example, a professional corporation that operates in Canada must have a December 31 year-end.

Strategically choosing the year-end, can be significantly beneficial to both how your business operates and may have tax advantages.

Being able to operate your business and handle important client data while completing the business year-end, could save you significant time and operational costs.

Another aspect to consider while deciding on your Year-End is things such as inventory, which is a critical part of year-end for many businesses.

Having a year-end during the busiest days of your business may not be the best choice. If a company is holding passive investments, for example, that business may want the year-end to coincide with the normal calendar year-end.

Valuable blog posts: Preview our blog posts by clicking here, and head straight to the ones you want to read. Our blog is updated regularly with accounting advice, valuable tools, product/service information, and accounting trends.

Unmissable promotions: From time to time, we’ll share our most exclusive promotions with our newsletter subscribers. Don’t miss out!

We promise we won’t overload your inbox! GenNext Chartered Professional Accountants email newsletter is sent out bi-monthly with only the most relevant content for you.

With several years of experience, GenNext Chartered Professional Accountants is a leading accounting firm in Mississauga, Ontario. Our services include personal tax planning, business registration, business setup and consulting, bookkeeping and accounting, payroll, WSIB, HST, corporate tax, assurance, disability tax credit program, budgeting and forecasting services, insurance, mortgages, investments, real estate and legal services, business valuation services, estate planning services, litigation support and damage quantification services.

To learn more about what we do, please click here, or get in touch with us by clicking here.

Sign up for our newsletter now to stay in touch with us.Sign up here!