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