Your Year-End is December, Unless You Incorporate. Canada 150 Recommendation #75

Tuesday’s= Starting a Business

Unincorporated businesses have a December year-end for tax purposes.

There was once a time when a business owner could pick a year-end of any day of the year. Life was simpler then, accountants could spread their workload out because businesses had a variety of year-ends. We also had to file every personal tax return by April 30th. Now, every unincorporated business has a December year-end and we have until June 15th to file those returns.

So if you want a year-end that is not December 31st for your business, you have to incorporate.

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