Accounting glossary
What is fiscal year?
The 12-month period a business reports on, which need not be the calendar year. Canadian corporations choose a year-end (many pick a slow month); the T2 is due six months after it. Once chosen, changing it requires CRA consent.
Example
A business with a June 30 year-end runs its fiscal year from July 1 to June 30. Its 'year one' figures cover that span, not the calendar year.
Choosing a year-end that falls after your busy season means counting stock when there is least of it to count.
In SeroBooks
Period locks and year-end close work on your fiscal calendar, whatever it is. Year-end checklist →
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