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ARTICLE · 09 APRIL 2018

Blog: New Business Tool Kit Chapter 5 – Selecting A Year-End

Crowe
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Generally, it is required for sole proprietorships and partnerships to use a calendar year-end. In contrast, corporations, other than professional corporations are able to select the month-end which best suits their business.

CanadaAccounting and Audit
Crowe MacKay LLP
Crowe MacKay LLP
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Generally, it is required for sole proprietorships and partnerships to use a calendar year-end. In contrast, corporations, other than professional corporations are able to select the month-end which best suits their business.

WHICH MONTH TO CHOOSE

The selection of a year-end involves several considerations.  One important factor is the ease with which data is accumulated.  For this purpose, most companies prefer to use a quarter's end as the last day of the fiscal year (e.g. March 31, June 30, September 30, or December 31).  Many companies not using a quarter-end date find that it complicates several government filings, and can be confusing to shareholders and others when disclosing quarterly data. Partnerships and sole proprietorships generally will choose a December 31 year-end due to fewer complications and less extensive work.

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