What is the difference between fiscal and tax year end?
The fiscal year-end refers to the last day of a company’s accounting period, which is used for financial reporting and business planning. It can vary among companies and does not necessarily align with the calendar year. The tax year-end, on the other hand, is the date by which an individual or corporation must file their income tax returns and is determined by tax laws. For individuals in Canada, the tax year-end is December 31st, while corporations can have a tax year-end that aligns with their fiscal year-end, chosen when the corporation is established.