Changing Fiscal Year-end Date

by Neeque

Fiscal Year-end Selection

Fiscal Year-end Selection

Is it possible to change the accounting year from June to May instead of January to December?



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Hi Neeque,


As a general rule, sole proprietors in Canada must have a calendar year-end (January to December).

Any changes to your year-end must be approved by CRA. Contact them to see if it is possible in your situation.

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Mar 03, 2015
Changing year-end date
by: Bev

I would like to know if a non-profit can change the year-end date. Right now it is a Sept - Aug fiscal year. It would be more convenient for me, the bookkeeper, to have a June year-end. I should let you know that this group does not have to file a tax-return because it was formed before the CRA required non-profits to file (this information came from the accountant that prepares the year-end reports).

Thanks

Mar 04, 2015
Bev
by: Lake

It is my understanding that a non-profit can change their year-end. To do so, I believe you have to contact the CRA to ask permission. Of course, here is the catch 22. I believe to ask permission you have to have an account with the CRA which means you have to file tax returns. You will also likely be required to have a vote on the issue at your Annual General Meeting.

Here are a few links for your reading pleasure:

http://www.cra-arc.gc.ca/E/pub/tp/it496r/it496r-e.html

http://www.cra-arc.gc.ca/tx/nnprft/menu-eng.html

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