Friday, March 10, 2006

Timing your Fiscal year

If you've taken my previous advice and incorporated in Canada, you now have to decide when you want to file your taxes. In general, you can chose when you want to file your taxes as a corporation for the first time (from that point on it must be yearly) and you can't make your first filing date any later than a year from your incorporation. Many entrepreneurs simply let it slide to the last possible moment, which may not be the best time. Another large number of companies simply chose calendar year end. However if your industry has any slow seasons, then it can make sense to set your filing date to be during one of the slow periods.


Important Notice: I am not an accountant, and you probably should talk to one before taking any of my advice.

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