The financial year of an individual who operates a business generally ends at the end of the calendar year, i.e. on December 31st. When the business is operated by a corporation, the year-end can be whatever is most suitable. Since income and expenses are recorded by fiscal year, some decisions may have an impact on the tax payable by the company and individuals.
For example, the tax treatment of companies' dividends is different from the treatment used for salaries. The purchase or sale of depreciable assets at the beginning or end of the year may also have a different impact on taxable income. The pros and cons of each available option must be carefully considered.
At DUPUIS PAQUIN, in collaboration with your accountants, we make sure that you make the right decision on the choice of year-end and that the necessary documentation is completed and accurately reflects the transactions made.
In this practice area, our team meets your needs in several ways, including: