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Taxation year for corporations

Taxation year for corporations - change is business related...

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The Taxation Year Corporations * The taxation year of a corporate entity is regarded as its Fscal period, being any time period not exceeding 53 weeks (on year) for which the entity accounts for its Fnancial affairs * Corporate taxpayers can choose the annual period for which tax will be assessed * Once a corp. chooses a Fscal period, it must continue with the same period in the future unless concurrence is given by the CRA * Such concurrence is normally not withheld if the primary purpose of the
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Unformatted text preview: change is business related as opposed to tax related * A Fscal period, therefore a taxation year, may be less than 12 months in the year which a corp. comes into existence or ceases to exist or in which a change in year end is granted * ±or example, a corp. that is created on June 1 may choose an Oct. 31 Fscal year end, in which case the Frst taxation year would include only the Fve months from June 1 to Oct. 31...
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