Changing Year-End on Purchase of Existing Corp

A client has purchased an existing corp with year end of Dec 31 and they want to change it to March 31. Can this be done? If yes, how? I’ve never run into this before.

If the purchase has resulted in an acquisition of control (and I’m assuming a share purchase here), they can choose their own year-end after the purchase. The vendor would have to file a T2 up to the closing date. The new owner would get to pick their own year-end after that.

If there has been no acquisition of control, you have to apply to CRA for the year-end change. I’ve done this a couple times over the years. The reason has to be business-related; not for tax-planning purposes.

Follow the link below to change fiscal yearend.

Change of fiscal year-end -