Reporting your self-employment income: What is a fiscal period?
Generally, a self-employed individual have to use a December 31 year-end. But for those who are eligible individuals, they may use another method of reporting business income that will allow them to have a fiscal period that does not end on December 31. However, if you do not use the December 31 year-end, you will need to refer to Form T1139, Reconciliation of 2018 Business income for Tax Purposes to calculate the amount of your business income to report on your tax return.
Please contact us at KD if you have any questions and need help with filing your tax return as a self-employed individual.