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The identification of a fiscal year is the calendar year in which it ends; the current fiscal year is often written as "FY25" or "FY2024-25", which began on 1 October and will end on 30 September. In 1843, the federal government changed the fiscal year from a calendar year to one starting on 1 July, [ 68 ] which lasted until 1976.
Under this method, the company's fiscal year is defined as the final Saturday (or other day selected) in the fiscal year end month. For example, if the fiscal year end month is August, the company's year end could fall on any date from August 25 to August 31. In particular, the last fiscal week is the one that includes August 25 and the first ...
For example, here is how the next fiscal year breaks down: First quarter (Q1): Oct. 1 through Dec. 31. Second quarter (Q2): Jan. 1 through March 31. Third quarter (Q3): April 1 through June 30.
The 52–53-week fiscal year (or 4–4–5 calendar) is used by companies that desire that their fiscal year always end on the same day of the week.Any day of the week may be used, and Saturday and Sunday are common because the business may more easily be closed for counting inventory and other end-of-year accounting activities.
In Canada, federal budgets are presented annually by the Government of Canada to identify planned government spending and expected government revenue, and to forecast economic conditions for the upcoming year. They are usually released in February or March, before the start of the fiscal year. All the Canadian provinces also present budgets.
The Canadian federal budget for the 2011–12 fiscal year was presented to the House of Commons of Canada by Finance Minister Jim Flaherty on March 22, 2011, then again on June 6 following a May 2 election.
In the public sector, quarterly reporting is meant to highlight a government's revenues and expenditures for a quarter of the fiscal year as it is defined for that entity (in the United States, the fiscal year is different for the federal government than it is for other levels of government). According to McKinney, "governments stress how ...
The Canadian federal budget for the fiscal years of 2024–25 was presented to the House of Commons by Finance Minister Chrystia Freeland on 16 April 2024. [1] The budget's slogan is "Fairness for every generation", suggesting the government planned to help younger people.