Just a quick note about year-ends. A calendar year runs from Jan 1 to Dec 31. A fiscal year is any 12-month period. For example, one can have a fiscal year end of July 1 to Jun 30th. If you are a sole proprietor or in a partnership, you will have a calendar year-end, and your profit or loss will be recorded on your personal T-1 tax return.
A corporation can have any fiscal year-end, usually tied to when the corporation was formed. If the corporation was formed Nov 5, 2019, the fiscal year-end would be Oct 31, 2020. Corporations file T-2 tax returns based on their own unique fiscal year-end.