Why do Canadian banks end their fiscal year on October 31?

Canadian banks end their fiscal year on October 31 primarily to align with the regulatory requirements set by the Office of the Superintendent of Financial Institutions (OSFI). This timing allows banks to finalize their annual financial statements before the holiday season, ensuring a smoother process for audits and compliance reporting. Additionally, it provides a clear separation from the calendar year, enabling better analysis and planning for the upcoming fiscal period.