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Born in Winnipeg, Manitoba, Corday graduated from the University of Alberta and studied law before moving to the United States in 1934. He worked in Broadway for many years before producing dramas for radio, such as Tortilla Flat, Tobacco Road, Gangbusters and Counterspy. He then moved to television in the 1950s, producing The Guiding Light for a time as well as directing As the World Turns, from its 1956 premiere until 1965.
Corday was later lured to NBC to create three new soap operas. The first two, Paradise Bay and Morning Star, were not successful, but his third NBC serial, Days of our Lives, was a big hit and is still in production after 45 years on the NBC network. He co-created the series along with legend Irna Phillips and Allan Chase.
Before Corday could pen many stories for the serial, he was diagnosed with cancer, and was admitted to Cedars-Sinai Medical Center. After many months in the hospital, he died on July 23, 1966 at the age of 58. His widow, Betty Corday, continued to produce Days of our Lives until her death in 1987.