3 June 2009 External T.I. 2009-0319551E5 F - Déductibilité des dépenses -- summary under Business Source/Reasonable Expectation of Profit

Before indicating that there were insufficient details regarding a question on expense deductibility to give a specific response, CRA gave an overview of the tests for expense deductibility, including the identification of a source of income, and stated in this regard:

Where the nature of the taxpayer's business has a personal aspect, the business will only be considered a source of income if it is carried on in a sufficiently commercial manner. In order for an activity to qualify as commercial in nature, the taxpayer must have a subjective intention to make a profit and there must be evidence of a serious business person's conduct supporting that intention.

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d7 import status
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