Boles v. The King, 2024 TCC 167 -- summary under Business Source/Reasonable Expectation of Profit

In finding that the activities of the taxpayers (a couple) in raising, breeding and showing dogs and engaging in dog-show judging were a hobby rather than a business, so that their substantial losses could be denied but for statute-barring for some of their reassessed years, Sommerfeldt J noted inter alia the consistent string of large losses over many years, the use of credit card financing rather than less expensive financing, the rudimentary budgeting procedures, the loose management of expenses, the unsystematic and unsophisticated books and records, and the restrictive marketing approach.