Lequier v. The Queen, 2013 DTC 1012 [at at 68], 2012 TCC 380 -- summary under Income-Producing Purpose

By services, 28 November, 2015

The taxpayer bought a 10-room inn and lived in it. He started a company ("La Zénon) to operate the inn, which had a restaurant and bar.

Paris J found that inn was not a source of income to the taxpayer, and hence not a source of business losses. The taxpayer charged La Zénon $2000 per month for rent, which was not enough to cover insurance, taxes and maintenance. The taxpayer therefore had no reasonable expectation of profit.

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Topic
Income Tax Act - s. 18(1)(a) - Income-Producing Purpose
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Drupal 7 entity type
Node
Drupal 7 entity ID
335237
Extra import data
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