Well, it's not so much business as businesses that could be interpreted as a hobby.
Hobby and Personal Benefits
Quote:
It is important to realize that the reasonable expectation of profit test is not completely dead. In cases where the business has an element of hobby or personal benefit, the Court is saying that Revenue Canada may still apply the test.
Hobby and personal benefits cases include horse farms, Hawaii and Florida condominium rentals, ski chalet rentals, yacht operations, dog kennel operations and similar types of endeavours. These are all cases where the taxpayer has invested money into an activity from which the taxpayer derives personal satisfaction or psycho-logical benefit.
|
Not that you get any pleasure out of reefkeeping...
I just wanted to point it out so people don't think because they sell a few frags, they can write off their aquariums. 