When determining whether a loss is deductible, or conversely, whether income is taxable, there must first be a “source of income” or, in other words, a “business”. A business has traditionally been understood to mean anything that occupies the time, attention and labour of a person for the purpose of profit.
Source of Income
Wilful Blindness to Bad Tax Advice
The taxpayer was a contractor who was in business for over 25 years. He then started to attend meetings from Paradigm Education Group after talking to a friend. Unbeknown to him, his life was about to take a turn for the worse.