Is there a reasonable expectation of profit for an individual who engaged in an activity that was not one that a businessman would have engaged in?
Canada (Federal), Canada
The following excerpt is from Graham v. Canada, 1997 CanLII 17778 (TCC):
Whether there was a reasonable expectation of profit is an objective test and not a subjective one. Thus, if the activity that was engaged in was not one that a businessman would have engaged in, there cannot be a reasonable expectation of profit. See Hammond v. M.N.R., 71 D.T.C. 5389 (F.C.T.D.), at 5391 and Molony, supra, at page 1398.
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