Stewart v. Canada, 2002 DTC 6969, 2002 SCC 46,  2 S.C.R. 645
Before finding that the taxpayer was not required to establish that he had a reasonable expectation of profit ("REOP") with respect to four rental condominium units held by him, the Court stated (at p. 6979) that:
"The REOP test has been applied independently of provisions of the Act to second-guess bona fide commercial decisions of the taxpayer and therefore runs afoul of the principle that courts should avoid judicial rule-making in tax law."
|Locations of other summaries||Wordcount|
|Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c)||not tainted by capital gains motivation||115|
|Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Business||"business" has its broad common law definition||95|
|Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Personal or Living Expenses||12|
|Tax Topics - Income Tax Act - Section 3 - Paragraph 3(a) - Business Source/Reasonable Expectation of Profit||no reasonable expectation of profit test if no personal element||86|