Tax

Business definition for ITA

The Act does not provide a general definition of a “business” but does include specific activities in the extended non-exhaustive definition of “business” in subsection 248(1).

In particular, subsection 248(1) extends the meaning of “business” to include:

a profession, calling, trade, manufacture or undertaking of any kind whatever and an adventure or concern in the nature of trade.

The traditional common law definition of the term “business” is “anything that occupies the time and attention and labour of a man for the purpose of profit”.

No single factor is determinative. The quintessential characteristics of business are activity, enterprise, entrepreneurship, commercial risk and the pursuit of profit.

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