Generally, you are self-employed if you meet one of the following:
Trade or Business
A trade or business is generally an activity carried on for a livelihood or in good faith to make a profit.
The facts and circumstances of each case determine whether or not an activity is a trade or business.
Important elements include:
- Regularity of activities
- Regularity of transactions
- Production of income
You do not need to make a profit to be in a trade or business as long as you have a profit motive. However, you must make ongoing efforts to further the interests of your business.