Starting immediately, all new users must be approved by a moderator (due to spam issues). #sworry
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If you are a pro triathlete, please click here to DM AaronWebstey for access to the 'Pros-only' private forum. Don't forget to include your real name, and a link to pro race result would be great if you're a 1st-year pro.
Considering people who qualified for Kona but wouldn't under the slot system, or examples of the hypothetical roll downs plus the consideration that athletes that did race may not have otherwise done so given an earlier season victory / qualification.
I thank Canada for: - Poutine - A fantastic exchange rate, especially for Ironman races - Drinking age of 19 (I went to college in Buffalo, so this was clutch) - All the shitty TV series that come out of Vancouver and keep my training rides going in the winter - Making smoked salmon common place for breakfast - An IKEA that's reasonably close (still haven't gone though) - Barrleman (definitely a great triathlon) - Toronto airport (great option, even if 3 hours away, for cheap international travel) - Some seriously great, friendly people, and fucking strange ass folk such is the case w/ @AaronWebstey
@AaronWebstey is right on the money with his answer. I'm a CPA, but not a taxation expert, but that is essentially how I am managing things for my wife.
Keep in mind that technically the tax code requires your business to be profitable within 3 out of the last 5 years of doing business. That said, if you can support and prove you have a legitimate business, are in it to make a profit, etc. with a business plan, documentation and receipts, and some amount of income, you should be OK.
Jen hasn't made a profit since she's started racing professionally. But she has earned income, she has received sponsorship in the form of equipment, flights, lodging, etc. plus we have a business plan and maintain receipts. She's also folded in her coaching business with this, and her only other source of income (besides me) is a part time physical therapy job, which supports that she materially is participating.
I think the easiest route might be the formation of a tri club and / or some type of coaching business. I wouldn't even think about deducting anything until you at least have some form of income from whatever it is you're doing. If you ever have any questions don't hesitate to ask.