You would not be able to "reduce income" if there is income - it will be taxable.
What you are trying to do - to add deductible expenses - but you would need to consider additional income related to such expenses.
For instance - assuming the GST will purchase the airplane and will rent it to you or the partnership you are planning to enter.
In this case - I assume that the GST will charge fair rental fees - correct?
and correspondingly will be able to deduct related expenses - such as depreciation, insurance, maintenance, etc.
In this case the question would be if that is for -profit activity?
If yes - there is no issues. But that will ADD taxable income for the GST - not reduce income as you might think.
If you do not charge a fair market rent - the question would be raised - if that is not-for -profit rental? and if the answer is positive - some deductions would be disallowed - and again - taxable income would not be lower.
If you do not rent your property to make a profit, you can deduct your rental expenses only up to the amount of your rental income. You cannot deduct a loss or carry forward to the next year any rental expenses that are more than your rental income for the year.