There are different classes of assets that each have their own annual rate. There are classes for:
- Most buildings and LHI (Lease Hold Improvement)
- Building purchased after 1978 and before 1988
- Metal buildings (sheds), fences and greenhouses
- Canoes, rowboats and other vessels
- Property not included in other classes
- China, kitchen items, tools and instruments under $200
- Leasehold interest
- Patents, franchises, concessions or licenses
- Taxis and rental cars
- Roads, parking lots, sidewalks and other surface construction
- Excavating and moving machinery
- Computer equipment and software
This is a broad overview of the general category breakdowns. For a detailed list with the associated depreciation percentages go to the Canada Revenue Agency’s classes of depreciable property. Bassets eDepreciation includes depreciation methods for each of the Canadian class codes to apply the correct annual percentage in your calculations.
We have previously discussed the information needed by a Canadian company to determine depreciation eligibility in this post:
Canadian Capital Cost Allowance
Questions? Comments? Let us know in the comments section below.
More information about Bassets eDepreciation software can be found at Bassets.net. While there you can register for our live webinar, download a free evaluation copy and get a personalized pricing estimate.