Canada Tax Questions Answered by Experts
Depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property. It is an annual allowance for the wear and tear, deterioration, or obsolescence of the property.
In order for a taxpayer to be allowed a depreciation deduction for a property, the property must meet all the following requirements:
So - regardless if the property is owned by you personally or by the corporation - if that property is used for business - it may be depreciated.
However - if the property is owned by you personally - you personally as an owner may deduct depreciation,
but if the property is owned by the corporation - only the corporation may claim depreciation deduction.
Let me know if you need any help with reporting.