Eligible machinery and equipment, used in Canada for the manufacture and process of goods for sale or lease is normally included in Class 43 and depreciated at 30% per year. You can, however, make an election by attaching a letter to the income tax return for the tax year you bought the property indicating you are electing to put the property in Class 29.
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.