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As per the CRA, the immediate expensing incentive has the following characteristics:
An eligible person or partnership (EPOP) may deduct the full cost of designated immediate expensing properties (DIEPs) up to $1.5 million per tax year, subject to specific limitations
- The deduction applies only to immediate expensing property that you designated as a DIEP on the prescribed form you must file with the minister by the due date
- The deduction is available only for the year when the property becomes available for use
- The deduction is limited to $1.5 million per tax year:
- The $1.5 million may be shared among associated members of a group. Each member must file an agreement on the prescribed form assigning a percentage to one or more of them for the year
- The limit is also prorated for tax years shorter than 365 days
- If the capital cost of the DIEP is more than $1.5 million and is included in more than one CCA class, the EPOP can decide which CCA class the immediate expensing deduction is attributed to
- The deduction is limited to the amount of income earned (before deducting CCA) from the business or property for which the DIEP is used
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4002/t4002-6.html
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