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Level 2
posted Oct 30, 2019 10:35:24 AM

I rented out a house and bought some small appliances for it. Dishwasher is less than $500 CAD. Which Class for depreciation ?

I rented out a house and bought some small appliances for it. Dishwasher is less than $500 CAD. Which Class for depreciation ?  Can I use the Class 8 which is stated for Appliance for more than $500

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1 Best answer
Moderator
Oct 30, 2019 10:35:26 AM

You can add your dishwasher to Class 8 if you want.

The $500 minimum is really just for tools. However, many people use the $500 as an unofficial minimum for all class 8 items (and some other classes as well). So if an item costs less than $500, many people will just claim it as an expense in the year they bought it, rather than depreciate the asset slowly through CCA.


1 Replies
Moderator
Oct 30, 2019 10:35:26 AM

You can add your dishwasher to Class 8 if you want.

The $500 minimum is really just for tools. However, many people use the $500 as an unofficial minimum for all class 8 items (and some other classes as well). So if an item costs less than $500, many people will just claim it as an expense in the year they bought it, rather than depreciate the asset slowly through CCA.