Assets lose value over time as they get older. This loss of value is called depreciation. Businesses claim depreciation loss as a deduction expense each tax year.
You can claim a deduction for depreciation loss on capital assets.
You can do this for those you own, lease or buy under a hire purchase agreement and use, or intend to use, in your business.
If you want to know more about how your business can claim depreciation deductions on assets, please click here to schedule a 30 min FREE online general meeting with our expertise