What is depreciable property?

Depreciable property is defined as property that wears out over its useful life, such as buildings, cars, equipment, and furniture. These properties are used for your business or professional activities. Depreciable property is a capital expense that provides a benefit over several years. You cannot deduct the full amount of depreciable property expenses in the year incurred. Instead, you can deduct their cost over a period of several years using the CCA (capital cost allowance) method.