As a property investor, you want to save as much as you can. A depreciation report (or depreciation schedule) can be used to claim a deduction on your taxable income based on the depreciation of your property.
A depreciation report must be completed by a certified inspector, such as the ones at PPBI. It includes a detailed description of the property and the deductions you can make over a certain period. For new properties, this is a 40-year period and for those that are second-hand, it is a 20-year period.
Your depreciation report should take into consideration the decreased value of the building itself, any permanently fixed items, and plant and equipment assets (e.g: kitchen appliances, flooring, window fixtures, etc.).