The Home Renovation Tax Credit is Now Effective!
Homeowners can claim a 10.5% tax credit on up to $20,000.
Effective Dates: October 1, 2020 – December 31, 2022.
Program Details: Under the new Saskatchewan Home Renovation Tax Credit, homeowners will be able to claim a 10.5% tax credit on up to $20,000 of eligible home renovation expenses. Saskatchewan homeowners taking full advantage of the program will be able to claim a maximum non-refundable tax credit of $2,100. Eligible expenses will include permanent additions to the home such as windows and doors, but will not include items like furniture, appliances, hot tubs, tools, or maintenance.
A perfect opportunity to upgrade the windows and doors in your home!
- Must be incurred during the eligible period and supported by receipts which clearly
- The vendor/contractor.
- The date of which the goods/services were purchased and/or provided.
- A description of the work performed and the address where the work was performed.
- The amount paid.
- Expenditures do not qualify if the goods or services are provided by a person with whom
the taxpayer is not dealing at arm’s length (i.e. a close relative) unless that person is
registered to collect GST/PST.
Eligible Expenses for the Tax Credit
Eligible goods or services can be claimed for the tax credit during the period in which the costs were incurred.
- For example, costs incurred with having a roof shingled in 2021 must be claimed on the taxpayer’s 2021 tax return and can’t be resubmitted again for the 2022 tax year.
- The total amount of eligible expenses being claimed each year under the Saskatchewan Home Renovation Tax Credit must be between $1,000 and the annual limit.
- Only renovations undertaken to a homeowner’s primary residence will be eligible for the Saskatchewan Home Renovation Tax Credit.
- Either spouse in a married or common-law couple, residing at the same address may claim the credit; or they may divide eligible home renovation expenses between themselves in claiming the tax credit, up to the maximum total annual amount per residence.
- Eligible expenditures for condominiums and co-operative housing corporations include the individual’s share of the cost of renovating common areas, in addition to costs to renovate the unit.
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For more information on the Home Renovation Tax Credit:
- Backgrounder: The Saskatchewan Home Renovation Tax Credit
- SRHBA Approves of a New Home Renovation Tax Credit
Kohltech is not responsible for any issues that may arise when applying for the tax credit, including, but not limited to: eligibility requirements, cancellation of the program by the government, government funding exhausted, etc.