THE HOME RENOVATION TAX CREDIT IS NOW EFFECTIVE!

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.

Qualifying Expenditures

• Must be incurred during the eligible period and supported by receipts which clearly
identify:
           • 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.

With the Home Renovation Tax Credit, now is a great time to do any updates to your home.  Talk to one of our Team Members at a Prairie Co-op Home Centre in Melville, Fort Qu'Appelle, Cupar and Ituna to get the right products for your update!  

For more information on the Home Renovation Tax Credit:

• The Saskatchewan Home Renovation Tax Credit