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Delivering on one of the planks of its re-election platform, the Saskatchewan Party will be helping homeowners with their renovations.
On Thursday, the governing Sask. Party introduced legislation for the Saskatchewan Home Renovation Tax Credit.
The government estimates the tax credit will cost $124 million over two years.
“This new tax credit is an incentive to spend, build and hire,” Finance Minister Donna Harpauer said in a media release. “Combined with the PST reduction on new home construction in the June 2020 budget, this new credit will increase construction activity in the province, create jobs, and help drive Saskatchewan’s economic recovery.”
The non-refundable tax credit can help homeowners save up to $2,100 in provincial income tax through a 10.5 per cent tax credit on up to $20,000 of eligible home renovation expenses.
Those expenses include the cost of labour and professional services, building materials, fixtures, equipment rentals and permits used while constructing permanent additions to homes. Items such as furniture, appliances, hot tubs, tools or maintenance services such as carpeting or furnace cleaning aren’t eligible.
The tax credit can be claimed only on renovations done to a Saskatchewan taxpayer’s principal residence, which must be located in the province.
The expenses must be incurred between Oct. 1 of this year and Dec. 31, 2022. That latter date also is the deadline by which work must be substantially completed.
The credit is to be claimed on taxpayers’ 2021 and/or 2022 personal income tax returns.
Expenses incurred from Oct. 1 of this year to Dec. 31, 2021 of between $1,000 and $12,000 can be claimed on 2021 tax returns. The maximum claim for 2021 is $11,000.
Eligible expenses incurred from Jan. 1, 2022 to Dec. 31, 2022 of between $1,000 and $10,000 can be claimed on 2022 tax returns. The maximum claim for 2022 is $9,000.
The Canada Revenue Agency will be administering the Saskatchewan Home Renovation Tax Credit.
More information is available here, by calling 1-800-667-6102 or by emailing sasktaxinfo@gov.sk.ca.
