Saskatchewan Home Renovation Tax
Are you taking advantage of the new Saskatchewan Home Renovation Tax Credit? If so, keep us in mind as equipment rentals are included into this tax credit!
Legislation for the new Saskatchewan Home Renovation Tax Credit was introduced as a part of the government’s strong recovery and a strong Saskatchewan by making the cost of home renovations more affordable while helping drive the Saskatchewan’s economic recovery. This non-refundable tax credit homeowners in Saskatchewan can save up to $2100 in provincial income tax by claiming a 10.5% tax credit on up to $20,000 of eligible home renovation expenses. Eligible expenses include the cost of labour and professional services, building materials, fixtures, equipment rentals and permits.
To qualify for this, renovations must be to a Saskatchewan taxpayer’s principle residence that is located in Saskatchewan. These expenses must be incurred between October 1, 2020 and December 31, 2022 and the renovation must be substantially completed by December 31, 2022. This credit for eligible renovations should be claimed on 2021/2022 income tax returns.
Let’s all take advantage of this opportunity!