Saskatchewan Home Renovation Tax Credit
The Saskatchewan Home Renovation Tax Credit will allow Saskatchewan homeowners to claim a non-refundable 10.5% provincial tax credit on eligible home renovation expenses undertaken on their primary residence between October 1st, 2020 and December 31st, 2022. Homeowners can claim up to $20,000 in home renovation expenses on their 2021 and 2022 income tax returns for a maximum tax credit of $2,100.
• 2020 and 2021 Eligible Home Renovation Expenses: Maximum Claim Amount of $11,000
• 2022 Eligible Home Renovation Expenses: Maximum Claim Amount of $9,000
• Must be homeowner’s primary residence
Examples of Eligible Expenditures:
- Renovating a kitchen, bathroom, or basement
- Shingling a roof or renovating outdoor fixtures to a home.
- Installing new carpet or hardwood floors
- Building an addition, deck, fence or retaining wall
- Purchasing and installing a new furnace, water heater or solar panels (mechanical items considered to be of an enduring addition to the home).
- Painting the interior or exterior of a house
- Resurfacing a driveway
- Laying new sod
Examples of Non-eligible Expenditures:
- Furniture, draperies, appliances and mechanical items not considered to be an enduring addition to the home (i.e. refrigerator, stove, couch, jacuzzi)
- Audio-visual electronics.
- Expenditures that have a value independent of the renovation, such as construction equipment and tools.
- Routine repairs & Maintenance contracts (carpet cleaning, furnace cleaning, snow removal, lawn care, pool cleaning, etc).
- Financing costs.