Saskatchewan Home Renovation Tax Credit
February 24, 2021
There are endless ways to finish the phrase “the Covid-19 pandemic has changed…”. One of the major changes many people have been forced to make is how or if they spend the money saved for vacations or other leisure activities. Though it may not be as fun as a trip to Disneyland, increasing the value of your home through renovations could be a great use of your hard earned money. Recently introduced home renovation legislation has made this opportunity to renovate even better.
On December 3rd 2020, the Government of Saskatchewan introduced legislation for a new Saskatchewan Home Renovation Tax Credit. Deputy Premier and Finance Minister Donna Harpauer said “This new tax credit will make the cost of home renovations more affordable and will help drive Saskatchewan’s economic recovery. It’s part of our government’s plan for a strong recovery and a strong Saskatchewan.”
Under this non-refundable tax credit, Saskatchewan homeowners may save up to $2,100 in provincial income tax by claiming a 10.5 per cent 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. This includes many of our residential garage door products and services!
You can learn more about the new Saskatchewan Home Renovation Tax Credit by clicking here.
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