Paint and Save with the Home Renovation Tax Credit
Posted on January 15, 2021
The new Saskatchewan Home Renovation Tax Credit has been put into place, saving you money on home upgrades, including painting. Under this non-refundable tax credit, Saskatchewan homeowners can save up to $2,100 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.
If you’d like to take advantage of this credit, renovations must be to a Saskatchewan taxpayer’s principal residence, which must be located in Saskatchewan. Renovation expenses must be incurred between October 1, 2020 and December 31, 2022, and the renovation must be substantially completed by December 31, 2022.
Eligible expenses include permanent additions to the home but not items such as furniture, appliances, hot tubs, tools or maintenance services such as carpet or furnace cleaning. Painting interiors and exteriors are both eligible for this credit.
Total qualified expenses incurred between October 1, 2020 and December 31, 2021 in excess of $1,000 (base amount), but not more than $12,000 can be claimed on 2021 tax returns (maximum claim of $11,000 for 2021).
Total qualified expenses incurred between January 1, 2022 and December 31, 2022 in excess of $1,000 (base amount), but not more than $10,000, can be claimed on 2022 tax returns (maximum claim of $9,000 for 2022).
The tax credit can be split among eligible family members, but the total amount claimed cannot exceed the maximum allowable.
For more information about the tax credit, read the details. To get started with a painting project, schedule and estimate or call us at 306-462-3782.
