If you file taxes in Saskatchewan and did any renovations on your home starting Oct 1, 2020, or are thinking of doing some renovations, you need to be aware of the NEW Saskatchewan Home Renovation tax credit and start gathering your receipts now.
Although there is nothing to claim right now on your 2020 taxes, you will want to start setting aside your home renovation receipts from October 1, 2020 – Dec 31, 2022. The total amount spent from Oct 1, 2020 – Dec 31, 2021 must exceed $1,000 up to a maximum of $12,000 and will be claimed on your 2021 tax return.
Home renovations between Jan 1, 2022 – Dec 31, 2022 must be between $1,000 - $10,000 and will be claimed on your 2022 tax return. These expenses can save you up to 10.5% on your tax return, and will require receipts as proof.