Calling all renovators! For those of you looking to renovate this year, be sure to check if you could apply for these renovation incentives:
INCENTIVE #1: Sask Party Plan – Renovation Tax Credit
Sask Party introduces a renovation tax credit program to follow their re-election. “Homeowners taking advantage of the proposed credit would be able to claim $20,000 in renovation costs on their 2021 and 2022 income tax returns for home renovation expenses incurred between Oct. 1, 2020 and Dec. 31, 2022, saving them up to $2,100” (CTV News, 2020).
The purpose of the incentive is to “spend, build and hire, which helps drive a strong recovery,” Moe said.
HOW TO QUALIFY?
- Homeowners would need to spend at least $1,000 on renovations.
- Between $1,000 and $12,000 can be claimed on a homeowner’s 2021 provincial income tax return for renovations to a primary residence undertaken between Oct. 1, 2020 and Dec. 31, 2021.
- Up to $9,000 in renovation expenses can be claimed on a homeowner’s 2022 tax return for work happening between Jan. 1 and Dec. 31, 2022.
CRITERIA
Eligible expenditures include:
- Kitchen, bathroom, or basement renovations.
- Roof shingles or renovating outdoor fixtures.
- Adding carpet or hardwood floors.
- An addition, deck, fence or retaining wall.
- Buying and installing a new furnace, water heater or solar panels.
- Painting the interior or exterior painting.
- Driveway resurfacing.
- Laying new sod.
Non-eligible expenditures include:
- Routine repairs and maintenance typically performed on an annual or more frequent basis.
- Furniture, draperies, appliances and mechanical items.
- Electronics.
- Construction equipment and tools.
- Maintenance contracts.
- Financing costs.
For the complete release, visit CTV news: “Sask. Party promises $124M home renovation tax credit if re-elected”.
INCENTIVE #2: Métis Nation – Sask Emergency Home Renovations and Repair Program
The MN-S EHRRP Program is offered to Métis citizens of Saskatchewan and provides one up to $15,000 to address emergency repairs, housing renovations and repairs, accessibility for Seniors and those with disabilities and adaptability to changes in family composition.
HOW TO QUALIFY?
A Métis citizen must provide the following:
- a Métis Citizenship Card or a letter from the Métis Nation of Saskatchewan Registry office confirming that the application is in process and has been vetted and approved
- Saskatchewan Health Card and photo identification from the federal or provincial government (ie) driver’s license. Proof of homeownership including a copy of the title of home and/or in addition to other proof of ownership.
- To demonstrate a need for emergency home repairs, renovations or home adaptations the homeowner must submit an application detailing emergency home repairs, renovations and/or home adaptations as listed as an eligible expense.
- The homeowner must submit quotes, invoices, progress reports and any documentation that PMHC deems necessary to verify the financial expenditures.
- Homeowner is responsible for expenditures above $15,000.
The loan shall be deemed forgivable upon inspection of completed work by a qualified housing inspector retained by PMHC and the inspection report submitted to PMHC.
CRITERA
Eligible expenditures include:
- Emergency home repairs.
- Home repairs and renovations.
- Upgrades for energy efficiencies.
- Upgrades for accessibility.
- Senior’s upgrades for accessibility.
- Adapt unit to family composition.
- Build and installation of granny suites.
- Electrical, sewer and water infrastructure, water and sewer testing.
Non-eligible expenditures include:
- Homes located in life-lease communities.
- Homes on leased or rented land.
- Mobile homes in trailer parks, cottages, houseboats.
- Homes with reverse mortgages.
*Information pulled from Metis Nation Saskatchewan EHRRP.
Any questions? Feel free to get in touch with us and we’d be happy to explain it all!
With respect,
Taylor and Léo
Taylor & Léo Morrison
Colwell Banker Signature
(306) 370-8474
[email protected]
