Are you aware that the Sask Party has initiated a Home Renovation Tax Credit to make the cost of home renovations more affordable, in a hope to drive Saskatchewan’s Economic Recovery in the right direction?
To get right to the point, under the new Saskatchewan Home Renovation Tax Credit, homeowners will be entitled to claim a 10.5% tax credit on up to $20,000 of eligible home renovation expenses taken place between October 1st, 2020, through December 31st, 2022, saving up to a potential $2,100.
Now you may ask, what is considered an eligible expense? An eligible expense can be described as, “permanent additions to the home, but will not include items like furniture, appliances, hot tubs, tools, or maintenance like carpet or furnace cleaning” (Sask Party, September, 2020). Here is a list of examples:
- Replacing your windows in any room of your house
- Replacing any of your interior or exterior doors
- Building an addition, deck, fence, or retaining wall
- Renovating a kitchen, bathroom, or basement
- Shingling a roof or renovating outdoor fixtures to a home
- Installing new carpet or hardwood floors
- 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
This program is going to cost an estimated $124 Million, but with that being said, this significant amount of money is savings for the people of Saskatchewan. This plan has been put in place in hope of a strong economic recovery, creating more jobs, and making life more affordable for the homeowners of Saskatchewan.
This is a great opportunity for the people of Saskatchewan to get to those renovations they may have been putting off. It’s not every year the government is offering up a tax credit, so why not take them up on it!
Glacier Glass would be glad to kickstart your home renovation projects by getting you into some new windows, doors, shower enclosures, mirrors, or even a new fence.
To book a FREE estimate, please call us @ 306-545-3990 or fill out the form below and we will contact you to book a time!
