On September 30th the Saskatchewan governemnt unveiled their plan to give tax credits to homeowners up to $2100 as an economic stimulus. While saving $2100 on a home renovation seems great, it left many Saskatchewan residents wondering how the credit works and whether it would apply to their projects. This guide will break down how the credit works, what projects are eligible, and calculates how much you can save using this program.
How does the program work?
Any Saskatchewan homeowners undertaking projects worth between 1000-12000 in 2021 will be eligible to receive a tax credit of 10.5% of the expenses. This means a homeowner completing 12000 worth of renovations will pay $1155 less in taxes in 2021. Speak to a certified tax professional when filing your 2021 taxes to ensure you receive the whole benefit.
Is my home renovation eligible for the tax credit?
The tax credit covers eligible expenses that physically change your property such as.
• Building a deck, fence, or retaining wall
• Purchasing and installing a new furnace, water heater, or solar panels
• Painting the interior or exterior of a house
• Laying new sod or replacing existing landscaping
To be eligible contractors must be licensed and collect PST and GST on the project.
For a full list of eligible expenses visit the official document here
How much can this program save me?
Use this guide below to see how much you can save on a project
Project Price Tax Credit Project Savings %
$2000 $105 5.25%
$3000 $210 7%
$4000 $315 7.9%
$5000 $420 8.4%
$8000 $735 9.2%
$12000 $1155 9.6%
How do I pick a contractor to make sure I get the full credit?
To receive the tax credit, projects must be completed by fully licensed contractors who are properly registered to collect PST. To make sure your contractor is eligible look up their business here to make sure they are registered with the Saskatchewan Government.
As always make sure your contractor has a business license and ask for a copy of their insurance. Additionally, make sure to look through online reviews, or even ask your contractor for a reference.
Student Lawn Pros is a fully licensed and insured landscaping business operating in Saskatoon. We pride ourselves on our quality of work and customer service. Click request a quote below to get an estimate on your project, request a reference, or inquire about how you can save money this summer with the home renovation tax credit.
Student Lawn Pros Owner/Operator
PST number: 7255185
GST number: 714408531
Insurance policy number: C 70164843-41