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The non-refundable tax credit announced on Thursday allows homeowners to pay up to 2. Save $ 100 in provincial income tax by claiming a 10. Tax credit of 5 percent for renovation costs of up to 20. $ 000.
Eligible expenses include labor and professional services costs, as well as building materials, furnishings, equipment rentals and permits.
« This tax credit will make home renovations more affordable and help fuel Saskatchewan’s economic recovery, » Deputy Prime Minister and Treasury Secretary Donna Harpauer said in a press release.
The renovations must complete a Saskatchewan resident’s primary residence, which must be in the province, the news release said.
Renovation costs between Oct.. . 1, 2020 and Dec. . May 31, 2022, and the renovations essentially need to be completed by December. 31, 2022.
Eligible expenses include permanent additions to housing, but not furniture, appliances, hot tubs, tools, or maintenance services such as carpet or oven cleaning.
Applicants should apply for renovation credit on their 2021 and / or 2022 income tax returns.
Qualified editions between October. 1, 2020 and Dec. . 31, 2021, on the basis of Jan.. 000 USD but not more than 12. $ 000, can be claimed on 2021 tax returns.
Qualified issues between Jan. . 1, 2022 and Dec. . 31, 2022, above base of Jan.. 000 USD but not more than 10. $ 000, tax returns for 2022 are available.
The provincial government press release states that the tax credit can be shared among eligible family members, but the total entitlement is limited to a maximum of 20. Must not exceed $ 000.
The credit is administered by the Canada Revenue Agency as part of Saskatchewan’s income tax system. The press release says the agency will develop the appropriate forms and filing instructions in the coming months.
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Tax Credit, Saskatchewan, Finance
World News – CA – Sask. home reno tax credit, a provincial election pledge, becomes a reality CBC News
. . Associated title :
– Sask. Home Reno Tax Credit, Provincial Election Pledge, Becomes Reality
– Saskatchewan Homeowners Receive Home Renovation Tax Credit
– Legislation Introduced To Create Tax Credit For Home Renovation
Ref: https://www.cbc.ca