SK Home Renovation Tax Credit 2025 & Subsequent Years
Income Tax Act, 2000 s. 19.12 - for 2025 and 2026
This non-refundable tax credit was available for 2021 and 2022, reintroduced
for 2025 by Saskatchewan's Bill
30, The Saskatchewan Affordability Act which received Royal Assent December
10, 2024.
available to all homeowners for 2025 and subsequent taxation years
not just for
seniors or those with disabilities
the maximum can be split between family members
non-refundable
for eligible expenses in excess of a $1,000
base amount each year
A maximum of $5,000, which would provide a maximum tax
credit of $4,000 x 10.5%, or $420, can be claimed for:
2025 tax return: eligible expenses incurred between October 1, 2024 and December 31, 2025
2026 and later tax returns: eligible expenses incurred in the tax
year
The $5,000 maximum is increased to $6,000 for individuals who have attained
the age of 65 before the end of the taxation year. This would provide a maximum
credit of $5,000 x 10.5%, or $525.
Saskatchewan Finance had indicated that the $6,000 maximum for the Home Renovation Tax Credit applies only if
all eligible family members are age 65 or older. Their documentation was
subsequently updated to say the following:
If one spouse is 65 or older and the other is under 65 and the tax
credit is shared, the maximum claim is
$5,000, not $6,000.
If only the senior spouse claims the tax credit, the maximum claim
is $6,000.
This tax credit is available to all homeowners. It is not just for
seniors or those with disabilities.
The non-refundable home renovation tax credit can be claimed on the 2021 and
2022 personal income tax returns, for eligible expenses in excess of a $1,000
base amount each year.
On 2021 tax return:
eligible expenses incurred between October 1, 2020 and December 31, 2021
can be claimed, to a maximum of $12,000, which would provide a maximum tax
credit of $11,000 x 10.5%, or $1,155
On 2022 tax return
eligible expenses incurred in 2022 can be claimed, to a maximum of
$10,000, which would provide a maximum tax credit of $9,000 x 10.5%, or
$945.