Saskatchewan’s Housing Leaders strongly support Saskatchewan Party Leader, Scott Moe’s announcement that a re-elected Saskatchewan Party government will introduce a permanent Saskatchewan Home Renovation Tax Credit and increase the Saskatchewan First-Time Homebuyers Tax Credit.
Under these proposed changes, homeowners will be eligible to claim a provincial tax credit of up to $4,000 in renovation expenses annually, resulting in savings of up to $420 per year. Additionally, the Saskatchewan First-Time Homebuyers tax credit will increase from $10,000 to $15,000, increasing the benefit from $1,050 to $1,575. When paired with the existing federal credit, first-time homebuyers will be eligible for a $2,325 benefit.
“We’re thrilled to see the first housing-specific announcement of the 2024 provincial election campaign – with solutions pulling directly from the Secure Homes, Strong Future housing policy blueprint that was released to all parties back in September,” noted Saskatchewan’s Housing Leaders. “We saw how successful the prior home renovation tax credit program was – a new, permanent program and an increase to the first-time homebuyers tax credit will, without question, provide direct affordability relief to existing and prospective Saskatchewan homeowners.”
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