April 2022
Hi!
It's tax time! I'm sure you're aware :(
But did you know you can deduct home improvement costs?
Yes, the Sask Party added PST to my golf game and gym membership, but they also awarded me a tax break this year.
It's called the Saskatchewan Home Renovation Tax Credit (politicians aren't creative), and you can read about it HERE
I'll deliver the highlights for you:
- Renovations to your principal residence only.
- Renovations were done between October 1, 2020, and December 31,
2022.
- Base amount is $1000, total amount can't exceed $12,000.
- You can split the amount between family members.
- From painting to pool liners, furnaces to fixtures, nearly everything is eligible.
Here's what you can't do:
- Add value for your DIY labour.
- Do renovations to a cottage or cabin.
- Claim routine or annual maintenance.
- Add in financing costs.
Lisa and I had new quartz countertops, and a backsplash installed in our home and claimed $7500. We saved $700 in taxes, so well worth it.
Now go scramble to find those renovation receipts!
CB
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