How do I claim the Saskatchewan Home Renovation Tax Credit?
by TurboTax• Updated 1 week ago
The nonrefundable Saskatchewan Home Renovation Tax Credit (HRTC) lets homeowners claim eligible renovation expenses for tax years 2021 and 2022. The maximum amount of eligible expenses that can be submitted is $12,000 for 2021 and $10,000 for 2022. A $1,000 base amount is subtracted from the expenses submitted for the year.
The HRTC can be split between you, your spouse/common-law partner, and your children under 18, but the total amount claimed can’t be over the maximum.
If you earn rental or business income from part of your home, you can only claim the expenses incurred for personal-use areas. Any renovation expenses for common areas must be divided between personal use and income-earning use, so that you only claim the personal-use amount on your return.
To support your claim, you’ll need a receipt or invoice for each eligible expense. You don’t need to submit these with your return, but keep them on hand in case the CRA asks for documentation.
For more information, visit the CRA’s Saskatchewan Home Renovation Expenses webpage.
More like this
- I bought or renovated a home this year. What tax benefits are available to me?by TurboTax•63•Updated 1 week ago
- How do I claim the Multigenerational Home Renovation Tax Credit (MHRTC)?by TurboTax•19•Updated 1 week ago
- How do I claim the Saskatchewan Active Families Benefit?by TurboTax•11•Updated 1 week ago
- How do I claim the Ontario Seniors' Home Safety Tax Credit?by TurboTax•112•Updated January 03, 2024