(File photo/ paNOW Staff)

By The Canadian Press

Taxes and homes

Moe promises increased first home tax credit, return of home reno credit

Oct 4, 2024 | 3:57 PM

A re-elected Saskatchewan Party government will make life more affordable for homeowners by introducing a permanent Saskatchewan Home Renovation Tax Credit and increasing the Saskatchewan First-Time Homebuyers Tax Credit.

That was the latest campaign commitment announced by party leader Scott Moe on Friday.

“The cost of buying your first home or renovating your home has gone up, so we want to make home ownership and home renovations more affordable,” Moe said.

The Saskatchewan Home Renovation Tax Credit was first introduced in 2020 as a temporary two-year measure coming out of the pandemic. A re-elected Saskatchewan Party government will make the credit permanent, allowing homeowners to claim a provincial income tax credit of up to $4,000 in renovation expenses each year, resulting in savings of up to $420 a year.

Seniors will be able to claim an additional $1000, resulting in savings of up to $525 a year.

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A re-elected Saskatchewan Party government will also increase the Saskatchewan First-Time Homebuyers Tax Credit from $10,000 to $15,000, increasing the benefit from $1,050 to $1,575.

Combined with the federal tax credit of $750, first-time homebuyers will be eligible for a $2,325 benefit.

Moe said the Saskatchewan Party will also increase the Personal Care Home Benefit by $1,000 a month or 40 per cent, from $2,500 to $3,500 a month.

The Personal Care Home Benefit provides a monthly payment to low income seniors living in a personal care home. The benefit amount is based on the difference between the income threshold (currently $2,500, to be increased to $3,500) and the senior’s total monthly income.

For example, a senior with monthly income of $1,500 currently receives a monthly benefit of $1,000. Under the increased monthly benefit, that same senior would see their benefit double to $2,000 a month. About 560 Saskatchewan residents currently receive the Personal Care Home Benefit. About 1,500 more residents will receive the benefit with the increase to the income threshold.

A re-elected Saskatchewan Party government will also increase the benefit to the 140 Saskatchewan Assured Income for Disability (SAID) clients under age 65 who live in a personal care home. The benefit will increase by an average of $115 a month, or about $1,380 per year.

“These changes will make it more affordable to buy your first home, to renovate your home and to live in a personal care home later in life,” Moe said.