Home Renovation Tax Credit
Home Security Systems, Devices and Professional Installation qualify. Monthly fees do not.
Under this non-refundable tax credit, Saskatchewan homeowners may save up to $2,100 in provincial income tax by claiming a 10.5 per cent tax credit on up to $20,000 of eligible home renovation expenses. Eligible expenses include the cost of labour and professional services, building materials, fixtures, equipment rentals, and permits.
This tax credit will be administered by the Canada Revenue Agency (CRA) as part of the Saskatchewan personal income tax system. CRA will develop the necessary forms and filing instructions in the coming months.
1. To Qualify
- Renovations must be to your principal residence, which must be located in Saskatchewan.
- Renovation expenses must be incurred between October 1, 2020, and December 31, 2022.
- The renovation must be substantially completed by December 31, 2022.
- At the time of the renovation(s), you must own, alone or jointly with another person, the housing unit (or share of the capital stock of a co-operative housing corporation that you acquired solely for the right to inhabit the housing unit owned by that corporation).
- You, your current or former spouse or common-law partner, or any of your or your spouse/common-law partner's children must ordinarily inhabit the housing unit during the eligibility period.
- In general, renovations must be of an enduring nature and integral to the dwelling or to the land that forms part of the dwelling. Land of one-half hectare or 1.24 acres, including the land upon which your housing unit stands and any portion of the adjoining land, will generally be considered part of your eligible dwelling for purposes of this tax credit.
2. Claim Credit on Tax Returns
Claim the credit on your 2021 and/or 2022 personal income tax returns:
- Total qualified expenses incurred between October 1, 2020, and December 31, 2021, in excess of $1,000 (base amount), but not more than $12,000 can be claimed on your 2021 tax return (maximum claim of $11,000 for 2021).
- Total qualified expenses incurred between January 1, 2022, and December 31, 2022, in excess of $1,000 (base amount), but not more than $10,000, can be claimed on your 2022 tax return (maximum claim of $9,000 for 2022).
- The tax credit can be split among eligible family members, but the total amount claimed cannot exceed the maximum allowable. Eligible family members include you and your spouse or common-law partner and you or your spouse/common-law partner's children who are under 18 years of age at the end of 2021.
- If you sell and purchase an eligible dwelling during the eligibility period, qualified expenses that you incur for both dwellings will be eligible (however, each dwelling must have been your permanent residence at the time the renovations occurred). The maximum total of qualified expenditures that you can claim is $20,000.
- If you earn rental or business income from part of your eligible dwelling, you can only claim the amount for expenses incurred for the personal-use areas of your dwelling. For expenses incurred for common areas or that benefit the housing unit as a whole (e.g., re-shingling a roof), divide the expense between personal use and income-earning use and claim the personal-use portion.
- Example of splitting the tax credit between family members: You and your spouse enter a contract for the purchase and installation of a new furnace after October 1, 2020, and pay $9,500 for this renovation. On your 2021 tax return, calculate the tax credit as follows: Total qualified expense of $9,500, less the $1,000 base amount = $8,500. Either you or your spouse can claim the entire $8,500 or you can each claim a portion of it. For example, if you claim $3,500, your spouse can claim the remaining $5,000.
Eligible expenses must be supported by documents such as receipts or invoices and should clearly identify:
- the vendor/contractor including business address and (if applicable) their GST/HST registration number
- the type and quantity of goods purchased and/or services provided
- the dates when the goods and/or services were purchased or delivered
- Invoices must by marked "paid" or be accompanied by other proof of payment such as credit card slips or cancelled cheques.
4. Eligible Expenses
Examples of eligible expenses:
- painting the interior or exterior of a house
- re-shingling a roof
- kitchen, bathroom, and/or basement renovations
- flooring (carpet, linoleum, hardwood, laminate, etc.)
- windows and/or doors
- furnace, boiler, woodstove, fireplace, water softener, water heater, and/or oil tank
- central air conditioner
- permanent home ventilation
- permanent reverse osmosis system
- septic system and/or wells
- electrical wiring upgrades (e.g., changing from 100 to 200 amps)
- home security system (monthly fees do not qualify)
- solar panels and panel trackers
- building a garage, deck, fence, garden/storage shed, and/or an addition to your home
- building a new driveway and/or retaining wall (or resurfacing a driveway)
- exterior shutters and awnings
- pool liners and/or solar heaters and heat pumps for pools (does not include solar blankets)
- landscaping (e.g., sod, perennial shrubs and flowers, trees, large rocks, permanent garden lighting, permanent water fountain, permanent ponds, large permanent garden ornaments)
- fixtures (e.g., blinds, shades, shutters, lights, ceiling fans)
- electronic devices that are installed as a fixture and are necessary and primarily used to operate another eligible expenditure (e.g., a device that is a fixture and is necessary and primarily used to operate solar panels, air conditioning systems, home security devices, or ventilation systems)
- associated costs to the above such as installation, permits, professional services, equipment rentals, and incidental expenses (e.g., work performed by electricians, plumbers, carpenters, architects, etc. will generally constitute an eligible expense)
- for condo owners and co-operative housing corporation members, your share of the cost of eligible renovations to common areas will qualify for the tax credit if certain conditions are met (see Information Bulletin for more details)
5. Ineligible Expenses
Examples of expenses which are not eligible:
- renovations to a cottage or cabin unless it is your principal residence
- the value of your own labour for do-it-yourself projects
- payments to a close relative or other person not at arm's length, unless that person is registered for GST purposes
- routine repairs and maintenance typically performed on an annual or more frequent basis
- maintenance contracts (e.g., furnace and/or pool cleaning, snow removal, lawn care, etc.)
- appliances, furniture, draperies, hot tubs, and mechanical items not considered an enduring addition to your home (e.g. fridges, stoves, couches, etc.)
- TVs, computers, tablets, smart devices, speakers, streaming devices, cellphones, gaming systems, and other audiovisual electronics
- items that have a value independent of the renovation, such as construction equipment and/or tools
- any financing costs (e.g., interest payments) associated with the renovation(s)
Contact us today for a No Obligation, 20 minute Smart Home/Business Evaluation or call 1.844.384.7233
Reed Security Headquarters
306.653.3200 or 1.844.384.SAFE (7233)
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With summer barbecues and parties to prepare for, and warm summer evenings to enjoy, it's the time of year to pay attention to your home's outdoor space. After all, you won't be the only one doing so. Summer is prime time for burglars. It's the season of unlocked windows, open doors and garages, and long vacation absences. Outdoor security is your home's first line of defense - so how does yours shape up? Does it deter intruders at first glance, or invite them to take a second look? These outdoor security essentials - all available as part of a Reed Security Smart Home system will provide you peace of mind all summer long, letting you make the most of the warm weather, worry-free. 1. Smart Security CameraEssential for: Knowing what's happening outside.
Most smart security cameras will let you know if there's activity outside. This one can tell you whether it's an animal, person or vehicle, and whether or not they're on your property. Customize your video alerts to see everything you want to know about—without the everyday activity that doesn't matter. As well as sending you live and recorded footage of your outdoor space, these cameras also send a clear message to visitors: I have a smart home security system. That's enough to keep most burglars away. Find out more: What's the Best Home Security Camera? 2. Smart LightingEssential for: Keeping visitors visible.
Shadowy characters rarely like to be in the spotlight—and this goes double for burglars. Automated outdoor lighting, triggered by your Alarm.com image sensors or smart security cameras, ensures that intruders have nowhere to hide after dark. Going on vacation? It's easy to set up a smart lighting schedule so that Alarm.com turns your lights on every evening, giving passers-by the impression that you're home. 3. Contact SensorsEssential for: Security and child safety With Alarm.com, a little information goes a long way. Installed on a door or window, this wireless contact sensor can alert our 24/7 Monitoring Stations to a break-in, remind you to lock up for the night, or let you know that your kids are exploring the great outdoors on their own. When school's out, contact sensors become an essential outdoor safeguard for parents, giving you a new way to keep tabs on your pool gate, yard gate, tool shed, garage freezer or other dangerous areas that you want to keep off-limits from curious kids. Find out more: How Many Contact Sensors Should a Security System Have? 4. Doorbell Camera
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With plenty of package thieves and dishonest visitors out there, an Alarm.com Doorbell Camera is the best form of deterrence for your front porch. With motion-triggered video alerts, a live video feed and two-way voice, you can see and speak to visitors from anywhere, whether they ring the bell or not. Expecting a delivery or a late arrival to your outdoor party? Just open your Alarm.com app when the doorbell rings, verify your visitor, and unlock your door with your Alarm.com-powered smart lock. Find out more: Four Ways to Use an Alarm.com-Powered Doorbell Camera 5. Smart Garage Door OpenerEssential for: Protecting outdoor equipment and tools
Summer brings long evening bike rides, road trips, and plenty of outdoor DIY - all of which means plenty of opportunity to leave your garage door wide open. Incorporate this Alarm.com-powered garage door controller into your security system and you'll never be caught out. Should you leave home with the garage still open, Alarm.com knows (thanks to Geo-Services technology) and sends you a reminder. No need to pedal back home or turn the car around: just tap your phone to close the door, secure your bikes and tools and protect this commonly-overlooked entrance to your home. Find out more: Make Life Easy with Alarm.com's Geo-Services Want these security essentials in one easy package?
20+ Security Tips You Can Implement to Protect Your Home, Property & Family.
1. KEEP AN EYE OUT FOR YOUR NEIGHBOURS
- Let your neighbours know if there is unusual activity. This is especially important during vacations or travelling for work.
- Are there any strangers lurking around the block?
- Any moving vans or contractors parked on your neighbours driveway?
- Join your local Neighbourhood Watch on Facebook and share information about your community.
2. USE COMMON SENSE
- If you lose a key, then get the locks changed. A better alternative is to eliminate keys altogether by installing an Alarm.com smart lock with built in keypad.
- Ask all strangers for identification. The person who is “lost” and looking for directions could actually be a burglar checking to see if someone is home.
- Never hide an extra key outdoor - especially underneath a mat or on top of a light fixture. This is the first place the bad guys look. Leave an extra house key with a friend or a neighbor. Again, a better alternative is to eliminate keys altogether by installing an Alarm.com smart lock with built in keypad.
- DO NOT advertise on Facebook or Instagram that you are on vacation. Social media is the equivalent of a diary in a glass house. You may think you’re letting your friends and family know you’re having a great time, but people often forget to change their privacy settings. If you like to post photos - post them after you get back.
- For insurance purposes take photos of the contents of your home and keep all receipts in an off-site location. Great options are Google Drive, Microsoft One Drive and Dropbox.
- Write down the model and serial number of all electronics. This will come in handy for a future Police report and insurance claim.
3. MAKE IT DIFFICULT
- Door chains are easy to bypass. Install deadbolts. We have Alarm.com smart lock options with built in deadbolts.
- Install window bars on all basement windows. They are a great visual deterrent and can be connected to a monitored home security system.
- Install a stopper or stick on all sliding doors and windows. You can find these at your local hardware store such as Home Hardware, Canadian Tire or Rona.
- Make sure all doors and windows are locked. Many burglars go door to door looking for targets that forgot to lock their front doors.
- For cabins, consider installing roller window and door shutters. Visit kimbel.ca to see samples.
4. MAKE IT LOOK LIKE YOU ARE AT HOME
- Burglars target unoccupied homes so keep your home well lit at night. Install timers that turn lights, radios and televisions on at different times. This gives the appearance that someone is home. A better option is to install Alarm.com smart lights and smart appliance modules and setup on an alternating schedules.
- Cancel the newspaper and have a friend or neighbour pick-up your mail.
- Park a vehicle in the drive-way. Don’t forget to lock the doors and remove any valuables.
- If you’re taking an extended vacation of more than a week, hire a student or service to cut your grass.
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6. IN CASE YOU DO HAVE A BREAK-IN
- If it looks like a door or window was forced open, DO NOT go inside. The Burglar may still be on site.
- Call the Police from your mobile phone and wait.
7. ALWAYS GET 3 QUOTES
- Do NOT Sign Up with Door to Door alarm companies with Limited Time Offers. Before you know it you will be on the hook for thousands of dollars with a company that doesn't have a local office.
- Many door to door alarm companies have summer programs (May to September only). After that good luck.
- Be sure to search Google for reviews and ask friends and family who they use for home security.
If you would like more information on Smart Home or Business Security please Contact Us for a Free Security Evaluation.
SASKATOON SECURITY INQUIRIES
Reed Security Headquarters
Call 306.653.3200 or 1.844.384.SAFE (7233)
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