SRHBA Approves of a New Home Renovation Tax Credit >> The Saskatchewan Party’s First Election Promise
Saskatoon, SK >> September 30, 2020 >> Scott Moe, Leader of the Saskatchewan Party, announced his first official campaign promise today, right here in Saskatoon. If re-elected, his government would introduce as its first bill, a new Saskatchewan Home Renovation Tax Credit. Homeowners would be able to claim a 10.5% tax credit on up to $20,000 of eligible home renovation expenses incurred between October 1, 2020, and December 31, 2022, reducing their renovations expenses by $2,100. The retroactive nature of this promise means there are 27 months of activity where the following eligible renovations can be made:
- Renovating a kitchen, bathroom, or basement
- Shingling a roof or renovating outdoor fixtures to a home
- Installing new carpet or hardwood floors
- Building an addition, deck, fence, or retaining wall
- Purchasing and installing a new furnace, water heater, or solar panels
- Painting the interior or exterior of a house
- Resurfacing a driveway
- Laying new sod
A Home Renovation Tax Credit will increase residential construction activity in the province, and help drive Saskatchewan’s economic recovery.
“Residential construction has a significant economic impact in our province, and this is a solid policy when considering the economic recovery required during a pandemic,” comments Chris Guérette, CEO of the Saskatoon & Region Home Builders’ Association. “We know from similar policies implemented federally in the past, that the economic impacts are considerable.”
In 2019, renovation activity in Saskatchewan was responsible for $1.2 billion in wages and over 18,500 of on and off-site jobs. That translates to $2.1 billion that shows up in purchases across the entire provincial economy. “But most importantly, this builds investment value in maintaining and improving the largest single wealth-builder for many families: their home,” continued Guérette. “And never before have our homes been more important than they are today, now that we understand the realities of a pandemic.”
This is especially timely with the SRHBA’s launch of its Certified Professional RenoMark Renovator designation this past August – the first of its kind in Canada (link to news release here). “This meshing of initiatives is particularly important as on the one end, we’re boosting economic recovery and getting people in the sector working, and on the other end, industry is elevating professionals with safety standards, a code of ethics, third-party warranty and frankly, protecting homeowners so they can easily identify professionals they can trust when they are investing into significant renovations into their home. In our opinion, both sides of the equation are required in order to maximize the benefits of this policy for our province.”
The SRHBA currently has over 60 Certified Renovators upgrading their standards during a phase-in period which will conclude on October 31, 2020. At that point, Saskatoon & region homeowners will have many certified renovators to choose from for their next renovation project, giving them the confidence they have chosen a company that meets the highest standard for a renovation professional in Canada. Renovators interested in enhancing their skills and becoming certified can contact the SRHBA to inquire about tuition rates, benefits and services.
The SRHBA applauds this election promise, and should the Saskatchewan Party be re-elected, looks forward to continued collaborations to deliver a Saskatchewan Home Renovation Tax Credit to the economy.
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For more information (in English or French), please contact:
Chris M. Guérette, CEO
306.292.8619
cguerette@saskatoonhomebuilders.com