Saskatchewan -> Personal tax credits
-> First-Time Homebuyers' Tax Credit
Saskatchewan First-Time Homebuyers' Tax Credit
Disability Home Purchase Tax Credit
A new non-refundable tax credit was introduced as part of the
Saskatchewan 2012 Budget based on
an amount of $10,000 for first-time home buyers who acquire a qualifying
home on or after January 1,2012. This will provide a tax credit of
up to $1,100, based on the lowest Saskatchewan personal tax rate.
The credit will also be available in
respect of a home acquired by an individual who is eligible for the
disability tax credit (DTC), or by an individual for the benefit of a
DTC-eligible relative, if the home is acquired to enable the DTC-eligible
person to live in a more accessible dwelling.
The credit can be claimed by the individual who
acquires the home, or by the spouse or common-law partner of that
individual, or can be split between spouses. There will be no
carry-forward of unused amounts.
To be eligible for this credit, neither the individual
nor the individual's spouse or common-law partner can have owned and lived
in another home, anywhere in Canada, in the calendar year of the home
purchase or in any of the four preceding calendar years.
Other features of this tax credit are the same as the
federal Home Buyers Tax Credit. See Line
369 Home Buyers' Amount in the Canada Revenue Agency General
Income Tax and Benefit Guide.
The Canadian Tax
Calculator includes the first-time homebuyers' tax credit.
Revised: May 26, 2012