The Saskatchewan First-Time Home Buyers Tax Credit is a non-refundable tax credit that’s available to first-time home buyers who purchased a qualifying home in 2016. A qualifying home can be a single-family or semi-detached house, townhouse, mobile home, condominium unit, or an apartment in a multi-unit house or apartment building.
You and your spouse or common-law partner can both claim a portion of this credit provided you meet the following requirements:
- The qualifying home is located in Saskatchewan and is registered in your name (and in your spouse’s name, if applicable)
- You did not live in another home owned by you or your spouse in the year of purchase or in the previous four years;
- You occupy the home no later than one year after you buy it as your principal residence.
The combined amount that can be claimed by all owners of the home can’t be more than $10,000; this results in a maximum credit of $1,100 (calculated by multiplying $10,000 by the 11% tax rate).
Example: Suppose John and Katie purchased and took possession of a qualifying home in 2016, and they both wished to claim an equal amount of the Saskatchewan First-Time Home Buyers’ Tax Credit on their return. The maximum amount either of them can enter into the designated field of their returns would be $5,000 as demonstrated below:
$5,000 x 11% = $550
Total credit = $1,100
$5,000 x 15% = $550
Tax Tip: You don’t always have to be a first-time buyer to claim the Saskatchewan first-time home buyers tax credit. If you or your spouse or common-law partner qualify for the disability amount, you can claim this tax credit if the home you’re moving into is better suited to meet the needs of the person with the disability. The person with the disability must occupy the home as a principal residence no later than one year after it is purchased.
Where do I claim this?
Follow these steps in H&R Block's tax software to file your 2016 taxes:
Before you begin, make sure you tell us that you lived in SASKATCHEWAN on December 31, 2016.
- Under the PREPARE tab, click the OTHER icon. You'll find yourself here:
- Navigate to the Special situations page.
- Enter the credit amount you want to claim in the field labelled, If you purchased a home in 2016 that qualifies for the Saskatchewan home buyers’ amount, enter how much of the $10,000 credit you’d like to claim.
Where can I learn more?
- First-time Homebuyers’ Tax Credit (Government of Saskatchewan website)
- Information for Residents of Saskatchewan (CRA website)