Saskatchewan First-Time Home Buyers Tax Credit

What’s in this article?

 

What is this?

The Saskatchewan First-Time Home Buyers Tax Credit is a non-refundable tax credit for eligible first-time homebuyers buying a qualifying home. You can claim up to an amount of $1,100 based on an 11% tax credit on the first $10,000 for the purchase of a qualifying home. The credit can be claimed by either the person who purchased the home, a spouse or common-law partner, or it can be split provided that the combined claim is not more than the maximum amount. There is no carry-forward of unused amounts.

You do not have to be a first-time home buyer if you are an individual who is eligible for the disability tax credit or if you acquired the home for the benefit of a relative eligible for the disability tax credit. The purchase must be for a home that is more accessible or more functional for that person, even if they owned a previous home this year or any of the four preceding years.

The tax credit is administered by Canada Revenue Agency (CRA).

 

Am I eligible?

To be eligible for the Saskatchewan First-time Home Buyers Tax Credit, you must be a resident of Saskatchewan. If you are not a resident of Saskatchewan, you cannot claim this tax credit even if you received income from a source in Saskatchewan.

Saskatchewan Government says…

Eligibility rules mirror those of the existing federal tax credit. Under the federal rules, an eligible individual acquiring the home (and, if applicable, the spouse or common law partner jointly purchasing the home) must not have previously owned another home during the calendar year in which the home was purchased or in any of the previous four years. The individual and/or spouse/common law partner must occupy the home within one year of purchase.

A qualifying home will be either a new or existing home located in Saskatchewan that is eligible for the federal Home Buyers’ Plan where home purchasers are permitted to withdraw funds from their RRSPs to finance the home purchase. Qualifying homes include single-family houses, semi-detached houses, townhouses, mobile homes, condominium units and apartments in multi-unit houses or apartment buildings.

 

Where do I claim this?

Important: Before you begin, make sure you tell us that you lived in SASKATCHEWAN on December 31st of the 2015 tax year, in H&R Block’s tax software. To do this:

  1. Click the HOME tab.
  2. Click the ABOUT YOU icon, and click the Your residence link. You will find yourself here:

Once you have confirmed your residence location, you can claim the Saskatchewan First -Time Home Buyers’ credit by following these steps:

  1. Click the PREPARE tab.
  2. Click the OTHER icon. You will find yourself here:
  3. On the SPECIAL SITUATIONS page, enter the credit amount you want to claim in the field labelled, If you purchased a home in 2015 that qualifies for the Saskatchewan home buyers’ amount, enter how much of the $10,000 credit you’d like to claim.
  4. Click Continue.

 

Where can I learn more?