Source: Saskatchewan.ca
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.
3. Documentation
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
SASKATOON SECURITY
Reed Security Headquarters
306.653.3200 or 1.844.384.SAFE (7233)
SuRe InnoVations
306.974.0888
PRINCE ALBERT SECURITY
306.922.7200
REGINA SECURITY
306.206.0700
CALGARY SECURITY
587.393.2800
EDMONTON SECURITY
855.424.2324
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One of the biggest trends in the security industry is that homeowners are cancelling their home phone lines in record numbers. Due to the popularity of smartphones and affordability of high speed internet, 50% of homes no longer have a land line.
Most traditional alarm systems DO require a phone line to transmit signals to a 24/7 Monitoring Station – no matter who your security provider is.
Newer security systems that have been installed within the last 5-7 years often have built in cellular modems. However, cellular providers have been phasing out older 2G and 3G connections and you still may not be properly protected.
If you’re uncertain about your coverage or have recently cancelled your home phone line, your should contact your security provider immediately to confirm your coverage. Reed Security has a $0 DOWN 4G LTE PROMO in place for clients wishing to cancel their home or business land line.
What Are My Options If I Do Not Have Phone Line?
1. Local System
The alarm system is no longer monitored. Your emergency contacts, the Police and the Fire Department are no longer dispatched. You no longer qualify for a home insurance discount (max. 25% per year).
2. I.P. Signalling
An I.P. communicator is added to your alarm system and signals are transmitted to a 24/7 Monitoring Station via high speed internet connection.
3. Cellular Signalling
A cellular communicator is added to your alarm system and signals are transmitted to a 24/7 Monitoring Station via SaskTel, Telus, Bell and Rogers cellular towers.
This is by far the most popular option due to the speed, reliability, increased security and affordability.
In fact, 90 percent of Reed Security’s new subscribers have Alarm.com 4G LTE communication. This dedicated connection works if the phone line is cut, power is out or internet is down.
Once you’re on the Alarm.com platform you have access to one single app that can:
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- Receive instant arming/disarming alerts
- Manage users and control what they can do
- Control smart thermostats, lights, door locks and garage doors
- View ReedHD™ indoor, outdoor and doorbell cameras
If you have any questions about No Phone Line home or business security or would like pricing to Upgrade to Alarm.com please Contact Us today.
SASKATOON SECURITY INQUIRIES
Reed Security Headquarters
Call 306.653.3200 or 1.844.384.SAFE (7233)
SuRe InnoVations
Call 306.974.0888
PRINCE ALBERT SECURITY INQUIRIES
Call 306.922.7200
CALGARY SECURITY INQUIRIES
Call 587.393.2800
EDMONTON SECURITY INQUIRIES
Call 1.855.424.2324
REGINA SECURITY INQUIRIES
Call 306.206.0700
$0 INSTALLATION,
$0 EQUIPMENT
Nothing is "FREE", but until November 30th Reed Security is covering most of the cost* to UPGRADE to the Smartest Home Security & Automation system on the Planet - the IQ Panel 2 Plus. New clients and switch overs from competitors also qualify.
*$0 Plans start at $34.95/mo. O.A.C., with a 5 year subscription. Conditions apply.
Control every aspect of your Home with an easy-to-use touchscreen panel and Alarm.com apps (subscription required).
*7" HD touchscreen - easy to use, feels like your phone
*Built in 5MP HD camera - disarm photos with face recognition
*Built in glassbreak sensor - detects breaking of windows
*Z-wave Plus - control smart lights, locks, thermostats, garage door openers and more...
*Alarm.com LTE cellular radio - lightning fast connectivity to our 24/7 Monitoring Stations via SaskTel and Telus, No Phone Line required
*Bluetooth touchless disarming - leave your phone in your pocket
*Power G Wireless Sensors - industry best 1.6km range and 5-7 year battery life, encrypted to prevent hacking. Sensors are available for doors, windows, glass-break, fire, heat, carbon monoxide, low temperature, flood and more...
*Live Answer/Live View - safely answer your door from the 7" HD touchscreen. Requires an Alarm.com doorbell camera. Other available 1080p HD cameras include indoor with 2 way audio, outdoor dome and outdoor bullet.
If you would like more information or would like to book an installation, please contact Reed Security or a Reed Security Authorized Dealer today.
Call 1-844-384-SAFE (7233)
#local #wecare #smarthome #reedsecurity
