First Time Home Buyer Tax Credit

First Time Home Buyer Tax Credit

The First-Time Home Buyers' Tax Credit in Saskatchewan is a provincial non-refundable income tax credit of up to $1,050 for eligible taxpayers on qualified homes. This credit is calculated as 10.5% of the home purchase price, up to $10,000. In addition to the provincial credit, first-time home buyers can benefit from a federal tax credit of up to $750, calculated as 15% of up to $5,000 of the home purchase price.

To be eligible for these credits, individuals must be purchasing their first home in Saskatchewan and move into the home within one year of purchase. Qualifying homes include new or existing/resale homes, townhouses, mobile homes, condos, and apartments. To claim the credit, individuals need to use form SK428 in their tax return for the calendar year in which they purchased the home.

These incentives aim to make homeownership more accessible and affordable for first-time buyers in Saskatchewan, providing valuable financial support for those entering the real estate market

For more information on the First-Time Home Buyers Tax Credit click here.

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