NewSask Tax Credit For First Timers

The provincial government recently confirmed that a new tax credit for first-time homeowners will take effect January 1, 2012. Details of the program are still being developed and the program is expected to be formally introduced as part of the 2012-13 Budget. Eligibility in the program is expected to be similar to the existing federal incentive for first-time home buyers.

The new Sask tax credit for first timers is reported to provide a provincial non-refundable income tax credit of up to $1,100 to eligible taxpayers, determined by applying a provincial tax credit rate of 11 per cent to the first $10,000 of an eligible home purchased after December 31, 2011. Also, for persons with a disability, a provision is being created to qualify the purchase of a more accessible home.

For more details on this announcement you can view the official press release here:

http://www.gov.sk.ca/news?newsId=6438307e-7045-4653-806a-02941d19b4c3

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Noel Geremia

Noel Geremia

Associate Broker
CENTURY 21 Dome Realty Inc.
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