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: