Moe promises increased first home tax credit, return of home renovation credit

REGINA — Saskatchewan Party Leader Scott Moe says if re-elected his party would increase and reintroduce a pair of tax credits designed to help current and prospective homeowners.

“The cost of buying your first home or renovating your home has gone up, so we want to make home ownership and home renovations more affordable,” Moe said in a news release Friday.

Moe promised to increase the First-Time Homebuyers Tax Credit to $15,000 from $10,000 if his party wins the Oct. 28 election.

He said the Saskatchewan Party would also reintroduce the Home Renovation Tax Credit, which was a temporary program the government piloted between 2020 and 2022.

That tax credit would allow homeowners to claim up to $4,000 in renovation expenses on their income taxes. Seniors would be able to claim up to $5,000.

The party says the Home Renovation Tax Credit would allow homeowners to save up to $420 per year, while seniors could save up to $525 per year.

The Saskatchewan Party also announced Friday it would increase by 40 per cent the Personal Home Care Benefit, which provides low-income seniors living in care homes with monthly payments.

An increase of 40 per cent means the monthly income threshold would be $3,500 per month.

Currently those who qualify for the program receive monthly payments that, once combined with their existing income, ensure they have $2,500 per month. If a recipient's monthly income is $1,000, a 40 per cent increase to the program means the recipient would receive a monthly payment of $2,500.

An increased income threshold also means an estimated 1,500 more people would qualify for the program, the party said.

The Saskatchewan Party also said it plans to increase the Saskatchewan Assured Income for Disability benefit specifically for the 140 individuals under the age of 65 who live in a personal care home. The average increase for those recipients would be $115 a month.

This report by The Canadian Press was first published Oct. 4, 2024.

The Canadian Press