After covering why first-time home buyer grants exist, In this article we cover:

  1. Available grants and incentives for First-time home buyers
  2. Available grants and incentives open to non-first time buyers
  3. Available Repair grants and incentives for organizations, rental property owners, and home owners
  4. Available grants and incentives for developers

Available First-time Home Buyer Incentives & Grants in Saskatchewan

First-time Home Buyer Incentive Program

The First-time Home Buyer Incentive program offered by the Government of Canada is designed to help first-time home buyers lower their monthly mortgage payments.

According to the Government of Canada’s National Housing Strategy, you are considered a first-time home buyer if you meet one of the following conditions:

  1. you have never purchased a home before
  2. you’ve recently experienced a breakdown of a marriage or common-law partnership
  3. in the last 4 years, you did not occupy a home that you or you current spouse or common-law partner owned

The Government of Canada’s National Housing Strategy provides a calculator that you can use to estimate how much you can save under the First-time home buyer incentive program. You can also find examples of how the First-time home buyer incentive program can reduce your mortgage payments.

The following quote is taken from the Government of Canada National Housing Strategy.

The Incentive plus a share in any increase in home’s value will need to be repaid by the homeowner upon sale of the property, or after 25 years, whichever comes first

Government of Canada National Housing Strategy, 9/10/2019

What the above quote suggests is that if you receive a 10% incentive on your mortgage payment and you sell your house, you would have to pay 10% of the sale price of the house (not the original price at which you bought the house) to the government.

Or if you do not sell your house after a period of 25 years, then you pay 10% of the value of the house at that time back to the government.

First-time Home Buyers’ Tax Credit

The First-time Home Buyers’ tax credit incentive allows home buyers to claim $5,000 for the purchase of a qualifying home in the year if both of the following apply:

1. You or your spouse or common-law partner acquired a qualifying home
2. You did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years (first-time home buyer)

Government of Canada, 9/10/2019

Available Grants & Incentives Open to Non First-time Home Buyers in Saskatchewan

Home Buyers’ Plan

Who’s eligible

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $35,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.

The amount withdrawn will have to be paid back into your Registered Retirement Savings plan and the repayment installments cannot be claimed as a deduction on your income tax. For more information on when and how to repay the withdrawn amount, visit the Canada Revenue Authority website.

GST/HST New Housing Rebate

The GST/HST New Housing Rebate program provides an opportunity for you to recover part of the GST or HST that you paid on the purchase price or cost of building your new house.

Who’s eligible

The GST/HST New Housing Rebate is also available for substantial renovations (at least 90% of the interior of the existing house must be removed or replaced to be a substantial renovation ) or building additions made to your existing house. You can determine your eligibility for the GST/HST New Housing Rebate program here.

Available Repair Grants & Incentives in Saskatchewan

Home Repair Program – Adaptation for Independence

The Home Repair Program- Adaptation for independence provides financial assistance to homeowners or rental property owners with low incomes to make a home more accessible for a person with a housing-related disability.

Emergency Home Repairs

The Emergency Home Repair Program provides financial assistance to homeowners with low incomes to make major repairs to bring their homes to minimum health and safety standards.

Building or Repairing Emergency Shelters and Second-Stage Housing

The Building or Repairing Emergency Shelters and Second-Stage Housing assists organizations to build new or repair existing emergency shelters and second-stage housing for victims of family violence.

Available Developer Grants & Incentives in Saskatchewan

Rental Development Program

Who’s eligible

The Rental Development Program provides a forgivable loan to owners/developers looking to build affordable housing. A forgivable loan is a loan that can either be deferred for a period of time or forgiven either in part or in full once certain conditions are met. You can determine your loan eligibility here.