If you haven’t already done so, there’s still time to take advantage of the federal government’s Home Renovation Tax Credit. The temporary credit gives homeowners who spend between $1,000 and $10,000 on eligible renovations, up to $1,350 off their 2009 tax bill.

It’s a great opportunity to make improvements to your dwelling and increase the value of your home. You can claim expenditures for renovation projects like finishing a basement or redoing a bathroom or kitchen.

To qualify for the non-refundable tax credit, eligible improvements must be made before February 1, 2010. To find out more about the HRTC, visit http://www.cra-arc.gc.ca/hrtc/ or call the Canada Revenue Agency at 1-877-959-1272.

On a related topic, if you’re interested in making your home more energy efficient, you should also act now and take advantage of the federal government’s ecoEnergy Retrofit – Homes Program. For a limited period of time, our government has increased the grants for home energy-efficiency retrofits by 25 per cent. Home and property owners can obtain grants of up to $5,000 to offset the cost of making energy-efficiency improvements.

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