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.

To participate in the program and receive a grant at the increased level, you will need to have a pre-retrofit and post-retrofit evaluation completed by a certified energy advisor. You have until March 31, 2011, or 18 months from the date of your pre-retrofit evaluation report (whichever comes first) to complete the upgrades and post-retrofit evaluation.

Access to the program is on a first-come, first-serve basis, and grants are subject to the availability of funds. It`s worth noting that homeowners participating in the ecoEnergy Retrofit – Homes program are also eligible to apply for the Home Renovation Tax Credit.

To find out more about the ecoEnergy Retrofit – Homes Program, including a list of certified energy advisors, please visit the ecoAction Web site at http://www.ecoaction.gc.ca/homes or call 1-800-O CANADA (1-800-622-6232).