There's never been a better time to do those home renovations you've always thought about. Two valuable rebate offers are now available to help make your home renovations more affordable!

Home Renovation Tax Credit

• What it is: The Home Renovation Tax Credit provides you with a maximum credit of $1,350 for work performed or goods acquired for your principal residence. The credit can be applied to your 2009 income tax return and is only available for the 2009 tax year.
• Who is eligible: To be eligible for the credit, the work must be performed or goods obtained between January 27, 2009 and February 1, 2010. The residence must be owned by you and could include your home or your cottage. The credit is family-based, so only one family member living in the dwelling can apply for the credit. Expenses must be verified with acceptable documentation.
• How the credit is calculated: The 15% credit is applied to expenses of more than $1,000 but less than $10,000 to a maximum credit of $1,350 (i.e., [$10,000 - $1,000] x 15%).
• Eligible expenses: Goods and services that are eligible for the tax credit include building materials, fixtures, rentals and permits (e.g., renovating your kitchen, re-shingling your roof, installing a new furnace). Changes you make to the land around your building (e.g., landscaping, installing a swimming pool, building a fence) are also eligible for the credit.
• For more information: Visit the Home Renovation Tax Credit page at
  www.cra-arc.gc.ca.

• What it is: Administered by Natural Resources Canada, this maximum $5,000 grant applies to measures you take to reduce energy consumption and contribute to a cleaner environment.
• Who is eligible: Property owners whose homes have undergone a residential energy efficiency assessment performed by a Natural Resources Canada-certified energy advisor are eligible for grants. This includes detached homes, row housing, duplexes, triplexes, mobile homes on permanent foundations, and some small apartment buildings of three storeys or less.
• How the grant is calculated: The amount of your grant will depend on the type and number of energy improvements you make and how much the energy-efficiency of your home has improved. The grant is based on the effectiveness of your renovations, not how much you paid for them. The maximum you can receive per home is $5,000.
• Eligible expenses: Any equipment you replace must have a higher energy efficiency rating than that of your original equipment. The replacement system must also be the same type as the original. Your energy efficiency assessment will help you determine which expenses for your specific property are eligible for the grant. Eligible retrofits could include changes to your heating or cooling system, adding insulation, improvements to your windows, and water conservation measures.
• For more information: Visit the Grants under ecoENERGY Retrofit - Homes page at www.ecoaction.gc.ca.