Going, going, almost gone! Soon, the federal Home Renovation Tax Credit ends. Whether it will be extended is anybody's guess.

Under the scheme, homeowners who hire a renovator and/or buy renovation materials between Jan. 27, 2009 and Feb. 1, 2010 can claim a tax credit on their 2009 federal taxes.

You must spend between $1,000 and $10,000 to qualify. The credit is calculated by subtracting the base amount of $1,000 from the total cost and multiplying the remainder by 15 per cent.

The program also includes goods you install yourself. They don't have to be installed by Feb. 1, but they have to be paid for.

If you've hired someone to do the renovation for you, only the portion that is completed before Feb. 1 will be eligible for the credit -- even if you have paid in advance for work that has not been completed by Feb. 1.

The program covers homes and cottages, provided you or your family inhabited the property at any time during the program's duration. It also applies to improvements to common areas in condominium buildings.

You don't need to submit receipts with your tax return, but you must keep them in case they are requested by Canada Revenue Agency.

For a list of eligible expenses and other information, visit: www.cra-arc.gc.ca/hrtc/

The program has been hugely popular, says Ottawa's Michael Martin, owner of Michael J. Martin Luxury Renovations and chairman of the Ontario Home Builders' Renovation Council.

As to the future of the HRTC, it may or may not be extended. If it is, it would have to be part of the new federal budget to be tabled in March, according to the Department of Finance.

- - -

INCLUDED

- Kitchen, bathroom, basement

- Windows and doors

- Furnace or central air conditioner

- Interior or exterior painting

- Blinds and shades

- Landscaping

NOT INCLUDED

- Furniture

- Appliances

- Carpet cleaning

- Snow removal

- Power tools