Today I made a great project with my niece and nephew, and all the items I needed were already in my house.
A paper plate
You take one paper plate and fold it in half, the you let the child put glue all over the fold part of the plate. Then the kids place cotton balls on the glue. You can use a template for bunny ears, or you can draw out two ears, cut out three circles to represent the rabbits tail, an eye and a nose, the kids can color these. After the glue has had time to dry, the kids can attach the ears, tail, eye and nose.
This can be a great project for kids to do on Easter Day, with supplies you already have in your house.