An Act to amend the Income Tax Act (fairness for home buyers)

This bill was last introduced in the 40th Parliament, 3rd Session, which ended in March 2011.

Sponsor

Peter Julian  NDP

Introduced as a private member’s bill. (These don’t often become law.)

Status

Introduced, as of Sept. 30, 2010
(This bill did not become law.)

Summary

This is from the published bill. The Library of Parliament often publishes better independent summaries.

This enactment amends the Income Tax Act so that both the regular eligible amount and the supplemental eligible amount are adjusted annually.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, provided by the Library of Parliament. You can also read the full text of the bill.

Income Tax Act
Routine Proceedings

September 30th, 2010 / 10:05 a.m.
See context

NDP

Peter Julian Burnaby—New Westminster, BC

moved for leave to introduce Bill C-567, An Act to amend the Income Tax Act (fairness for home buyers).

Mr. Speaker, as members are aware, as the cost of home ownership continues to increase over time in this country, one of the valuable tools that middle-class families use is the homebuyers' plan. Unfortunately, the homebuyers' plan is not indexed. What happens over time is that the homebuyers' plan continues to diminish in value.

What we need to do, in the NDP's opinion, is index the homebuyers' plan so that over time the purchasing value of the money that is put into the homebuyers' plan by families across this country continues to have the same value. Whether they purchase now, 5 years from now, or 10 years from now, that homebuyers' plan should have the same strength.

The Greater Vancouver Real Estate Board has endorsed this bill that has come forward. This in fact comes from the real estate agents lobbying across the country, speaking out on ensuring the cost of home ownership and accessibility to home ownership.

I am pleased to rise in the House to move this bill, fairness for home buyers, which would assure that over time people would have the same access to home ownership in Canada.

(Motions deemed adopted, bill read the first time and printed)