moved for leave to introduce Bill C-345, an act to amend the Income Tax Act (deduction of property taxes paid in respect of a principal residence).
Mr. Speaker, I am very delighted to introduce my private member's bill again. In 11 years my name has never been drawn, but I hope that one of these times we will actually get to debate the bill and vote on it.
This bill is a very important one. Businesses can deduct from their taxable incomes the rental or ownership costs of their buildings. Certainly people who rent places can because it is reflected in the costs that their landowners can use for their tax purposes. Homeowners cannot and my bill would simply make an item deductible if they had taxes that were paid to municipalities or provinces. It would be a deduction from their federal income tax and hence their provincial income tax as well.
(Motions deemed adopted, bill read the first time and printed)