moved for leave to introduce Bill C-463, An Act to amend the Excise Tax Act (rebate on goods and services tax on new homes).
Mr. Speaker, it is a pleasure to rise today to present a private member's bill respecting the GST rebate levied on new housing. The rebate is critical in reducing real estate market price distortions, particularly in my province of British Columbia where prices are reaching record highs.
The bill seeks to increase the bracket at which the GST rebate applies on new housing. The new bracket would account for price inflation, since the GST was first introduced, and would index the rebate to account for future price inflation as well.
(Motions deemed adopted, bill read the first time and printed)