Bill C-371 (Historical)

An Act to amend the Income Tax Act (low-cost residential rental property)

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

This bill was previously introduced in the 40th Parliament, 2nd Session.

Sponsor

Denise Savoie  NDP

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

Status

Outside the Order of Precedence (a private member's bill that hasn't yet won the draw that determines which private member's bills can be debated), as of April 28, 2009
(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 to provide a tax incentive to encourage landlords to invest in the purchase of low-cost residential rental property.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, an excellent resource from the Library of Parliament. You can also read the full text of the bill.

Income Tax ActRoutine Proceedings

April 28th, 2009 / 10:05 a.m.


See context

NDP

Denise Savoie NDP Victoria, BC

moved for leave to introduce Bill C-371, An Act to amend the Income Tax Act (low-cost residential rental property).

Mr. Speaker, I am pleased to introduce a bill that would significantly boost the stock of affordable housing in Canada while also providing a much needed stimulus for our slumping economy.

I have worked closely with the Victoria Real Estate Board that has done an exquisite job documenting the range of locked in real estate assets in the greater Victoria area. These are long held properties whose owners are reluctant to sell and reinvest because they would pay a large amount of capital gains tax.

My bill would roll over or defer gains tax for these property owners if they reinvest their proceeds in affordable rental housing.

When targeted smartly, I believe that tax incentives can be an effective tool to achieve common good and this bill represents a creative use of tax incentives to address a social crisis that has endured for far too long in Canada.

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