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)