moved for leave to introduce Bill C-298, an act to amend the Income Tax Act (deduction of interest on mortgage loans).
Mr. Speaker, it is a pleasure to rise in the House today and introduce my private member's bill entitled an act to amend the Income Tax Act (deduction of interest on mortgage loans).
The bill proposes that subject to subsection (2) there may be deducted in computing a taxpayer's income for a taxation year an amount equal to the interest paid by the taxpayer in the year to a mortgage lender on the first $100,000 of a mortgage secured by an individual's qualifying home. Some conditions apply as outlined in this bill.
(Motions deemed adopted, bill read the first time and printed.)