moved for leave to introduce Bill C-244, 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, an act to amend the Income Tax Act, deduction of interest on mortgage loans for first time homeowners.
This bill proposes 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 the mortgage lender on the first $100,000 of a mortgage secured by an individual's qualifying home.
Some conditions apply to this bill, outlined in it.
(Motions deemed adopted, bill read the first time and printed.)