moved for leave to introduce Bill C-223, an act to amend the Income Tax Act (deduction of interest on mortgage loans).
Mr. Speaker, it is a pleasure to introduce my private member's bill to the House today, an act to amend the Income Tax Act, deduction of interest on mortgage loans for first time homeowners.
The bill provides for the income tax deduction of the interest paid by a taxpayer on the first $100,000 on a mortgage loan secured by the first qualifying home acquired by the taxpayer.
This bill would provide these first time homeowners with a much needed tax break and would also benefit the Canadian housing industry. This bill would make home ownership a feasible option for more families. Recognizing the importance of the family unit, this would have a positive impact on Canada's social climate. Some conditions apply to this bill and are outlined in it.
(Motions deemed adopted, bill read the first time and printed)