moved for leave to introduce Bill C-520, An Act to amend the Income Tax Act (Home Buyers' Plan).
Mr. Speaker, I am pleased today to speak to my bill, An Act to amend the Income Tax Act (Home Buyers' Plan) This bill would amend the Income Tax Act to increase the home buyers' plan loan limit from $20,000 to $25,000.
The home buyers' plan currently allows individuals to borrow up to $20,000 from their RRSPs to purchase their first home. Home prices are substantially higher today than when the $20,000 limit was put in place in 1992. The home buyers' plan is the only mortgage program that focuses on first-time home buyers. The increase in the loan limit to $25,000 would help first-time home buyers in every region of the country.
(Motions deemed adopted, bill read the first time and printed)