moved for leave to introduce Bill C-532, An Act to amend the Income Tax Act (low-cost residential rental property).
Mr. Speaker, I am pleased to table today a private member's bill entitled an act to amend the Income Tax Act (low-cost residential rental property). The bill is seconded by my colleague, the member for Victoria, and stems from her deep interest in and work to find solutions to the affordable housing crisis in Canada and from her experiences as a city councillor in Victoria and member of Parliament for that city. The member for London—Fanshawe has also worked to develop this bill.
The bill proposes to amend the Income Tax Act to provide a tax incentive to encourage landlords to invest in the purchase of low-cost residential rental property. It calls on the government to develop regulations which would allow for the rollover of recaptured depreciation on the sale of rental property in cases where the proceeds from the sale of such property are reinvested in the purchase of low-cost rental property in the same year.
It is the intention of this legislation to encourage the maintenance of and stimulate an increase in the stock of affordable rental housing in Canada. Affordable rental housing is key to the needs of many Canadians and their families.
This measure is only a small part of an approach to dealing with the affordable housing crisis in Canada. No single measure and certainly no measure as specific as this one can replace the need for a national housing program that actually builds affordable housing in Canada. Tax measures, building programs: no stone should be left unturned in finding a solution to the housing crisis.
The member for Victoria and I believe this measure is one that deserves the serious consideration of the House and that is why we are tabling this bill today.
(Motions deemed adopted, bill read the first time and printed)