Mr. Speaker, our government's economic action plan has taken a key step in assisting Canadians wishing to purchase a new home. A new first-time homebuyers' tax credit will save new homebuyers up to $750 on the closing costs when buying a new home. This plan will now allow first-time homebuyers to withdraw $25,000 from their retirement savings, $50,000 for couples, to purchase or construct a new home.
Bonnie Begerich of the Calgary Real Estate Board and Ellen Baba of the Medicine Hat Real Estate Board have praised the tax credit for encouraging new homebuyers to enter the market. The Canadian Real Estate Association and the Association of Regina Realtors are supporting this plan. This new program will help hard-working Canadian families.
While the Liberal leader is planning to raise the GST and impose a job-killing carbon tax, Canada's economic action plan is helping Canadians with one of life's most significant purchases. Conservatives are standing up for Canadian families who wish to better their lives.