moved for leave to introduce Bill C-394, An Act to amend the Income Tax Act (parenting tax credit).
Mr. Speaker, I am very pleased to rise today to introduce my private member's bill, the supporting new parents act.
Welcoming a new addition to the family is one of the greatest joys that any parent can experience. For many Canadians it is also a time of great anxiety. When parents take advantage of EI, maternity, or parental leave, they forgo over 40% of their salary. They take a huge pay cut to spend those critical first few months at home and provide that care for their child. Conservatives believe that when parents make that sacrifice, they should not then have to pay taxes on the benefits that they receive. The bill would provide a tax credit that would offset any taxes owing on their maternity and parental leave.
This also addresses a situation that many parents who receive a top-up from their employer experience. When they file their taxes, they often have to pay extra taxes because the EI system does not withhold enough on their benefits. Many new parents, in addition to the new costs of providing for their children, also then have to pay that. The bill would alleviate that.
I hope all members of Parliament will support this important piece of legislation for Canadian families.
(Motions deemed adopted, bill read the first time and printed)