Mr. Speaker, it is a pleasure to get to stage of the bill.
First I thank all participants in the debate on this private member's bill. I appreciate their thoughts. I especially appreciate those of my colleagues in the Reform Party who supported me in this regard.
The bill concerns a tax refund or a tax reduction. This will make home ownership more achievable for many. It is my intention that young families would reap the benefits of the legislation. My concern has been to do something right in the House to benefit future generations. I have children and grandchildren so that is why the bill is so dear to my heart.
In the aftermath of the government's budget it has become apparent to Canadians that the Liberals ignored their demands for tax relief. Canadian taxpayers shouldered the load for the elimination of the federal deficit, but the Liberal government apparently has no interest in giving them relief through tax reductions. This was a serious oversight on the government's part.
What a great opportunity for all members to support the bill and take a small step in righting that which was not done in the budget. This is especially important when we realize that we are asking young families to deal with a taxation burden never seen before in Canadian history. Going into the next century they are being forced to service Canada's $600 billion debt.
A representative of the Toronto-Dominion Bank stated that on a typical 25 year mortgage at 6.35% first time home buyers could claim $1,700 on their income tax. That is a tremendous amount of money for some young families. That is a good amount of extra money for a young family that is starting out. It would be especially good, considering that federal taxes will continue to increase to service our needs.
If members agree that the family is an essential building block for a strong society they should support the bill. By making it a little easier for families to acquire homes and build up some equity in them we would be supporting an essential building block of the nation.
If hon. members explain the bill to their constituents it would be widely supported. History has shown that in times when Canadians have been able to afford homes there has been a tremendous uplifting effect on the economy.
I have received numerous letters from individuals and groups in support of the bill. Those people with knowledge of the housing industry have given very positive support because they realize it will make home ownership more attainable for Canadians and therefore will create beneficial spin-off effects for the Canadian economy.
Young families would have extra money for appliances and furniture. They could possibly purchase big ticket items which were previously out of reach. They might be able to afford a better car or they might be able to put a few dollars away for education.
It is true that there is a program that allows putting RRSP funds toward a home. After many young people pay for rent, clothing and food there is no money left for RRSPs. The bill would give them a hand.
I hope all members of the House will recognize the bill as something non-political to give young people the opportunity to invest, to own a home in which they can build equity and in future years will be an asset for their retirement.
When I look at the building of the country and the homes that were affordable at the turn of the century and compare them to the homes of today, I wish and hope that every young couple could afford a home in the future. The quality of the homes has improved and the quality of family life will have to improve. I hope that we as a House take that issue seriously.
To comment on what support I feel this bill will get, the saying no news is good news and not having heard from the Liberals tonight, I am sure that every one of them is supporting this bill. I congratulate them for that.
I hope that when this bill goes to a vote they will show up and exercise their right and support the young families that would love to move into these new homes with a tax break, that they will receive some beneficial effect of carrying the burden of debt that we have put on their shoulders, and that they can have a more comfortable home doing it.