75.13 Income Tax Exemption for Interest on Private Home Mortgages
Whereas, The Federal Minister of Finance recently announced that about 225,000 persons will be dropped from the tax rolls and all other taxpayers will receive higher personal income tax exemptions; therefore it is considered advisable that this exemption be extended to include the interest on private home mortgages;
Whereas, Many people would prefer to own the house they live in;
Whereas, The high and still increasing cost of houses, together with the excessively high rate of interest on mortgage money prohibits this or at best deters people from trying to buy their own homes; and,
Whereas, The interest on mortgage money borrowed for business purposes is deductible as a business expense; therefore be it,
RESOLVED, That the National Council of Women of Canada urge the Government of Canada to extend the personal income tax exemptions to include the interest on mortgages on private owner-occupied homes.