本文发表在 rolia.net 枫下论坛The Ontario Home Ownership Savings Plan (OHOSP) was established to help first-time buyers realize their dreams of homeownership. To date, it has already helped more than 250,000 first-time buyers buy their first home. This article will explain how an OHOSP can help you save for your first home. It describes the eligibility requirements for opening a plan, OHOSP tax credits and other details about the program. If you are ready to take the plunge into home ownership, OHOSP can help you save funds towards your purchase. By participating in this government program, you will receive interest on the money you deposit into your OHOSP plan and may receive the OHOSP tax credit.

How the Plan Works

If you earn less than $40,000 (or if you and your spouse have a combined income of less than $80,000) then you are eligible to benefit from OHOSP. Other eligibility requirements include:

You must be 18 years of age or older;

You must be an Ontario resident;

You must have a social insurance number;

Neither you nor your spouse have ever owned an eligible home anywhere, whether or not it was owner-occupied; and

You never previously held an OHOSP.

There is no limit to the amount of funds you may deposit in your OHOSP. However, you will only receive OHOSP tax credits on annual contributions of not more than $2,000 individually (or $4,000 per couple).

Depending on your annual income and the amount you invest in your OHOSP, you can earn up to $500 or $1,000 per couple in OHOSP tax credits. You are eligible for tax credits for five consecutive years. You must close the plan and use the funds to purchase a home by the end of the seventh year. Otherwise, you must repay your OHOSP tax credits with interest.

Keep in mind that to qualify for a tax credit for the current taxation year, you must open a plan by December 31. A plan can be opened at any participating financial institution across the province. The funds you deposit into your OHOSP will earn interest at competitive rates.

You can open only one OHOSP, but your plan can be transferred from one financial institution to another. Joint OHOSPs are not available, so each spouse must open separate OHOSP accounts.

Eligible Homes

If you've enrolled in and contributed to an Ontario Home Ownership Savings Plan (OHOSP), you may use the money accumulated in that fund towards the purchase of:

a detached or semi-detached home;

a townhouse;

a mobile home with a permanent foundation;

a condominium unit;

shares in a co-operative corporation housing unit;

or a duplex, triplex or fourplex.

Your home must be located in Ontario and suitable for year-round occupancy. In addition, you must live in the home for at least 30 consecutive days within two years of the date of purchase.

Buying a Home

After you sign an Agreement of Purchase and Sale, but approximately four weeks before closing, you must complete an OHOSP Home Purchase Declaration form. This form is provided by the financial institution where you have your OHOSP. Your OHOSP funds will be released to your solicitor who will apply them to your home purchase. If you are not using a solicitor, contact the Ministry of Finance regarding the release of your funds.

Closing an OHOSP Without Buying a Home

If you should decide to close your plan without purchasing a home, you will not be eligible for an OHOSP tax credit for that year. You will receive 75% of the funds in your plan from your financial institution. The balance of 25% will then be forwarded on to the Ministry of Finance for a tax recovery credit. Any balance owing (with interest) will be returned to you.

OHOSP Tax Credits

OHOSP tax credits are based on your annual net income (line 236 of your income tax form) and your contributions to your plan each year. For couples, only one spouse can claim the OHOSP tax credit. Here is a breakdown of approximate OHOSP tax credits:

Individual

Income
Contribution
Tax Credit

up to $20,000
$2,000
$500

$25,000
$2,000
$375

$30,000
$2,000
$250

$35,000
$2,000
$125

$40,000 and over
$2,000
$0


Combined

Income
Contribution
Tax Credit

up to $40,000
$4,000
$1,000

$50,000
$4,000
$750

$60,000
$4,000
$500

$70,000
$4,000
$250

$80,000 and over
$4,000
$0




The Land Transfer Tax (LTT) refund which was a component of the original OHOSP program has not been continued. As a result, LTT refunds will only be issued to those who opened a plan before January 1, 1994.

Want to know more about how an OHOSP can help you achieve your dream of home ownership? Talk to a REALTOR for more information on how you can afford a home.更多精彩文章及讨论，请光临枫下论坛 rolia.net