本文发表在 rolia.net 枫下论坛TERMINATION OF THE ONTARIO HOME OWNERSHIP SAVINGS PLAN PROGRAM
The 2004 Ontario Budget, delivered on May 18, 2004, announced the termination of
the Ontario Home Ownership Savings Plan (OHOSP) program.
After May 18, 2004, it is proposed that no new OHOSPs be opened and no new
contributions to existing plans will be eligible for Ontario tax credit purposes.
The OHOSP program is proposed to end on December 31, 2005.
Please note that the legislation must receive passage by the
Legislature and Royal Assent to become law.
OHOSP TAX CREDIT
OHOSP contributions up to and including May 18, 2004 are eligible for the tax credit, and official [ 相约加拿大:枫下论坛 rolia.net/forum ]
OHOSP tax credit receipts will be issued for those contributions.
The OHOSP tax credit (up to $500 per person or $1000 per couple) is claimed on your ON479
Ontario Credits form included with the federal income tax package. The tax credit is dependent on
net income and the amount deposited into the plan for the year.
The financial institution issues official receipts (T1C-OHOSP) for all deposits made into the plan.
The receipts must be included with the OHOSP tax credit claim.
Contributions made after May 18, 2004, are not eligible for a tax credit and receipts cannot be
issued.
OHOSPs THAT CLOSE ON OR BEFORE DECEMBER 31, 2005
Planholders will continue to have up to seven years to buy a home, however, the plan must be ＜ r o l i a. n e t ＞
closed at the end of the seventh year.
If you close your plan and buy a home, your financial institution will release your OHOSP funds to
your solicitor.
ONTARIO HOME OWNERSHIP SAVINGS PLAN - 2004 Update
May 2004 Dist. 6305
Page 2
If you close your plan without buying a home, you must complete an OHOSP Termination form and
your financial institution will release 75% of your total plan assets to you. The remaining 25% will
be sent to the Ministry of Finance and used to recover tax credits and interest charges. The
Ministry will send you any balance owing, with interest (if applicable). If the amount withheld is { 枫下论坛 rolia.net/forum }
insufficient to recover the tax credits and interest charges, you will be asked to repay the
outstanding amount.
OHOSPs THAT CLOSE AFTER DECEMBER 31, 2005
Plans that have not reached the end of their seventh year on or before December 31, 2005, do not
have to be closed. The funds can remain in the account after December 31, 2005, however the plan
will no longer be considered an OHOSP.
Funds withdrawn after this date are not subject to the 25% withholding rule and can be used for any
purpose.
CONTRIBUTIONS TO AN OHOSP
After May 18, 2004, any funds deposited will not be eligible for a tax credit. ＜ 相约加拿大 ROLIA.NET ＞更多精彩文章及讨论，请光临枫下论坛 rolia.net
The 2004 Ontario Budget, delivered on May 18, 2004, announced the termination of
the Ontario Home Ownership Savings Plan (OHOSP) program.
After May 18, 2004, it is proposed that no new OHOSPs be opened and no new
contributions to existing plans will be eligible for Ontario tax credit purposes.
The OHOSP program is proposed to end on December 31, 2005.
Please note that the legislation must receive passage by the
Legislature and Royal Assent to become law.
OHOSP TAX CREDIT
OHOSP contributions up to and including May 18, 2004 are eligible for the tax credit, and official [ 相约加拿大:枫下论坛 rolia.net/forum ]
OHOSP tax credit receipts will be issued for those contributions.
The OHOSP tax credit (up to $500 per person or $1000 per couple) is claimed on your ON479
Ontario Credits form included with the federal income tax package. The tax credit is dependent on
net income and the amount deposited into the plan for the year.
The financial institution issues official receipts (T1C-OHOSP) for all deposits made into the plan.
The receipts must be included with the OHOSP tax credit claim.
Contributions made after May 18, 2004, are not eligible for a tax credit and receipts cannot be
issued.
OHOSPs THAT CLOSE ON OR BEFORE DECEMBER 31, 2005
Planholders will continue to have up to seven years to buy a home, however, the plan must be ＜ r o l i a. n e t ＞
closed at the end of the seventh year.
If you close your plan and buy a home, your financial institution will release your OHOSP funds to
your solicitor.
ONTARIO HOME OWNERSHIP SAVINGS PLAN - 2004 Update
May 2004 Dist. 6305
Page 2
If you close your plan without buying a home, you must complete an OHOSP Termination form and
your financial institution will release 75% of your total plan assets to you. The remaining 25% will
be sent to the Ministry of Finance and used to recover tax credits and interest charges. The
Ministry will send you any balance owing, with interest (if applicable). If the amount withheld is { 枫下论坛 rolia.net/forum }
insufficient to recover the tax credits and interest charges, you will be asked to repay the
outstanding amount.
OHOSPs THAT CLOSE AFTER DECEMBER 31, 2005
Plans that have not reached the end of their seventh year on or before December 31, 2005, do not
have to be closed. The funds can remain in the account after December 31, 2005, however the plan
will no longer be considered an OHOSP.
Funds withdrawn after this date are not subject to the 25% withholding rule and can be used for any
purpose.
CONTRIBUTIONS TO AN OHOSP
After May 18, 2004, any funds deposited will not be eligible for a tax credit. ＜ 相约加拿大 ROLIA.NET ＞更多精彩文章及讨论，请光临枫下论坛 rolia.net