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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), you can benefit from the Ontario Home Ownership Savings Plan. 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 yourself nor your spouse have ever owned an eligible home anywhere, whether or not it was owner-occupied; and You never previously held an OHOSP. (年满18岁,第一次购房,第一次使用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 individually 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. (当你年收入达到或超过4万时,政府补贴为零;年收入小于或等于2万时,政府补贴为25%。年收入在2万和4万之间的,政府补贴值随收入变化而变化。七年内必须完成买房交易。)
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. (为了今年生效,必须在12月31日前买)
You can only open 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. (夫妻双方各开一个账户)
Eligible Homes
Qualifying homes include: (可以买如下房子,没提成交价)
a detached or semi-detached house
a townhouse
a mobile home with a permanent foundation
a condominium unit
shares in a co-operative corporation housing unit
a duplex, triplex or fourplex
Your home must be located in Ontario and be suitable for year-round residential 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, 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 close your plan without purchasing a home, you are not 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% is forwarded 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
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