1. total contribution X factor = tax credit
factor= 0.25 - (total net income of couples / 2 - 20000) / 80 X 0.001
net income is line 236 of your return
2. tax credit will be entered into line 479 of your return. It is fully refundable.
3. Neither you nor your spouse have ever owned an eligible home anywhere, whether or not it was owner-occupied.
4. 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.
factor= 0.25 - (total net income of couples / 2 - 20000) / 80 X 0.001
net income is line 236 of your return
2. tax credit will be entered into line 479 of your return. It is fully refundable.
3. Neither you nor your spouse have ever owned an eligible home anywhere, whether or not it was owner-occupied.
4. 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.