RRSP Contribution increased to $1000 for 2016
The Ontario Harness Horse Association RRSP Committee is pleased to announce that the industry funded match-up for qualified RRSP members has been increased to $1,000 for 2016.
This increase is possible as the plan funding is adequate for the number of members qualifying for the match-up. The money will be deposited to qualified members’ Manulife accounts on or before December 31, 2016.
Owners, trainers, drivers and breeders, or full-time grooms and assistant trainers may be eligible for this contribution to their account.
For further information please contact the OHHA office at 1-866-774-6442 (toll free) or 905-854-6442, email: firstname.lastname@example.org
Changes to Manulife Statements
Members of the RRSP program should be aware of changes that Manulife is making regarding the delivery of Member Statements. For more information, see here.
RRSP Statements and Tax Receipts
Members who made a contribution to their RRSP account in 2016 will have their contribution slips mailed to them by Manulife beginning February 3. You will need them for your 2016 income tax. So watch for them in the mail, and keep them for your income tax preparation. Manulife charges $10 to replace receipts.
Members making a RRSP contribution during the first 60 days of 2017 will have receipts for those contributions mailed beginning March 25.
The semi-annual member Statements will be mailed by Manulife by January 22.
Significant Changes to the RRSP Plan!
At its most recent meeting the RRSP Committee recognized the necessity to make some significant changes to the Standardbred Horsepeople’s Retirement Program. Since eligibility for the industry contribution to members’ accounts is based on the previous year’s starts, it was decided that, due to declining racing opportunities in 2013, the number of starts needed to qualify for the industry contribution would be reduced to 12 starts for the 2014 year. For greater clarity, a person contributing to their RRSP in 2014 would need 12 starts as an owner, trainer, driver or breeder (any one category) in 2013 to be eligible for the industry contribution.
This will enable more people to qualify for the industry contribution to their account, thus benefitting more industry participants as well as providing incentive to join the plan to those who have not yet done so.
It was further decided to modify the plan so that up to $1,000 may be allocated as the industry contribution. The plan is funded by a percentage of the 1996 tax reduction from the bet, so the amount of money going into the plan in any given year is determined by the betting handle. The amount of the industry contribution is determined in the fall of each year, when the total funds available at year end can be estimated.
Anyone currently involved in the Standardbred Industry as an owner, trainer, driver, breeder, assistant trainer or groom may join the plan and contribute any year. Eligibility for the industry contribution is determined by having 12 starts in the previous year as an owner, trainer, driver, or breeder, or providing proof of full-time employment as an assistant trainer or groom in the previous year. All contributions must be made directly to OHHA, the plan administrator, before the December 1 deadline.
Any inquiries or requests regarding current accounts should be directed to OHHA.
Contribution, enrollment forms and Conditions of Eligibility may be found near the bottom of this page. For further information, call the OHHA office at 905-854-6442 or 1-866-774-6442.
Enrollment and Annual Contribution Forms
Acrobat Reader required
- Conditions of Eligibility [PDF] – for all members
- RRSP Enrollment Form [PDF] – for new (enrolling) members
- Annual Contribution Form [PDF] – for members currently in the plan