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Significant Changes To RRSP Plan

Published: March 13, 2014 12:11 pm ET

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At its most recent meeting, Ontario's 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.

For further information, or to obtain contribution or enrollment forms, click here or call Kathie Wilkinson at the OHHA office, 905-854-6442 or 1-866-774-6442.

(OHHA)


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