The Ontario Harness Horse Association (OHHA) RRSP committee is happy to report that the 2020 contributions have now been transferred into the members' personal RRSP accounts.
The industry contribution for 2020 was $900 per qualified member.
The RRSP is funded through the pari-mutuel tax reduction (PMTR) funds. The industry contribution to each qualified participant is determined by dividing the total funds earned in a year by the number of eligible applications.
While the amount wagered on horse racing in Ontario continues to decline and therefore the amount earned to fund the RRSP declined, there were sufficient funds to maintain the $900 dollar contribution for 2020.
RRSP members can sign in to access their accounts on the Manulife website. There are a number of important tools available on the site and we urge account holders to review the information available. While the majority of account holders prefer to have their investments held in the OHHA designated balanced funds, members can self-direct their investments if they wish. Through very volatile markets over the last year, for the 12 month period ending December 31, 2020 the OHHA fund investments realized a 7% rate of return. The investment management fees which cover expenses including, investment fund management, account administration, all member services both online and call centre as well as member services, remain low and below industry averages at 1.16%.
The OHHA RRSP committee continues to meet at least quarterly to provide oversight of the investments. While 2020 was a difficult year for many investments, the RRSP committee and the financial advisors are pleased with the gains earned on behalf of the members of the plan.
For more information, please contact RRSP Administrator Jennifer Rankin at 905-854-6442.
(OHHA)