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Registered home ownership savings plan

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A registered home ownership savings plan (RHOSP, French : Régime enregistré d'épargne-logement , REÉL ) was a federal tax-deferred savings plan intended to encourage home ownership in Canada .

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62-398: Individual taxpayers could contribute up to $ 10,000 in a RHOSP with a yearly maximum contribution of $ 1,000. Contributions were deductible for personal income tax purposes and the income earned in the plan was not taxed either. Proceeds from the plan could also be received tax-free if applied to a down payment for a house (and furnitures for certain periods of time). The RHOSP was announced in

124-423: A convention polarized around the candidacy of former Toronto Food Bank head Gerard Kennedy . In the 1999 election , the governing Conservatives were reelected on the basis of strong economic growth and a negative campaign tightly focused on portraying McGuinty as "not up to the job". A poor performance in the leader's debate and a weak overall campaign hamstrung the new leader, but he was able to rally his party in

186-635: A dynasty which was to rule Ontario for the next 42 years. Ontario politics in recent times have been dominated by the Progressive Conservatives , also known as the Tories. The Liberals had formed the Government for only five years out of sixty years from 1943 to 2003. For forty-two years, from 1943 to 1985, the province was governed by the Tories. During this period, the Ontario Liberal Party

248-575: A growing anti-Catholic sectarian sentiment hurt the Liberals, particularly in Toronto where they were unable to win a seat from 1890 until 1916. The Liberals continued to decline after losing power, and, for a time, were eclipsed by the United Farmers of Ontario (UFO) when the Liberals were unable to attract the growing farmers' protest movement to its ranks. Debates over the party's policy on liquor divided

310-569: A hard time winning an election. The Liberals had held office only three times for 13 years since 1900 and the party caucus was not that much different from the time between 1959 and 1963. They failed to get a popular candidate, Charles Templeton , elected in a by-election. They also lost another riding to the PCs when Maurice Bélanger died in March 1964. Thompson would last only two years as leader before resigning due to stress-induced health problems. Throughout

372-415: A key Liberal campaign pledge not to raise taxes, and gave the government an early reputation for breaking promises. The Liberals defended the premium by pointing to the previous government's hidden deficit of $ 5.6 billion, and McGuinty claimed he needed to break his campaign pledge on taxation to fulfill his promises on other fronts. The Ontario Health Premium also became a major issue in the early days of

434-530: A poor campaign under leader Lyn McLeod , and was beaten by the Progressive Conservatives under Mike Harris . Harris swept to power on a right-wing " Common Sense Revolution " platform. In 1996, the Ontario Liberals selected Dalton McGuinty as their leader in a free-wheeling convention. Starting in fourth place, McGuinty's fiscally prudent record and moderate demeanor made him the second choice of

496-427: A separate company and sold outright for up to $ 3 billion. The government pivoted to the left in the lead up to the 2018 election by raising the minimum wage, introducing reforms to employment standards and labour law, bringing in a limited form of pharmacare and promising universal child care. In the 2018 general election , the Liberals were swept from power in a historic defeat that resulted in large gains for both

558-537: A series of high-profile maulings, the government also moved to ban pit bulls . During early 2005, McGuinty called the Legislature back for a rare winter session to debate and pass several high-profile bills. The government legislated a Greenbelt around Toronto. The size of Prince Edward Island , the Greenbelt protects a broad swath of land from development and preserves forests and farmland. In response to court decisions,

620-533: A year or less. The 1988 Ontario budget introduced the Ontario Home Ownership Savings Plan (OHOSP) with the following features (all amounts doubled for couples): The 1989 Ontario budget provided for partial refund of Land Transfer Tax for home purchases that are eligible for the OHOSP. That tax relief was abolished for plans opened after 31 December 1993. Throughout 1993, pressure mounted on

682-527: The 1992 federal budget is the mechanism that allows to withdraw funds tax-free from RRSPs to use them for the purchase one's first home. The withdrawal must be repaid in full within 15 years. In the lead-up to the 1987 Ontario general election , Liberal leader David Peterson pledged to allocate $ 500 million over 10 years to incentives for home buying with the creation of a Home Ownership Savings Plan (HOSP) similar to then-defunct RHOSPs. Unlike RHOSPs, HOSP would only be available to taxpayers earning $ 40,000

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744-602: The 2021 federal election campaign the Liberal Party of Canada again pledged to introduce a Home Savings Account for Canadians up to age 40 to contribute up to $ 40,000. Like the RHOSP, money contributed to the account would result in a deduction from taxable income and withdrawals would be tax-free if used to acquire a dwelling. The Liberal platform also includes the doubling of the tax credit for first-time home buyers (from $ 5,000 to $ 10,000). The home buyers' plan (HBP) announced in

806-467: The December 2023 leadership election which elected Mississauga mayor Bonnie Crombie as the new Liberal leader. On December 2nd, 2023, the Ontario Liberal Party elected Bonnie Crombie , the then-mayor of Mississauga, as the next leader of the party, defeating MP Nate Erskine-Smith , MP Yasir Naqvi , and MPP Ted Hsu . The executive of the Ontario Liberal Party is elected to a 12 to 18 month term at

868-468: The House of Commons of Canada on 6 May 1974. It was meant to serve as the federal budget for fiscal year 1974–75, but it was never implemented as the government was defeated in a vote of confidence before it was adopted. The NDP , which had been propping up Pierre Trudeau ’s minority government for the past two years, withdrew their support because they were displeased with the content of this budget. This paved

930-447: The May 1974 Canadian federal budget by John Turner on 6 May 1974. Its mechanism is somewhat similar to RRSPs (deductible contributions, income accruing in the plan not taxable) although proceeds from RHOSP could be received tax-free for either: Individuals who already owned a home (either owner-occupied or rented to another person) could not deduct RHOSP contributions. The May 1974 budget

992-623: The 1830s and 1840s against the conservative patrician rule of the Family Compact . The modern Liberals were founded by George Brown , who sought to rebuild the Reform Party after its collapse in 1854. In 1857, Brown brought together the Reformers and the radical " Clear Grits " of southwestern Ontario to create a new party in Upper Canada with a platform of democratic reform and annexation of

1054-543: The 1960s and 1970s, the Liberals were almost shut out of Metropolitan Toronto and other urban areas and, in 1975, fell to third place behind the Ontario New Democratic Party (NDP) under Stephen Lewis . With the NDP in ascendancy in the late 1960s and 1970s, it appeared that the Liberals could disappear altogether. The Liberals remained more popular than the Tories among Catholic and Francophone voters, due to

1116-533: The 2004 federal election, called a week after the Ontario budget. Most believe that the controversy seriously hampered Liberal Prime Minister Paul Martin 's bid for re-election. Also controversial were the elimination of coverage for health services not covered by the Canada Health Act , including eye examinations and physical therapy . Other elements included a four-year plan to tackle the deficit left behind by

1178-511: The 2018 election, the party had won every election since the beginning of the 21st century and had governed the province for the previous 15 years. In the 2022 provincial election , the Liberals saw a modest increase in support, finishing second in popular vote, but only winning eight seats. The Liberal Party of Ontario is descended from the Reform Party of Robert Baldwin and William Lyon Mackenzie , who argued for responsible government in

1240-412: The 48-seat loss in 1943 that began the Tories' long rule over the province. Peterson himself was heavily defeated in his own London-area riding by the NDP challenger. By the 1995 election , the NDP government had become very unpopular due to perceived mismanagement, a few scandals, and because of the severe downturn in the economy. The Liberal Party was expected to replace the unpopular NDP, but it ran

1302-413: The Liberals in the Toronto suburbs. The NDP promised a return to the activist form of government that had prevailed from 1985 to 1987, and its co-operation with the Liberals during that time made it appear more moderate and acceptable to swing voters in the Toronto area. Due to the nature of the first-past-the-post system, the Liberals were decimated, falling from 95 seats to 36. The 59-seat loss surpassed

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1364-457: The Liberals to win a historic third consecutive term and to once again form government, albeit with a minority of seats in the legislature. The Liberals won 53 of the 107 seats, just short of a 54-seat majority government. On October 15, 2012, McGuinty announced that he would resign as leader and Premier. At the end of January 2013, the party elected MPP Kathleen Wynne as leader, making her the 25th Premier of Ontario. The June 12, 2014 election

1426-420: The Liberals updated the definition of marriage to include homosexual couples. McGuinty also launched a PR campaign to narrow the politically charged $ 23 billion gap between what Ontario contributes to the federal government and what is returned to Ontario in services. This came as a sharp turn after more than a year of cooperating with the federal government, but McGuinty pointed to the special deals worked out by

1488-638: The McGuinty campaign kept a positive message throughout. The PCs' negative attacks on McGuinty backfired throughout the campaign. The new government called the Legislature back in session in late 2003, and passed a series of bills relating to its election promises. The government brought in auto insurance reforms (including a price cap), fixed election dates, rolled-back a series of corporate and personal tax cuts which had been scheduled for 2004, passed legislation which enshrined publicly funded Medicare into provincial law, hired more meat and water inspectors, opened up

1550-460: The Progressive Conservatives and NDP. The Liberal popular vote fell to 19%, almost half their previous result; the party lost 51 seats and were reduced to a rump of only seven seats in a swing that elected a PC majority and made the NDP the official opposition. Notably, the Liberals lost all but three of their 18 seats in Toronto, were completely shut out in the 905 region and won only one seat outside of Toronto and Ottawa. The seven-member rump caucus

1612-512: The Progressive Conservatives, free immunization for children, investments in education and investments to lower waiting times for cancer care, cardiac care, joint replacement , MRI and CT scans. Soon after the federal election, McGuinty hosted a federal-provincial summit on public health-care funding which resulted in a new agreement for a national health accord. This accord allowed the provincial Premiers and territorial leaders to draw more money from Ottawa for health services, and requires

1674-633: The UFO. Hepburn was able to build an electoral coalition with Liberal-Progressives and attract reformers and urban voters to the party. The Liberal-Progressives had previously supported the UFO and the Progressive Party of Canada . A "wet", Hepburn was able to end the divisions in the party around the issue of temperance which had reduced it to a narrow sect. The revitalized party was able to win votes from rural farmers, particularly in southwestern Ontario, urban Ontario, Catholics and francophones. It also had

1736-562: The United States. In the 2003 election , McGuinty led the Liberals to a majority government, winning 72 out of 103 seats. The PC government's record had already been marred by a number of prior events, including the death of Dudley George , the Walkerton water tragedy and the government's performance during the SARS outbreak . The PC's election campaign relied on attack ads against McGuinty, while

1798-600: The advantage of not being in power at the onset of the Great Depression . With the economy in crisis, Ontarians looked for a new government, and Hepburn's populism was able to excite the province. In government, Hepburn's Liberals warred with organized labour led by the Congress of Industrial Organizations , who were trying to unionize the auto-sector. Later, he battled with the federal Liberal Party of Canada government of William Lyon Mackenzie King , which, Hepburn argued,

1860-453: The building of hospitals. Following the campaign, however, the McGuinty government allowed "3P" hospital construction deals arranged by the previous government to continue. The Ontario Liberals won their second majority in a row on October 10, 2007, winning 71 of the province's 107 seats. Winning two majorities back to back is a feat that had not occurred for the party in 70 years. In the next general election on October 6, 2011, McGuinty led

1922-471: The decision made in Quebec two years prior, funds left in RHOSP after 22 May 1985 could be withdrawn tax-free, regardless of the use . Income earned in a RHOSP after 31 December 1985 was to be included in the owner's taxable income, effectively ending the last desirable feature of RHOSPs. The Liberals pledged to reintroduce the RHOSP in a 1986 platform and again during the 1988 federal election campaign . During

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1984-568: The federal government to take provincial concerns such as hospital waiting-lists into account. McGuinty's performance at the summit was generally applauded by the Canadian media. The McGuinty government brought forward a number of regulatory initiatives in the fall of 2004. These included legislation allowing bring-your-own-wine in restaurants, banning junk food in public schools to promote healthier choices, outlawing smoking in public places and requiring students to stay in school until age 18. Following

2046-415: The federal government with Newfoundland and Labrador and Nova Scotia as compromising the nature of equalization payments . In particular, McGuinty noted that immigrants in Ontario receive $ 800 in support from the federal government, while those in Quebec receive $ 3800. In the 2003 campaign, the Liberals denounced public-private partnerships (also known as "3P" deals) for infrastructure projects such as

2108-413: The figures named in the scandal were Tom Long , former Harris campaign chairman, Leslie Noble, former Harris campaign manager and Paul Rhodes , former Harris communications director. On May 18, 2004, Provincial Finance Minister Greg Sorbara released the McGuinty government's first budget. The centrepiece was a controversial new Health Premium of $ 300 to $ 900, staggered according to income. This violated

2170-515: The final weeks of the campaign. The Ontario Liberals garnered 40% of the vote, at the time their second-highest total in 50 years. McGuinty's second term as opposition leader was more successful than his first. With the Liberals consolidated as the primary opposition to Harris's Progressive Conservatives, McGuinty was able to present his party as the "government in waiting". He hired a more skilled group of advisors and drafted former cabinet minister Greg Sorbara as party president. McGuinty also rebuilt

2232-516: The first budget of the Dalton McGuinty government announced the termination of the OHSOP program. All plans could be used for home purchases in 2005. Funds withdrawn starting on 1 January 2006 were not subjected to recovery of OHOSP tax credits granted in prior years. May 1974 Canadian federal budget The May 1974 Canadian federal budget was presented by Minister of Finance John Turner in

2294-469: The issue of free trade . The majority Liberal government of 1987 to 1990 was less innovative than the previous minority government. The Liberals' increasing conservatism caused many centre-left voters to look at the Ontario NDP and its leader Bob Rae , and consider the social-democratic NDP as an alternative to the Liberals. The Liberals went into the 1990 election with apparently strong support in

2356-464: The latter the funds must be used prior to 1 January 1984). Throughout the 1990s, measures are announced to incentive RHOSP holders to withdraw their remaining funds: The Progressive-Conservatives won a landslide majority in the 1984 federal election . In his first budget , Finance Minister Michael Wilson announced that RHOSP contributions would not be deductible if made after 22 May 1985 and no contribution can be made after 31 December 1985. Unlike

2418-415: The membership, forced the resignation of at least one leader, Hartley Dewart , and drove away many reform-minded Liberals who supported the federal party under William Lyon Mackenzie King but found the provincial party too narrow and conservative to support. The party was so disorganized that it was led for seven years (and through two provincial elections) by an interim leader , W.E.N. Sinclair , as there

2480-459: The next two years. Once the accord expired, an election was called and Peterson won a strong majority government with 95 seats, its most ever. Peterson's government ruled in a time of economic plenty where occasional instances of fiscal imprudence were not much remarked on. Peterson was a close ally of Prime Minister Brian Mulroney on the Meech Lake Accord , but opposed Mulroney on

2542-610: The next year, leaving the provincial Liberals in the hands of Oliver Mowat . Mowat served as Premier of Ontario until 1896. While the Tories became a narrow, sectarian Protestant party with a base in the Orange Order , the Liberals under Mowat attempted to bring together Catholics and Protestants, rural and urban interests under moderate, religiously liberal leadership. The Liberals were defeated in 1905 after over thirty years in power. The party had grown tired and arrogant in government and became increasingly cautious. As well,

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2604-462: The north-west. The party adopted a position in favour of uniting Britain's North American colonies, a concept that led to Canadian Confederation . After 1867, Edward Blake became leader of the Ontario Liberal Party. The party sat in opposition to the Conservative government led by John Sandfield Macdonald . Blake's Liberals defeated the Tories in 1871 , but Blake left Queen's Park for Ottawa

2666-475: The party and made it appealing to urban voters and immigrants who had previously supported the cautious government of Tory Premiers John Robarts and William Davis . Peterson was able to form a minority government from 1985 to 1987 due to an accord signed with the Ontario NDP. Under this accord, the NDP agreed not to trigger an election via a non-confidence vote in exchange for the Liberals implementing certain agreed upon policies and not calling an election for

2728-476: The party elected former Cabinet Minister Steven Del Duca as leader, who defeated five other candidates on the first ballot at the leadership convention . In the 2022 general election , the Liberals finished second in popular vote but gained only one seat, once again falling short of official status by four seats. After failing to win in his own riding, leader Steven Del Duca announced his resignation as party leader. John Fraser returned as interim leader until

2790-473: The party's fundraising operation, launching the Ontario Liberal Fund. He personally rebuilt the party's platform to one that emphasized lowering class sizes, hiring more nurses, increasing environmental protections and "holding the line" on taxes in the buildup to the 2003 election. McGuinty also made a serious effort to improve his debating skills, and received coaching from Democratic Party trainers in

2852-438: The party's support for extending separate school funding to include Grades 11–13. The Tories opposed this extension until 1985, when they suddenly reversed their position. This reversal angered traditional Conservative voters, and may have contributed to their defeat in the 1985 election . The Ontario Liberal Party first broke the Tories' hold on the province in 1985 under the leadership of David Peterson . Peterson modernized

2914-592: The principles of liberalism , and generally sits at the centre to centre-left of the political spectrum, with their rival the Progressive Conservative Party positioned to the right and the New Democratic Party (who at times aligned itself with the Liberals during minority governments), positioned to their left . The party has strong informal ties to the Liberal Party of Canada , but

2976-439: The province would create a similar system, retroactively since January 1974. Quebec obtained through negotiations with the federal government that RHOSP managed by credit unions would obtain the same tax incentives as those administrated by chartered bank. The 1976 Canadian federal budget allowed for transfers of funds between RHOSP (for instance to select a plan with better returns). The 1977 Canadian federal budget tightened

3038-405: The provincial government to extend or remove the 31 December 1993 deadline to open OHOSPs. On 14 December 1993, two weeks before the planned end of the OHSOP program, Finance Minister Floyd Laughren announced that the program would be indefinitely extended. The extension was formalized in the 1994 Ontario budget tabled on 5 May 1994. Contributions to OHOSP could be made until 18 May 2004, when

3100-550: The provincially owned electricity companies to Freedom of Information laws and enacted a ban on partisan government advertising. The McGuinty government also benefited from a scandal involving the previous Progressive Conservative government's management of Ontario Power Generation and Hydro One, which broke in the winter of 2003–04. It was revealed that a number of key figures associated with Mike Harris's "Common Sense Revolution" had received lucrative, untendered multimillion-dollar consulting contracts from these institutions. Among

3162-419: The public opinion polls. This support quickly evaporated, however. On the campaign trail, the media reported that the Liberals were met by voters who were angry at going to the polls just three years into the government's mandate. Another negative factor was Peterson's association with Mulroney and the failed Meech Lake Accord attempt at constitutional reform, about which the public felt strongly. The campaign

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3224-515: The rules of the RHOSP: In the midst of the early 1980s recession , the 1983 Canadian federal budget presented on 19 April 1983 boosted tax incentives for home ownership (especially acquisition of new constructions): On 1 January 1983 Quebec abolished the tax-savings advantages of RHOSPs. Funds accumulated in existing plans could however still be received tax-free if used for a down payment on an owner-occupied dwelling or eligible home furnitures (for

3286-427: The two parties are organizationally independent and have separate, though overlapping, memberships. The provincial party and the Ontario wing of the federal party were organizationally one entity until members voted to split in 1976. The Liberals lost official party status in the 2018 Ontario provincial election ; they had fallen to only seven seats, the worst defeat of a governing party in Ontario history. Prior to

3348-546: The way for the 1974 Canadian federal election , in which Trudeau's Liberal Party won with a majority of the seats. The budget saw the inception of the Registered Home Ownership Savings Plan . Liberal Party of Ontario The Ontario Liberal Party ( OLP ; French : Parti libéral de l'Ontario , PLO ) is a political party in the province of Ontario , Canada . The party has been led by Bonnie Crombie since December 2023. The party espouses

3410-435: Was a rural, conservative rump with a southwestern Ontario base, and were often further to the right of the moderate Red Tory Conservative administrations. In 1964, the party changed their name from the "Ontario Liberal Association" to the "Liberal Party of Ontario". In September 1964, the party elected Andy Thompson as its leader. While the leadership election garnered some attention, it looked like Thompson would have

3472-527: Was also poorly run: a mid-campaign proposal to cut the provincial sales tax was a particularly bad blunder. The party had also underestimated the impact of the Patti Starr fundraising scandal, as well as allegations surrounding the Liberal government's links with land developers. In the 1990 election, the Liberals only finished five points behind the NDP in the popular vote. However, the NDP took many seats from

3534-433: Was appointed as interim leader of the party following a vote by caucus members, riding association presidents, and party executives. In the 2018 municipal election later in the year, six of the defeated Liberal MPPs — Bill Mauro , Kathryn McGarry , Jim Bradley , Mike Colle , Granville Anderson and Dipika Damerla — were elected to municipal office as mayors, city councillors or regional councillors. In March 2020,

3596-402: Was insufficiently supportive of the war effort . The battle between Hepburn and King split the Ontario Liberal Party and led to Hepburn's ouster as leader. It also contributed to the party's defeat in the 1943 election , which was followed by the party's long stint in opposition. The Liberals declined to a right wing, rural rump. The "Progressive Conservatives" under George Drew established

3658-676: Was never adopted as the 29th Canadian Parliament was dissolved prior to the vote of the budget. The RHOSP was however reaffirmed by finance minister John Turner in the November 1974 budget after the Liberals won a majority of seats in the 1974 federal election . Amendments to the Income Tax Act (including the creation of the RHSOP) received royal assent on 13 March 1975. On 19 December 1974, Quebec 's Finance Minister Raymond Garneau announced that

3720-404: Was not enough money or a sufficient level of organization, and too many divisions within the party to hold a leadership convention . By 1930, the Liberals were reduced to a small, rural and prohibitionist rump with a base in south western Ontario. After a series of ineffective leaders, the Liberals turned to Mitchell Hepburn , an onion farmer, federal Member of Parliament and former member of

3782-417: Was one short of the requirement to retain official status in the Ontario legislature, and was also the only remnant of Wynne's cabinet. Wynne herself barely held onto her own seat by 181 votes. Accepting responsibility for the worst showing in the party's 161-year history and the worst defeat of a sitting government in Ontario, Wynne resigned as Liberal leader on election night. On June 14, 2018, John Fraser

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3844-461: Was triggered by the Ontario New Democratic Party 's decision to reject the 2014 Ontario Budget. The Liberal Party under the leadership of Kathleen Wynne won 58 seats in the Legislature, and formed a majority government. In 2015, the Liberals proposed to sell 60 per cent of the province's $ 16-billion share of the province's electricity distribution utility, Hydro One . Hydro One Brampton and Hydro One Networks' distribution arm would be spun off into

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