OP bonuses related to business or farming and forestry

Only an OP cooperative bank’s owner-customer can earn OP bonuses as a personal customer and from using services for personal customers. The services don’t bring OP bonuses when used with a business ID.

If you’re an OP cooperative bank owner-customer and personal customer, you will earn OP bonuses on all services and transactions entitling to bonuses.

The following entitle you to OP bonuses:

  • assets in savings accounts
  • mutual fund units and unit-linked insurance 
  • secured bank loans
  • insurance premiums paid

How does the use of services related to business, farming or forestry contribute towards OP bonuses?

  • If you don’t have a business ID, your transactions related to business, farming or forestry are considered as use of services by a personal customer and the transactions entitling to bonuses will earn you OP bonuses as described above. However, OP bonuses earned from loans related to business, farming or forestry are taxable income for you.
  • If you’re engaged in business, farming or forestry and have a business ID and some of the services you use are moved under the business ID, then those services will no longer bring you OP bonuses.
  • If you have a business ID and use services with the business ID, then those services will not bring you any OP bonuses.

What are taxable OP bonuses?

OP bonuses earned through the use of banking and insurance services are tax-free for personal customers apart from a personal customer’s (has no business ID) secured loans related to business, farming or forestry and the bonuses earned from them. If you’re engaged in business, farming or forestry, they are taxable income for the tax year during which they are used to cover banking service charges or insurance bills. As a customer, you have the duty to file the use of OP bonuses in your tax return yourself.

Information on your taxable OP bonuses is available on the op.fi service

As a personal customer, if you have loans related to business, farming or forestry, you’ll see the taxable OP bonuses earned from them by logging into the op.fi service and going to page Omistaja-asiakas ja edut (Owner-customers and benefits). To find the page, select OP-bonukset tai Omistaja-asiakas (OP bonuses or Owner-customer) on page Päivittäiset raha-asiat (Daily banking services), which is shown after login. 

A summary of used taxable OP bonuses is available in My archive

You can see details of the used taxable OP bonuses by logging into the op.fi service and going to Oma arkisto (My archive). To find the page after login, select your own name at the top corner of the page and then select Oma arkisto (My archive) from the menu that opens. If you don’t have an OP user ID, we’ll send a summary of the previous year's used taxable OP bonuses to you by letter for the purpose of filling in a tax return.

Family unit and taxable OP bonuses

A family unit doesn’t affect the taxability of OP bonuses earned from loans related to business, farming or forestry. The member of the family unit must file the monetary value of the used taxable OP bonuses in their tax return for the year during which the bonuses were used.
If the family unit is dissolved, any unused taxable OP bonuses will be reset to zero. The reasons for resetting them to zero relate to the avoidance of tax implications and bank secrecy.