Using OP bonuses earned through loans triggers tax liability
Owner-customers earn OP bonuses through banking and insurance transactions related to business and farming, such as deposits, loans, OP mutual funds and OP Unit-linked Insurance policies.
Tax liability applies to OP bonuses earned through loans related to business and farming. Bonuses are taxable income for the tax year during which they are used for a household's transactions.
Use of OP bonuses earned through ordinary banking and insurance transactions is free from tax. Liability to pay tax applies only to the use of OP bonuses earned through loans related to a private customer's business and farming.
Family unit and OP bonuses subject to tax
OP bonuses constitute taxable income for a member of a family unit if loans related to his/her business or farming generate bonuses and these are used for his/her household's transactions.
The member of the family unit must report the monetary value of the used OP bonuses subject to tax in the tax return for the year during which they are used.
Unused taxable bonuses will be zeroed from the bonus account of the family unit's owner if the family unit is dissolved. The reasons relate to the avoidance of tax implications and bank secrecy.
You can find information on taxable OP bonuses under Your benefits
If you have loans related to your business or farming, you will see information on accrual and use of taxable OP bonuses under Your benefits section. You will find it by logging into OP eServices and selecting Benefits.
You will receive a summary of used taxable OP bonuses in your Own archive
Details of used taxable OP bonuses can be found in the Own archive section under the Benefits menu. We will deliver a summary of the previous year's used OP bonuses subject to tax for the purpose of filling in a tax return either to the op.fi own archive or, in case you have no OP eServices agreement, by post.