MY HSA (Health Spending Account)

What is an HSA (Health Spending Account)

 

• An HSA is a Canada Revenue Agency approved method to provide medical, dental and

      vision benefits in a tax-efficient manner

• The corporation can write off 100% of the costs related to its HSA

• All expenses reimbursed are Tax Free to the employees

 

Types of expenses that are covered

 

• The employee may claim for any medical expenses that are allowable under the Income Tax Act. Click Here for the list of elligible expenses

• This is a very wide range of services that include many items which are not typically allowed under a normal group benefits plan

 

Typical client for a Health Spending Account (Private Health Services Plan)

 

• Every business owner who has an incorporated company should have one

• It is the most tax effective way to run health, dental, and vision expenses through the

     corporation

• If an employer wishes to offer benefits to other employee classes, they can create a custom plan for each class

 

Who can qualify under a Health Spending Account (Private Health Services Plan)

 

• The employer has complete control over which employees are covered under the plan and what amount they give them to spend

• The employees are "classed" at the start of the benefit term and the limits of coverage are set based on certain criteria designed by you and your broker

• The employer has complete control of which employee receives the benefit of the HSA and can add, or delete them at any time