No Annual Fee! Setting Up An HSA Account Now & Making the First Claim
What's Health Spending Account?
An Alternative, Flexible & Tax Saving Benefits for
Incorporated Professionals & Small Business
Health Spending Account (HSA) is a Canada Revenue Agency (CRA) approved method to provide medical,
dental and vision benefits in a tax efficient manner. The reimbursement is 100% TAX FREE to the employee and 100% TAX DEDUCTIBLE for the employer. It works very differently than traditional group insurance plan or individual health and dental insurance programs in that there are no ongoing monthly premium payments required. With this plan, you pay your claim as you go.
Additionally, other less conventional expenses that would not typically be covered under a traditional insurance plan may be covered under HSA such as Laser Eye Surgery, Nursing Home Care, Speech Therapist, Orthodontic Services, Insulin Treatment, etc.
What're the Benefits?
How Does It Work?
Easy to set up, easy to use
Setup HSA Plan for the corporation and the employee(s)
Pay medical expense(s) by the employee
⦁ Employee visits a Medical Practitioner
⦁ Employee pays for medical expense
Submit claim(s) by the employee
Reimburse the money to employee via EFTs as tax-free benefit
⦁ HSA processes the claim & reimbuses the employee via EFTs
⦁ The corporation receives annual statement to claim 100% of the costs related to its HSA
Do I Qualify for An HSA?
You must meet the following criteria to qualify
1. Own a Canadian incorporated business
⦁ No limits on how many employees can be on the plan, even if just yourself.
2. Receive T4 Income
3. Want to save on medical expenses
An HSA works by converting out of pocket, after tax personal medical expenses into a before tax business expense. The savings are created by effectively writing off your medical expenses through your corporation.
How Does an HSA Save My Money?
Cost Comparison: After Tax (no HSA) vs Before Tax (HSA)
No HSA Plan
What Medical Claims Are Eligible?
What Our Clients Say About Us
What's the Investment to Set Up an HSA?
That's it, start savings with an HSA
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