Healthcare Spending Accounts (HSA)

Healthcare Spending Accounts (HSA)…

HSA’s allow you to expense your medical and dentals costs (for you and your employees) through your company. These types of plans are available to Sole Proprietors, and Incorporated businesses.

How would you like a plan that has NO start up fees? Only “pay as you go”.

According to the CRA (Canada Revenue Agency) they have stated that if your medical and dental benefits are administered through a third party arms-length administrator, they can be 100% tax deductible to your business; sole proprietor or incorporated business. These benefits are also not a taxable benefit to you or your employees like traditional group benefit plans. That is a huge advantage.

For example, if your earned income in 2010 was $55,000 and you spent $2,000 in medical and dental costs, an HSA could have saved you $741.18.

To find out more about this type of plan and how to save money, please call us today!