Health Spending Account
The only CRA-approved manner to pay medical bills from your company
Approved medical expenses are a 100% write-off and are non-taxable as a benefit
Are you the owner of an incorporated company?
Are you self-employed?
Do you have employees?
Do you want your business to pay your (and your employees) medical bills?
Do you want your business to write off your medical bills?
If you answered Yes to any of these questions, a Private Health Spending Account (HSA) may be right for you.
An HSA is the only legal way that you can take pre-tax money out of your business and give it to yourself or to your employees tax free. In fact, it is cheaper to have an HSA than not to have one.
Options available to you with HSA
Wellness spending accounts
- Gym/yoga memberships
- Child care
- Dog walker
- Sports equipment
- RSP/TFSA deposits
- Charitable Giving
The list is completely flexible and can be a part of your hiring and recruitment process. You can choose benefits that align with your company’s vision.
Additional options: Life, critical illness, travel, executive medical and personal health insurance, health benefit top ups, etc.