Health Spending Account (HSA)
An Efficient Alternative for Business Owners ( Incorporated )
Flexible benefits, Increased Tax savings
What Is HSA?
Using guidelines outlined by CRA (Canada Revenue Agency), HSA is a plan that facilitates incorporated businesses and unincorporated businesses with arms length employees in paying their health and dental expenses in a tax-effective and cost-efficient manner.
HSA works very differently than traditional group or individual health and dental insurance programs in that there are NO ongoing premium payments required.
Eligibility Requirement:
AKA
Using guidelines outlined by CRA (Canada Revenue Agency), HSA is a plan that facilitates incorporated businesses and unincorporated businesses with arms length employees in paying their health and dental expenses in a tax-effective and cost-efficient manner.
HSA works very differently than traditional group or individual health and dental insurance programs in that there are NO ongoing premium payments required.
Eligibility Requirement:
- If you operate a business, is self employed or an independent contractor with arms-length employees**, you may be eligible.
- Your business must be main source of revenue.
AKA
- Corporation- 1 life minimum
- Unincorporated - 1 life + arms-length employee**
Benefits to Employer:
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Benefits to Employee:
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