ARITHMETICS OF DIVORCE 403-830-6117
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 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:
  • 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**
  **Arms Length employee is one that is unrelated to the sole proprietor
Benefits to Employer:
  • Able to deduct eligible medical expenses*
  • Higher Deduction limits than most plans
  • Total control over plan costs
  • Can supplement current plan
  • Employee retention
  • Large list of Eligible expenses ( IT-519R2)
Benefits to Employee:
  • YOU decide how to spend the benefit amount
  • No underwriting
  • More eligible expenses than traditional plan
  • Benefits are non-taxable*
  • Up to 100% reimbursement of receipt 
Disclaimer
Contact 
Services
This information is provided for general information purposes only. It does not constitute professional advice and does not create a advisor-client relationship. Please consult  a Certified Financial Planner about your specific needs before taking any action.  insurance products and services are provided by Alia Turkunova-Rausch. 
Copyright © 2021 ATR . All rights reserved
  • HOMe
    • About Alia
  • DIVORCE / MEDIATION
    • Cohabitation Agreements/Marriage Contracts
    • Divorce Options
    • Matrimonial Property
    • Child Support
    • Spousal Support
    • MEDIATION / CFDS
    • FAQ
  • Financial Services
    • Financial Planning
    • RESP
    • Life Insurance for "Visitors to Canada"
    • Travel Insurance
    • Loan Insurance
    • Mortgage Insurance vs Term
    • Health Spending Account >
      • What is Covered?
    • Videos
  • Commissioner For Oaths
  • Contact 403-830-6117
    • Disclaimer
  • RU
    • Страхование Жизни
    • Инвестиции