Health Spending Accounts

A Private Health Services Plan can help you to save on tax

If you have a corporation, whether just one employee or more, you can set up a Health Spending Account/Private Health Services Plan in order to write off medical expenses under your corporation. Some benefits of this are:

  • Up to 100% medical coverage for you and your family through your company
  • No need to take money out of your company in order to pay for medical expenses, therefore you won’t pay tax at your personal tax rate which can range from 25% to 43% in Alberta. If you don’t have a health spending account and medical has to be paid for personally, a $1,000 medical expense will cost you up to $1,755 at the highest Federal/Alberta personal  tax rate
  • With a Health Spending Acccount medical expenses become a write-off for your company, saving you up to 14% in corporate taxes. Therefore, a $1,000 medical expense will actually cost you $860 through your company. Compared to the first example above, this results in a tax savings of $895. 
  • Check out the savings calculator to see how much you can save!
  • You decide how little or how much coverage your employees will get
  • No administration fees to be paid with each claim
  • Instant online claim processing available to speed up the process and your tax savings! 

For more information or to sign up for a Health Spending Account, follow the link below.