Health Spending Accounts

Check Your Eligibility

Disclaimer: The information provided herein is intended for general informational purposes only and should not be construed as legal or financial advice. Business owners are strongly encouraged to consult with their tax accountant or other qualified financial advisors to obtain personalized advice tailored to their specific circumstances.

Tax laws and regulations are complex and frequently change, which can affect your business's tax obligations and financial strategies. Working with a tax accountant will ensure that you receive expert guidance, enabling you to navigate these intricacies effectively and avoid potential pitfalls.

Every business is unique, and the financial decisions you make may have significant implications for your company's operations and future growth. Therefore, it is essential to engage with professionals who can provide you with the most accurate and relevant information.

Please remember that any reliance you place on the information provided is strictly at your own risk. We strongly encourage seeking professional advice to ensure compliance and optimal financial outcomes for your business.

FAQs

Who qualifies?

Businesses with incorporated status and T4 income payers qualify.

How many employees?

Please enter the total number of employees on your intake form.

What is a health spending account?

A health spending account lets businesses reimburse employees tax-free for eligible medical expenses.

Fill out the form with your company details and contact information.

How do I apply?

Who to contact?

Reach out to us via the contact details provided on the landing page.

A Health Spending Account (HSA) in Canada is a type of benefit that employers provide to help cover their employees' medical expenses.

Think of it as a personal account funded by your employer specifically for healthcare costs that may not be covered by traditional health insurance.

A Health Spending Account is essentially a flexible benefits plan that allows employees to use allocated funds for out-of-pocket medical expenses.

1. Employer Contribution: Your employer sets aside a certain amount of money each year for your HSA. This amount can vary from one company to another.

2. Reimbursement Process: As an employee, you cover your eligible medical expenses upfront. After you pay, you submit a claim to your employer’s HSA program for reimbursement.

3. Tax Benefits: One of the key advantages of HSAs is that the money contributed by your employer is not considered taxable income. This means you benefit from the funds without having to pay taxes on that amount.

Flexibility: Unlike traditional health insurance, which may have predetermined benefits and limits, HSAs allow employees to choose how to spend their money based on their own unique health needs. -

No Premiums: Employees typically do not have to pay monthly premiums for HSAs, which can save money throughout the year. - Funding Carry-Over: Many HSAs allow unused funds to roll over from one year to the next, giving employees more freedom to manage their healthcare expenses over time. -

Easy Claims Process: Submitting claims for reimbursement is usually straightforward, requiring just a receipt and a simple form to be filled out.