Health Spending Account

Taxable Benefits & Features

Canadian HSA provides a tax deductible, cost controllable, and digitally accessible health spending account for all BC small business.

Health Spending Account Taxable Benefits

Tax Deductible

Enjoy offering incentives without needing to pay the extra costs of PST/ GST, EI, CPP etc.

 

The benefit is 100% business deductible and all expenses are reimbursed tax-free to employees

Cost Controllable

Each employee classification will receive a spending account with a predetermined limit set by you per year. 

 

Any unused portions of the spending account can be rolled over to the following year.  Unused portions from the first plan year are forfeited if not used in the second year.

Digitally Accessible

24/7 access to submit claims and view the status via app on iOS & Android.

Make claims with a snap of a photo of the receipt. 

Fast turnarounds with claims that are paid electronically twice a week.

Health Spending Account Taxable Benefits:
Save 30% on Income Taxes

 

Case Study:

Dave is an incorporated small business owner. He has a child that needs braces. The cost of the dental braces is $5,000.

 

Dave first has to pay for the medical cost and then submit a claim to be reimbursed tax free by his company. The medical expense can be tax deducted as a business expense.

 

Here is the comparison for Dave before and after having a HSA. Assume 30% marginal tax.

No Plan vs HSA Plan

Dave can save $1,575 from income tax alone. 

This does not even include the PST/GST, EI or CPP. If he had an insurance plan already he can top up additional coverage with an HSA.

 

Predictable Expenses 

Without The Monthly Premiums

Traditional Plans often uses a discounted premium to attract new customers. However the premium often increases during each renewal.

How much it increases depends on the utilization rates. Some plans can increase up to 100% if the usage is high.

Case Study:

Dave is an incorporated small business owner. He has 7 employees in the company.

Traditional Group Benefits Plan vs HSA Plan

The premium increased by 20% after the first year with only moderate usage.

With HSA, the owner can set an allowance for his employees. This makes the expense predictable. The first 2 columns represents the worst case scenario with max utilization.

The best part is that the employees can freely choose what to spend their allowance on. If they only need vision or dental care they can allocate the entire amount without a category limit unlike traditional plans.

Health Spending Account Taxable Benefits:
Learn More Today

 

We are partnered with myHSA to bring you the best user experience. Though myHSA app you can get access to your account 24/7/365.

This function includes:

  • Claims paid out electronically within 2 business days

  • Fully operating mobile app

  • Live support chat

  • Fully customize to fit your company structure

  • Create graphs and chart for accounting and HR purposes

Check the videos to learn how convenient it is: