A Health Spending Account (HSA) is a unique and innovative program available to incorporated business owners across Canada providing a tax efficient structure to fund health and dental expenses for both employees and business owners alike.
It can work together with your existing insurance plan to pay for expenses not reimbursed (or partially reimbursed). Alternatively, it can be a stand-alone solution.
In any case, a HSA provides favorable flexibility and tax advantages (i.e., you can use it to pay for eligible medical, dental, and vision care expenses that aren’t covered by your health insurance plan, and it allows these expenses to be treated as a ‘business expense’ to your corporation).
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A self-employed individual who needs to provide health benefits for themselves and/or their employees
A business that wants to manage health and dental expenses in a tax advantageous way
A business that wants to keep their family and/or employees healthy and productive
A business that wants to offer employees a health and dental benefit that is flexible and adaptable to their needs
A business that may be too small to warrant a 'traditional' group benefits plan, but still wants a cost-effective way to offer health benefits to employees
Health spending accounts can be used for a wide range of health and dental expenses.
In short, an HSA enables personal health and dental expenses to be treated as legitimate business expenses. There are essentially three steps to make this happen:
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