Lifestyle Spending Accounts

Support for your employees so they can proactively and holistically manage their personal health and well-being.
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What is lifestyle spending account?

A Lifestyle Spending Account (LSA) is designed to offer employees an ultra-flexible benefit they can use as they wish, so long as it emphasizes health and/or wellness.

For example; fitness services and equipment, nutritional supplements, family leisure, personal and professional development, or work/life balance services.

Lifestyle Spending Accounts go by a few other names including; Wellness Spending Account and Personal Spending Account (PSA).

An LSA is a good fit for businesses that:

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Wish to promote a holistic view of health amongst employees.

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Want to attract and retain employees.

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Wants a healthy, happy, productive and engaged workforce.

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Wants to offer employees a benefit that is flexible and adaptable to their needs.

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Want to be able to offer employees 'more' than the standard benefits and health spending account.

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What types of expenses can a lifestyle spending account (LSA) be used for?

Lifestyle spending accounts can be used for a wide range of expenses.
Here are some popular ones. Custom categories can be created as needed.

  • Fitness and Recreation: Gym membership, fitness classes, recreational activities, sports equipment
  • Family Leisure: Leisure activities outside the home including going to the zoo, amusement parks, museum passes, bowling and much more.
  • Extended Health: Services that support health like weight loss programs, visiting alternative practitioners (Shiatsu, Herbalist), blood pressure monitors, holistic healing.
  • Transportation: Costs to get to work including public transit passes and parking passes.
  • Professional Development: Continuous learning with education courses, hobby classes, conferences, tuition fees (including books and supplies).

Health Spending Account vs Lifestyle Spending Account - what's the difference?

Health Spending Account (HSA):

A Health Spending Account (HSA) is an excellent way for a business to help employees pay for health and dental expenses. HSA is oriented more so towards services performed by 'licensed' healthcare practitioners and pharmacy.

HSA expenses are tax-deductible to the corporation and a tax-free benefit to employees.

Lifestyle Spending Account (LSA):

As the name implies, a Lifestyle Spending Account (LSA) is a way for a business to help employees pay for lifestyle oriented expenses that are more proactive in nature and promote well-being.

LSA expenses are tax-deductible to the corporation (business expense) and are a taxable benefit to employees (i.e. treated as if it were income from a tax perspective).

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