Canada Revenue Agency (CRA) federal legislation allows business owners whether Sole Proprietorship, Partnership or Corporation to fully tax-deduct healthcare, dental and vision expenses by using a Private Health Services Plan (PHSP).
Distinct Features of a Private Health Services Plan (PHSP)
- Non-taxable benefit to owners, active shareholders, employees and dependents
- No monthly premiums, co-insurance, health questions or age limit, this is not insurance
- Qualified list of expenses is endless www.trustedadvisor.ca
- One time set up fee (tax-deductible)
- 10% administration fee on claims submitted plus applicable provincial tax only on the administration fee
With a Private Health Services Plan (PHSP) you can spend your healthcare dollars on what’s important to you. To get started, simply complete the Private Health Services Plan PHSP online application or contact June at (604) 874-4429 or Toll-free (888) 880-2266.