Canadian Businesses can setup their own custom health and dental plan for 100% flexible health and dental benefit coverage to achieve significant Canadian small business tax savings
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Canadian Businesses can setup their own custom health and dental plan for 100% flexible health and dental benefit coverage to achieve significant Canadian small business tax savings
Canadian Businesses can setup their own custom health and dental plan for 100% flexible health and dental benefit coverage to achieve significant Canadian small business tax savings
Canadian Businesses can setup their own custom health and dental plan for 100% flexible health and dental benefit coverage to achieve significant Canadian small business tax savings
 

Result With No PHSP

Without a PHSP in place, it will cost you $3,279 in before-tax income to pay for a $2,000 after-tax health services expense. or 64% more than the health services expense!

A $2,000 health services expense has cost you $1,279 more in pre-tax income!
 

Result With PHSP

Your company pays the health services expense plus 10% (plus GST) to HealthSAVE Inc. Your company can now write off the full cost of $2,200 at a 15% tax rate, your company will save $330 in taxes.

HealthSAVE Inc. reimburses you for the health expense (or pays your fee directly to the service provider) CRA allows this to be paid to you tax free.

Bottom line: The health services expense, in before-tax dollars, costs you and your company only $2,200 - 330 = $1,870! The benefit is tax-free.
 

TOTAL SAVINGS

YOUR SAVINGS after-tax: Personal Tax Savings: $1,279 Corporate Tax Savings: $330

YOUR TOTAL SAVINGS: $1,609
 
   
Canadian Businesses can setup their own custom health and dental plan for 100% flexible health and dental benefit coverage to achieve significant Canadian small business tax savings
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