Canada Revenue Agency
Private Health Spending Account
Take control of your Employee Benefits to MINIMIZE the tax you are required to pay ! Complete the form on the right choose the amount to fund each employee along with the fees and we will take care of the rest with our full service administrative service.
What is a Private Health Spending Account
The Private Health Services Plan { PHSP / HSA } was implemented under the Canada Revenue Agency income tax act { IT-339-R2 } Allowing businesses to provide a cost-effective option to providing health care benefits for business owners, their employees and dependents tax-free.
Both the Employer and the Employee can contribute funds to this account to pay for a number of medically related expenses including the premiums of other providers such as sunlife, manulife, blue cross & so forth. TAX-FREE
A complete list of eligible expenses is provided . The Canada Revenue Agency requires the Employer to sign a contract with a PHSP / HSA administrative provider agreeing to pay the medical expenses + administrative fees in order to take advantage of the tax-free business deduction.
Advantages to Elite Employment Benefits
- 100 % Tax deductible
- No monthly premiums
- Confidential Claims Processing
- Canada Revenue Agency Support
- Flexible and Affordable Coverage
- Payment Options Available
- 100 % Confidentiality / Security
- Certified Professional w / CRA
What Are The Fees ?
The enrollment fee with Elite Employment Benefit Plan is 10% + is an annual fee of $295.00
Traditional Insurance Plans
Typically traditional insurance plans have limits in place for different types of services so much for dental, optical, and so forth ( In some cased the traditional benefit package isn’t as beneficial to some employees that don’t require dental or optical care – but frequently visit other medical services ) We encourage you to keep the traditional plans especially if they include things like long and short term disability & life insurance.
The Elite Employment Benefits Plan is a great way to pay for those plans tax-free and allows you to pay for overages on coverage limits.
Elite Business Services Ltd. Specializes in audits, reviews and objections and because we are accountants we can provide you with the support you need when you need it by dealing with the Canada Revenue Agency on your behalf. Contact Us if you need assistance. 780 542-5050