No. This is a common misconception. Medical and Health care expenses are never tax-deductible on personal taxes, but instead are eligible for a tax credit only. If your medical claims are less than 3% of your taxable income in a year, you get no credit whatsoever. Now you can choose […]
12
Oct
2011
Aren’t my Medical Expenses tax-deductible now?
24
Nov
2010
What is a health spending account
A Health Spending Account is a special type of ‘bank’ account (it’s actually a ‘Trust Account’), established under Canada Revenue Agency rules, that allows a Canadian tax payer to set aside a portion of their gross income before tax, pay no tax on this money, and then deposit the full amount into an account to be used exclusively for the family’s health care spending.
12
Oct
2011
How does a Health Spending Account work?
The company makes a contribution on behalf of an employee(s) into a Health Spending Account to be used on medical expenses incurred. It is a non-taxable benefit for the employee and a 100% business deduction for the company. Contributions are determined at the start of the program for each employee […]
12
Oct
2011
What is the advantage to opening a HSA?
Health care expenses for your family, and your dependents related by either blood or marriage, can be paid with your pre-tax income rather than only being able to use the money you have left after paying federal and provincial income taxes (which may range as high as 48%)
12
Oct
2011
How do I open an account?
Click on the ENROLL button and fill out the form. A representative will contact you to finalize and verify the information.
12
Oct
2011
How do I submit receipts?
The plan Administrator requires all original receipts along with a completed claim form. When you are requesting reimbursement for health expenses previously submitted to an insurance plan, and are requesting reimbursement for the portion they did not cover, submit the original copy of their member statement to you (the statement […]
24
Nov
2010
What Are Eligible HSA Expenses
For eligible HSA expenses, a service must be performed by a licensed medical practitioner, and items must be prescribed by a licensed medical practitioner & dispensed by a licensed medical practitioner or a pharmacist.