(tax-free spending account)
An HSA (Private Health Services Plan) is a Canada Revenue Agency approved method to provide medical, dental and vision benefits in a tax efficient manner. A corporation can write off 100% of the costs related to its HSA. All expenses reimbursed are tax-free to the employees. If an employer does not have a traditional benefits plan, an HSA can be used to provide a complete range of coverage including medical, dental, and vision benefits to employees who otherwise could not get employer sponsored benefits. If an employer has a traditional insured group benefits plan, an HSA can be used to “carve out” infrequently used coverage such as orthodontics or vision care and make these types of benefits available in a Health Spending Account.
Read more about the different spending accounts we offer below to help you pick the right spending account for your client's needs:
A taxable spending account provided by employers to promote healthier lifestyles and employee satisfaction. A WSA will typically encompass what the company believes are items that reward and incentivize their staff.
myFlex Plan allows an employee to select from the list of available options the benefits that best suit the employee’s needs based on their stage of life, and allocate their funds accordingly.
Inside the myDefined plan, the employer can drill down to the sub-item level and completely customize the non-taxable and taxable lists with category limits and yearly caps. myDefined also allows the option to allow funds pooled or per individual family member.