HSAs are self-insured health plans arranged by employers for their employees residing in Canada. They provide a way that small businesses can provide tax-free health and dental benefits to their employees (and their employees' family members). This makes the HSA appear to be an extremely attractive and cost-effective way of getting and providing health and dental benefits.
However, a valid HSA plan must conform to Private Health Service Plan rules. The information below clarifies the rules on what are acceptable Health Spending Accounts.
Incorporated businesses, including shareholder employees and all other corporate employees, are eligible to participate in an HSA. Corporations with as few as one employee can be eligible as well.
In the case of unincorporated businesses or sole proprietors, the owner and their employees are eligible if the owner has at least one arm's-length employee.
If the business is a sole proprietorship with no arm's-length employees, the CRA does not conder an HSA to be a private health services plan and any costs incurred for amounts paid to this account are not deductible business expenses.
Source
HSAs are self-insured health plans arranged by employers for their employees residing in Canada. They provide a way that small businesses can provide tax-free health and dental benefits to their employees (and their employees' family members). This makes the HSA appear to be an extremely attractive and cost-effective way of getting and providing health and dental benefits.
However, a valid HSA plan must conform to Private Health Service Plan rules. The information below clarifies the rules on what are acceptable Health Spending Accounts.
Incorporated businesses, including shareholder employees and all other corporate employees, are eligible to participate in an HSA. Corporations with as few as one employee can be eligible as well.
In the case of unincorporated businesses or sole proprietors, the owner and their employees are eligible if the owner has at least one arm's-length employee.
If the business is a sole proprietorship with no arm's-length employees, the CRA does not conder an HSA to be a private health services plan and any costs incurred for amounts paid to this account are not deductible business expenses.
Source
Complaint Policy - The Basics
Health Savings Account
A Health Savings Account (HSA) is a tax-advantaged savings plan available in Canada that allows individuals to save money for healthcare expenses.
HSAs are designed to help Canadians manage their healthcare costs and save for future medical needs.
Contributions to an HSA are made with pre-tax dollars, which can result in significant tax savings.
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