As a Canadian small business owner, whether you’re a sole proprietor or have one hundred or more employees, you can convert your family’s personal health expenses into tax deductible business expenses, and you can even cover your employees and their immediate family too.
It’s called a Private Health Services Plan or PHSP.
With a PHSP you can save hundreds or even thousands of dollars on: Prescription Drugs, Dental Care, Vision Care, Physiotherapy, and more.
Qualifying for a Private Health Services Plan is simple.
Ask yourself these simple questions:
If you answered “Yes” to any or all of the questions above, then you are an excellent participant for a Private Health Services Plan.
With a Private Health Services Plan you can claim a wide range of eligible expenses including:
In addition, with a PHSP you can garner additional savings when an employee is covered under a pre-existing spousal plan because a PHSP calls outside the coordination of benefits rule. This means all expenses for your employee and their dependents would be submitted under the spousal plan first, and any remaining balance can then be submitted through the PHSP process.
A Private Health Services Plan (PHSP) allows you to pay for 100% of your medical and related health expenses through your business (as opposed to incurring them solely as a personal cost). This means you are able to significantly reduce your tax burden by deducting 100% of your medical costs.
Additionally, you save money by avoiding high premiums associated with traditional health insurance. With a PHSP you only ever pay when you submit a claim. There are no hidden costs or annual fees.
By eliminating expensive deductible and co-payments you save money and aren’t strapped with products and services you don’t need or use.
Below is an example of a savings comparison between a medical expense paid personally vs. through your business. Let’s assume your corporate tax rate is 15% and personal tax rate is 43% and let’s also assume you have a medical expense of $1000.00
Our fee structure is simple and affordable – all you pay is a one-time registration fee of $75.00, and a 5% administration fee on submitted claims.
There are no monthly or annual premiums to pay. No hidden fees.
The PHSP is used only when health related expenses are incurred, and you never pay for coverage you do not use or need.
Registration is simple. You can click below to open our registration form or you can click here to download the registration form and email it back to us to email@example.com
If you are an existing AVFS bookkeeping client, the registration fee is waived.
We would love to see how we can help you save your hard earned money!
37 Cranberry Avenue SE