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HEALTH SPENDING ACCOUNTS (HSA)

A Flexible, Tax-Efficient Way to Cover Medical Expenses

A Health Spending Account (HSA) allows business owners to pay for medical expenses through their corporation in a highly tax-efficient way. Instead of paying out-of-pocket with after-tax dollars, eligible expenses are paid through the business and reimbursed to you tax-free. For incorporated professionals, this is often one of the most efficient ways to manage healthcare costs. An HSA can be used on its own or alongside a traditional benefits plan.

Book a call to see how you can turn personal medical expenses into a 100% tax-deductible business expense—with tax-free reimbursements.

How Does a Health Spending Account Work?

A simple, step-by-step process that allows you to pay for medical expenses using corporate dollars.

Step-by-Step Flow

1. Set Up Your HSA

Create your Health Spending Account and determine your annual allocation.

2. Pay for the Expense

Pay for your medical expense as you normally would.

3. Submit Your Claim

Submit the receipt online or through the mobile app.

4. Claim Is Reviewed

The claim is adjudicated to ensure it qualifies as an eligible medical expense. (important for CRA compliance).

5. Funds Are Pulled from the Business

Once approved, the system automatically processes the expense through the business.

6. You’re Reimbursed

You (or your employee) are reimbursed directly, typically within a couple business days.

7. Tax-Free Benefit

The reimbursement is received 100% tax-free personally.

8. Corporate Tax Deduction

The business receives a 100% tax deduction for the expense.

This process creates a more efficient way to pay for expenses that would otherwise be paid personally with after-tax income.

From Planning to Execution

Being an Independent Insurance Broker, we make it easy for you to find the best company and the best rate for your situation. You can trust that we work for you – not the insurance company.

We would love to discuss your lifestyle and insurance needs.

No high pressure sales tactics. We simply educate you on making the best decision for you. We proudly serve Ontario, Alberta, and British Columbia.

We have adopted a proven systematic approach to working with clients virtually, which allows us to get to know our clients and help them make an informed decision on what insurance solution is best for them.

Contact Us Today