How Small Business in Canada Can Take Advantage Of Health Spending Accounts
A Health Spending Account (HSA) is an affordable and unique way for Canadian small business owners to reduce their medical expenses. Please keep reading if you’re wondering “How does a Health Spending Account work for small business?” What’s a Health Spending Account? A HSA is an affordable alternative to conventional health insurance. In simple terms, health & dental benefits provided via this plan are 100 percent tax deductible to the employer and obtained 100 percent tax free by the employee. There’re no premiums, deductibles, hidden fees, or complicated policies. How Does A HSA work? A HSA can be reckoned from two different point of views: as a small business owner with workforce (arm’s length employees) where you’re giving a worker benefit or as an incorporated individual where you’re paying for your personal medical expenditures. For an explanation of each perspective see below. A business with arm’s length employees: Do you own a small business...