HSA In A Corporation: A Better Way To Pay For Medical Expenses?

Whether it’s you as a shareholder employee or your regular employees, you have 2 options to pay for the medical expenses incurred:

• Get paid via payroll, pay for the medical expenses personally and claim the Medical Expense Tax Credit on your Personal tax return; OR

• Pay for medical expenses through an HSA in your Corporation.

In this in-depth blog post we cover:

• What is a Health Spending Account?

• Who can use HSAs?

• What can employees use HSAs for?

• A Numerical Scenario Comparison between the 2 options where HSA method came out 22% ahead!

• Tax Benefits for Employees and Employers

• Important CRA Guidelines and Compliance

• …and more!

So let’s dive in and click on the link above to read the full blog post on our website.

Thank You For Reading. See You Next Time!

Think Team🙏