What is a Health Spending Account?
How can a Health Spending Account (HSA) benefit an incorporated individual? How much can I save? How can I get started today?
What is a Health Spending Account?
For incorporated individuals, a Health Spending Account (HSA) is an amazing way to save money. It lets you use funds from your corporation to pay for your medical expenses.
When you set up an HSA, your business makes contributions to an account for your personal use. These contributions are a 100% tax-deductible business expense. You’ll then receive the funds tax-free to be used for any CRA-eligible medical expense.
How Much can I Save with an HSA?
Business owners and incorporated professionals can save using a HSA. For instance, say an individual is earning $90,000 annually in taxable income and has annual medical expenses of $5000.00.
Using a HSA can result in personal tax savings of $1,615.94 each year.
Want to find out how much you can save using a HSA? Click below to get access to our calculator.
Use Our Calculator
Use our free calculator to see how much you could save by using a Health Spending Account.
Simply enter in your details and the calculator will automatically update to reflect how much you can expect to save in personal taxes each year by using an HSA.
What are some of the benefits of an Health Spending Account?
When you set up a HSA, your business makes contributions to an account for your personal use. Using a HSA for your medical expenses means you:
Save money by paying less taxes from your business
Have flexibility to cover the expenses you want
Can cover not only yourself but your dependents too
Aren’t paying out of pocket for copays or deductibles
Why Choose Us
Are you looking for trusted wealth management advice? Are you looking to work with an industry expert who brings a personal, transparent approach to your case? Not only do we have more than 20 years of experience in this often confusing industry, but we also help to educate our clients every step of the way no matter what management services they require. We build, plan, and guide our clients as honestly and as professionally as possible whether they’re a multi-generational family or business owner.
We’d Love To Hear From You
Our office is located in Burlington, Ontario, but we gladly help clients around the GTA as well. If you’re looking for a wealth manager or just require a complimentary second opinion, we look forward to hearing from you and helping you achieve your short or long-term financial goals.