Insurance Explained

Healthcare Spending Account

A Healthcare Spending Account (HSA) is an alternative to a traditional group insurance plan for both incorporated and non-incorporated business owners.

An HSA provides a flexible cost-effective way to provide health and dental benefits for you and your family as well as your employees.

Product Attributes

  • Contributions the business makes to the HSA are tax-deductible.
  • There is no contribution limit to a HSA for employees of a corporation. *
  • There are no tax implications for employees (i.e., employees are reimbursed for eligible expenses tax-free).
  • No monthly premiums or annual fees.

Click here to apply for a Healthcare Spending Account

*Canada Revenue Agency (CRA) states that these amounts should be reasonable. We recommend you consult your accountant regarding the tax implications of a HSA for you and your business.