For Business Owners
A Private Health Services Plan (PHSP) is a Canada Revenue Agency (CRA) approved plan that is an effective way for businesses to convert all healthcare and dental expenses into a fully tax deductible business expense. This tax strategy can result in significant savings for small businesses and large corporations.
Benefits of a Private Health Services Plan (PHSP):
- There are no premiums; the business only pays when a claim is submitted
- Your business funds the entire cost of the PHSP and claims a 100% tax deduction
- The cost is a fixed percentage of the claim so you know exactly how much you are paying for
- Reimbursements to employees are not taxable benefits (except in Quebec)
- Comprehensive coverage on medical, dental and vision expenses with few limits
- Employers can top-up group benefits with a PHSP
- Sole Proprietors
- Self Employed Individuals
- Active shareholders
- Spouses (including common-law)
- Children under age 21 - unless registered as a full-time student at an institute of higher learning and under age 25.
One-time set-up fee plus applicable taxes. The additional cost is 10% administration fee on all claims submitted plus applicable taxes (only paid on administration fee) depending on which province you live in.
How do I get started?
If you own a business, you can enroll in a PHSP today. Contact us to learn more.
"Donald Chu of BenefitDeck helped us reorganize our benefits platform and structured a new customized plan that: mitigated previous annual increases, lowered our costs, enhanced overall benefit levels and healthcare choices for our employees. Most importantly, it increased our employee satisfaction. Thank you Donald, for the solid advice and creative plan design."
— Don Thompson, President, Finale Editworks