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
Who Qualifies?
  • Corporations
  • Sole Proprietors
  • Self Employed Individuals
Who's Covered?
  • Owners
  • Active shareholders
  • Employees
  • 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.
The Cost

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.