Celebrating 23 Years
MSI - Mario Schwarzenberg Insurance Services Inc.

Health Spending Account (HSA)

 … the Best Kept Secret in Canada’s Income Tax Act!

A Health Spending Account (HSA) is a CRA approved way for self-employed individuals and business owners to pay for medical, dental and vision expenses through the company.

• Converts those expenses into 100% business deductions
• You determine the contribution amount
• You determine how to spend your benefit dollars

It’s Your Money … It’s Your Choice. Spend Your HSA Dollars On Any Of The Following And Much, Much More!

Acupuncture*
Chiropractor
Crown & Bridgework
Dental Whitening
Drugs (prescribed)*
Hearing Aids
Optical Centres
Orthopedic Shoes
Podiatrist
Vein Removal
Botox Injections
Contact Lenses*
Crutches
Dentures
Eyeglasses
Laser Eye Surgery
Optician
Oxygen
Reg’d Massage Therapy
Viagra* Vitamins*
Birth Control Pills*
Contraceptive Devises*
Dental Implants
Dermatologist
Fertility Treatments
Nursing Homes
Optometris
Physiotherapist
Skin Care*
Wheelchair
Chiropodist
Dental Treatments
Drug Addiction Therapy
Hair Replacement
Ophthalmologist
Orthodontics
Psychoanalyst
Therapy Equipment
* certain restrictions apply

An HSA is a uniquely designed trust account, established to pay for your family’s health care costs. All deposits are recognized by Revenue Canada (CCRA) as 100% tax deductible for the year in which they are contributed – even if the money is not spent that year.

http://www.cra-arc.gc.ca/tx/tchncl/ncmtx/fls/s1/f1/s1-f1-c1-eng.html

If you are already spending the money, why not make it tax deductible?

You are covered for all traditional health care costs, like dental, prescription drugs and vision care.  The HSA also extends to cover the rest of your costs: family orthodontic, cosmetic and restorative dental, laser eye surgery, cosmetic surgery and even long term care costs for elderly dependents.

What if, due to accident or illness, you need more coverage than your HSA contributions? You can purchase additional HSA Insurance.