Canadian Health Spending Accounts
Retaining as much of our pretax dollars as possible is important in today’s economy. A Canadian Health Spending Account http://www.chsa.ca allows taxpayers to set aside a portion of their gross income *before taxes and save for unexpected healthcare costs.
“The simplicity of these accounts, and the way our Canadian tax structure works, guarantees that setting up a Health Spending Account will be a big benefit to anyone that has a taxable income in excess of $40,000 and spends any of their “personal”
The funds placed in a Health Spending Account (HSA) are taken from gross pay and you’re not taxed on that money. Funds go directly to the HSA to be used for any number of health-related services, from health insurance co-pays and glasses to nursing home costs and cosmetic surgery. All the health expenses now paid for with after tax dollars can be structured into a 100 percent tax-deductible expense by utilizing a HSA account. You’re in control and set the amount that you want placed in the HSA.
Accounts vary slightly, depending on the employment of the individuals concerned and whether participants are covered by a Group Health Benefits Plan. The website contains an online questionnaire that can be used to answer how an HSA will work in a given set of circumstances. Just answer four questions to receive situation specific answers to your questions. A list of frequently asked questions is also maintained. If you don’t see the answer to your question listed, you can email the site for the answer.
The site offers a handy reference guide to covered services, treatments and medical equipment. There’s also a list of practioners, listed by type in each province and territory, who are authorized for the purposes of claiming medical expenses.
If you’re still not sure if a Health Spending Account is right for you or you’d like more information, you can obtain a free HSA report through the website. A calculator is provided on the site to find out how much a HSA can save you each year. A business trust agreement and an employee enrollment form can be downloaded from the website.
It makes sense to examine all the options available when it comes to healthcare. It’s your money after all, and you know better than anyone how your healthcare dollars can be best utilized. The free a Health Spending Account report can answer the questions you have and help you make the decision that’s right for you and your family.
For more information, and to obtain your free personal report, visit the website at http://www.chsa.ca.
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