If you're paying your medical expenses with your after-tax money, you're losing around $2 to $4 per day in unnecessary taxes, which cannot be recovered fully without a PreTax Health Spending Account.
The Secret Tax Benefit of PreTax Health
All of us have out-of-pocket medical expenses. Our experience shows that if you're self-employed and incorporated, you're easily paying $3000 a year out of your pocket toward your and your family's medical expenses.
If you claim this back on your personal tax return, you're likely to get back no more than $260 or so. Also, if your personal tax rate is 30%, then you actually had to be paid around $4,300 in before-tax money, in order to end up with that $3,000 in your pocket after tax, that you then used to pay for those expenses.
With your PreTax Health Spending Account, you can instead arrange to have your incorporated small business use its before-tax funds to pay an expense of $3,300 (the amount of your eligible claim plus a 10% admin fee). Why the admin fee? Because we make sure it's all legal according to Canada Revenue Agency's rules, and we check all claims for compliance.
Compared with the $4,300 your business would have paid otherwise, your business has now saved $1,000. If you pay yourself out that savings of $1,000, at a tax rate of 30%, you'll put around $700 into your pocket: substantially more than the $260-odd you would have gotten back from Canada Revenue otherwise.
Fully Automated On-Line Claims Management
Best of all, you don't have to wait for a once a year to claim: you can claim 24/7 using our simple on-line system, and manage claims based on you and your company's cash flow needs. We'll even deposit your reimbursements directly into your personal bank account, should you wish.
Ready for Growth with employer Benefits
When your small business is ready to grow, you'll already have in place the most cost-effective employee benefits program available to small companies. You'll keep saving money, while establishing a reputation for excellent employee satisfaction. Learn more.
We believe every Canadian Incorporated Business should have a PreTax Health Spending Account; that it's as much a no-brainer as having a bank account! It literally will create extra money for you out of "thin air" -- from the unnecessary taxes you're currently paying so you can get the money for health expenses you're incurring anyway. Why say no to free money? It requires no more effort on your part than simply setting up your PreTax Health Spending Account and claiming your out-of-pocket medical expenses from there -- both of which you can do within a few minutes, risk-free, right here on-line.
$1000 per year for a few minutes' effort?
All it takes, is a few minutes to set up your PreTax Health Spending Account: you can do it right now, on-line. There's no risk. It only takes a few minutes to file claims. Every day you delay, you're throwing money away.
Even more hidden money?
In many cases we can date your new PreTax Health Spending Account back by up to 24 months. You could then potentially recover those older out-of-pocket expenses too, provided you've not claimed those on your personal tax return. This is yet another reason to set up your PreTax Health Spending Account right away.