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Is the Registered Health Spending Account right for you?

CANADA'S BEST SMALL BUSINESS TAX TIP

Are you thinking of bariatric surgery but wondering if there is any financial help available for your procedure? Depending on your employment situation, there may be, with the Registered Health Spending Account (RHSA).

The RHSA is a government-approved account that enables your small business to pay all healthcare costs for you and your family as Healthcare Benefit Compensation with no payroll or income tax deducted.

Health care spending accounts are one of Canada’s best kept tax secrets. Health care spending accounts allow business owners to take money out of their company tax free to pay for everyday medical expenses such as going to the dentist or paying for prescription drugs, as well as some treatments and services.

 The Canada Revenue Agency has specific rules around health spending accounts and how they are treated. The Registered Health Spending Account folks have created a white paper, “Canada’s Best Small Business Tax Tip” to help accountants, planners and business owners understand the tax free way to take money out of a business for healthcare coverage.

As your financial planner or accountant if the RHSA is right for you when you are considering bariatric surgery. For more details, visit http://www.myrhsa.com/cra-information-for-accountants-and-financial-planners

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