Canada Revenue legislation allows incorporated business owners to fully tax-deduct 100% of their healthcare costs as a business expense. This can be accomplished through a tax advantaged vehicle called a ‘Health and Welfare Trust’. The CRA insists upon a 3rd party Trustee and Administrator to adjudicate for accuracy and to comply with Federal Laws.
WHO QUALIFIES? Anyone who owns an incorporated business of any size, and their employees and dependants. There is no health questionnaire or age limit.
WHAT’S COVERED? 100% of virtually all dental and medical expenses, including crowns, dental implants, periodontics, orthodontics, laser eye surgery, fertility treatments, nursing home care, prescription drugs, naturopathic and alternative treatments (such as massage therapy, acupuncture, physiotherapy, etc.) and much more.
WHAT’S THE COST? There are no premiums. There is a one-time only set-up fee of $250, and the additional cost is a 10% administrative fee (plus applicable taxes on the administrative fee which is 5% GST in BC) on your actual expenses.
For example: Healthcare Expenses = $1,000 + 10% (+ 5% GST) = $1,105
This $1,105 is fully tax deductible
The set-up fee is also tax deductible