Client Case Study

Lawyer at a Prestigious Law Firm

Ontario, Canada

Incorporated Professional

Cancer Survivor
Annual Income
$180,000+
Marginal Tax Rate
~50%

The Situation

Medical Need As a cancer survivor, the client stored semen for future IVF. Now pursuing fertility treatment with significant out-of-pocket costs.
Insurance Gap Has insurance coverage, but IVF procedures are not covered. Must pay for fertility treatments personally.
22
Claims Submitted
17
Claims Approved
$27,920.99
Total Approved
How should he pay for IVF & medical expenses?
Without HSA
↓
IVF & Medical Expenses
$27,920.99
Eligible medical expenses not covered by insurance
↓
Tax Drag
At ~50% marginal rate, paying personally requires nearly double the gross income
↓
Gross Income Required
$55,841.98
Must earn this much in billable work just to have $27,920 after tax
↓
The Reality
• Uses fully taxed personal dollars
• No corporate deduction
• Pays almost double
• Very high cost burden
"I'm paying double for something medically essential."
With Wellbytes HSA
↓
Same Expenses via HSA
$27,920.99
22 claims submitted, 17 approved through compliant HSA process
↓
Easy HSA Setup
• Setup takes minutes
• Bank account connected
• Claim for self & dependents
• All PHSP rules followed
↓
Total Corporate Cost
$31,288.09
Claims Reimbursed$27,920.99
Admin Fee (>$10K tier)$500.00
HST on Admin Fee$65.00
Premium Tax (2%)$568.42
CRA RST (8%)$2,233.68
Total Outflow$31,288.09
↓
The Win
• Receives $27,920.99 tax-free
• 100% deductible expense
• No payroll tax
• No taxable benefit
"IVF became financially manageable."

The Bottom Line

Without HSA

  • $27,920.99 medical expenses
  • $55,841.98 gross income required
  • Pays almost double
  • No corporate deduction
  • Major tax drag

With Wellbytes HSA

  • $27,920.99 reimbursed tax-free
  • Corporation pays $31,288.09
  • 100% deductible expense
  • Smooth claims process
  • IVF financially manageable
Total Tax Savings $24,552.89 Kept in his pocket, not the CRA's
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