5 HSA Myths That Stop Small Businesses From Saving Thousands
Still reimbursing health expenses through after-tax salary or bonuses?You might be overpaying $3,000–$7,000 a year—per employee. Many small business owners in Canada stick with outdated benefit practices simply because they’ve heard HSAs are “only for big companies” or “too complicated.” These myths are not only costing you money, they’re limiting what you can offer your […]
Claimable HSA Expenses for Incorporated Professionals in Canada (2025)
If you’re an incorporated professional in Canada — whether a consultant, doctor, lawyer, or small business owner — there’s a strong chance you’re overpaying in taxes without realizing it. Here’s a real-world example: A Toronto-based self-employed consultant was spending over $5,000 annually on dental, vision, and physiotherapy treatments for herself and her family. After setting […]
Maximize Tax Benefits with HSA for Incorporated Professionals
Why Incorporated Professionals Are Losing Thousands to Tax — Without Even Realizing It If you’re running your own corporation as a doctor, consultant, or lawyer in Canada, chances are you’ve been giving yourself a bonus or dividend at year-end to reward your hard work. But here’s the shocker: a big chunk of that money vanishes […]
Step-by-Step Guide to Opening a Health Spending Account in Canada
In today’s competitive business landscape, offering health benefits can be a challenge—especially for small businesses and incorporated professionals. Traditional group insurance plans often come with high premiums, rigid structures, and limited flexibility. That’s where a Health Spending Account (HSA) steps in as a smarter, tax-efficient alternative. An HSA in Canada allows incorporated business owners to […]
How Health Spending Accounts Work in Canada
In a time when Canadian businesses are seeking smarter, more flexible ways to manage employee health benefits, Health Spending Accounts (HSAs) are gaining significant traction—especially among incorporated professionals and small business owners. As traditional group insurance plans continue to rise in cost and complexity, HSAs offer a tax-efficient, CRA-compliant alternative that puts control back into […]
Discover HSA Plans in Canada and Their Employee Benefits
Health Spending Accounts (HSAs) are becoming an increasingly popular choice for Canadian business owners seeking flexible, tax-efficient health benefits. Designed as a CRA-approved way to reimburse medical expenses, HSAs offer a modern alternative to traditional group insurance — especially for incorporated professionals and small businesses. In recent years, the demand for HSAs has grown as […]
Understanding the Difference Between Canadian and U.S. HSAs
Why are Health Spending Accounts (HSAs) in Canada so different from those in the United States? It’s a common question for business owners, expats, and anyone working across borders. In Canada, HSAs are employer-funded plans designed strictly for reimbursing eligible medical expenses, and they must comply with guidelines set by the Canada Revenue Agency (CRA). […]
Understand Health Spending Accounts in Canada: Benefits & How They Work
Are you an incorporated professional or small business owner in Canada looking for a smarter way to manage healthcare costs while reducing your tax burden? A Health Spending Account (HSA) Canada might be the answer you’ve been looking for. An HSA is a tax-effective alternative to traditional health insurance, allowing businesses to reimburse employees or […]
7 Powerful Facts About Medical Savings Accounts (HSA) in Canada You Can’t Ignore
What Is a Medical Savings Account? A Medical Savings Account (MSA) is a type of financial account designed to help individuals save money for qualified medical expenses. These accounts are commonly seen in countries like the United States, where individuals can contribute pre-tax dollars to cover out-of-pocket healthcare costs such as dental, vision, prescriptions, and […]
