The Small Business Health Plan
While corporate sponsored health plans provide employees protection from the expense of drugs, dental, vision and other healthcare, they also provide a tax-efficient form of compensation. Health plans in Canada, also called Private Health Service Plans (PHSPs), are a deductible expense to the corporation and a non‐taxable benefit to employees. This means that employees can arrange, through a PHSP, to have medical bills paid on their behalf, without attracting income tax.
Qube Whitepaper: Is There a Retirement Crisis in Canada?
2008 brought one of the sharpest declines in stock market values ever seen in the 200-year history of North American equity markets. This particular downturn also spurred a new round of analysis on the adequacy of the Canadian retirement system, addressing the growing concern that what we are dealing with is a Pension Crisis.
Eligibility of Massage Therapy in Alberta
When determining whether a medical expense is eligible for reimbursement in a Health Spending Account (HSA), the criteria is determination of acceptance under the Income Tax Act (ITA). If it is allowed by the ITA and can be claimed on the personal tax return, then it can be covered in an employer sponsored Private Health Plan (PHSP/HSA). The ITA states that payments to qualified medical practitioners are eligible, but it does not expand upon which medical professions are considered qualified.
Whitepaper: 2014 Update on Individual Pension Plans (IPPs)
A perspective that is unique to Qube is that we believe the best pension plan is one that is justified even if it only runs for a few years. Using pension legislation, it is possible to create a large deductible first-year deposit that can easily justify running the pension program for only a couple of years.