Private Health Services Plan
You qualify if you are a corporation or a limited company, and if you pay taxes and you have medical and/or dental bills. The size of the business is not important. You could be the sole owner and employee or you could have many employees. If you already have an employee benefits plan [group insurance], you are probably facing rising employee benefits costs combined with more restrictive group benefit contract wording. With a Private Health Services Plan/Health & Welfare Trust, corporations can take advantage of a new approach that could save up to 30% on group insurance costs while at the same time providing increased flexibility and control. It is recommended that BIZFLEX PLUS be included in your PHSP/HWT.
If you are an individual doing business, paying taxes and have medical or dental bills, you will be allowed to deduct amounts paid for a PHSP in computing business income up to certain limits. To qualify for this tax deduction, the following conditions must be met:
The individual must be actively engaged alone or as a partner in business.
Self-employment must be the individual's primary source of income in the year [over 50%] or income from other sources cannot exceed $10,000.00.
Equivalent PHSP coverage must be extended to all full-time arms length employees (this normally means non-family members.)
Health & Dental expenses will be deductible to a maximum of $1,500.00 for each individual and spouse, and $750.00 per dependent child up to the age of 18.
An element of insurance must be part of your PHSP. This requirement is covered with the use of BIZFLEX PLUS coverage.
15310 Pacific Avenue
White Rock, British Columbia, Canada V4B 1P9
Tel: (604) 535-2404
Toll Free Canada: 1-800-667-8818
Web site: http://www.aftertaxes.ca
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