Find Tax Savings with a Health Spending Account

With tax time approaching, we wanted to review the tax reasons for setting up a Health Spending Account.

Also known as HSAs or Private Health Services Plans (PHSP), these accounts provide a way to pay for medical, dental, and vision expenses that is tax-effective and simple.


Incorporated Business Owners: If you have active business income in your corporation, an HSA can be used to withdraw money from your corporation tax-free.


  • The expenses you incur and then claim through your HSA become 100% deductible to your business.

  • Incorporated business owners can take advantage of the tax benefits of HSAs not only for themselves, but also for their employees.

  • HSAs can be used to compliment an insured health and dental program, which likely does not cover 100% of every expense.

  • No set up fees

  • No ongoing fees – only pay a 10% administration fee when you use the plan

  • No need to pre-fund the plan

Contact Vital Partners for easy enrolment today. For more information, visit https://www.vitalpartnersinc.com/health-spending-accounts.