Business Owners
Private Health Services Plan: Low Cost Alternative to Group Insurance
Private Health Services Plan (PHSP)
A PHSP is a Canada Revenue Agency (CRA) approved plan which allows healthcare, dental, and vision expenses for active business owners and employees to become a tax-deductible business expense and a non-taxable benefit to employees. This list of eligible benefits is exhaustive.
A partial list of qualified expenses:
- Acupuncture
- Blood tests
- Chiropractor
- Dermatologist
- Eyeglasses
- Fertility Treatments
- Laser eye surgery
- MRI
- Naturopath
- Oral Surgery
- Prescription Medicine
- Registered Massage Therapy
This is only a partial list. All allowable expenses must qualify as outlined in the Income Tax Act.
Trusted Advisor™ is affiliated with The John Robinson Group Inc., who independently advises business owners and family businesses on a variety of critical company and financially related personal matters utilizing collaborative consulting.
To learn more, please call 604.874.4429, Toll-free 1.888.880.2266, or email us.
Who qualifies?
Anyone who owns a business of any size, employees, and dependents. No health questions or age limits. This is not insurance.
What's covered?
100% of virtually all healthcare, dental, and vision expenses. View our complete list of what's covered.
What's the cost?
One-time set-up fee plus applicable taxes. The additional cost is a 10% administration fee plus applicable taxes, depending on which province you live in.
Who uses a Private Health Services Plan?
Business owners who:
- do not qualify for group insurance or find it too expensive
- find group insurance coverage too restrictive; i.e., orthodontics, implants, vision, fertility
- large groups who have been struggling with significant cost increases each year
- have sick child or spouse
- want the front of the line treatment, out-of-country surgery
- want to write-off child support relating to healthcare, dental and vision expenses