Yes, Fertility Treatments are 100% Tax Deductible!
FACT…as a Business Owner did you know you can 100% tax-deduct all fertility treatments, medication and fees???
HOW…by enrolling your Business into a Private Health Services Plan!!!
Canada Revenue Agency (CRA) federal legislation allows business owners whether a Sole Proprietorship, Partnership or Corporation to fully tax-deduct healthcare (including fertility treatments), dental and vision expenses by using a Private Health Services Plan (PHSP).
- Non-taxable benefit to owners, active shareholders, employees and dependents
- No monthly premiums, no co-insurance, no health questions, no age limit, this is not insurance
- Qualified list of expenses is endless, see what’s covered through a Private Health Services Plan
- One time set up fee tax deductible
- 10% administration fee on claims submitted plus applicable provincial tax only on administration fee
Most business owners are unaware of this plan. Instead of filing for the small 3% medical tax credit on personal taxes, you can now receive a 100% business tax-deduction and it’s a non-taxable benefit to you as the owner!
Why do this?
Healthcare Costs $5000
(3% of net income) Deduct $1500
Available for Credit $3500
Tax Credit* $ 875
When you could be doing this?
Healthcare Costs $5000
Administration Fee (10%) $ 500
Tax-deductible total $5500
Business Tax Deduction $5500
Non-taxable benefit paid to owner $5000
Example:
Net income of $50,000 per year with family medical expenses of $5000
*Based on a combined Federal and Provincial rate of 25%
