Private Health Services Plan (PHSP)

PHSP's in the news!

A Private Health Services Plan or PHSP is an approved CRA (Canada Revenue Agency) method for self employed Canadian business people "to tax deduct 100% of their medical, health and dental expenses." These expenses can be tax deductible from the gross business income.

Section 248(1) of the Income Tax Act "private health services plan" means:

(a) a contract of insurance in respect of hospital expenses, medical expenses or any combination of such expenses, or
(b) a medical care insurance plan or hospital care insurance plan or any combination of such plans

Benefits of a PHSP

Many companies, small businesses, self employed and sole proprietors overlook the benefits of a PHSP, and are missing out on significant tax savings!

Plus:

Medical and dental benefits offered by the employer through a PHSP to an employee are tax-free to the employee while tax-deductible to the employer. A PHSP is an innovative and legal way to tax-deduct money spent on healthcare and dental services. It can be used on its own, or in combination with group insurance coverage. With today's rising healthcare costs, coupled with the aging population, PHSP is an ideal way to increase tax-deductibility, customize benefits, and lower operating costs.

Features:

• No monthly premiums
• No health questions or qualification requirement
• Coverage begins immediately
• Traditional and alternative health care services are covered
• 100% deduction for employers
• Tax-free benefit for employees
• Savings from 25 to 40% on group benefit costs

Further Reading

See related Canada Revenue Agency (CRA) documents at www.cra-arc.gc.ca/

Canada Revenue Agency (formerly Revenue Canada), insists upon a 3rd Party Trustee and Administrator to adjudicate for accuracy and compliance.

CMP Administrators

Coast to Coast Provinces Plan is pleased to announce CMP - Canadian Medical Plans Inc. as our new third (3rd.) party Administrator.

CMP Administrators Inc.
7 - 20378 Fraser Highway
Langley, BC V3A 4G1
Phone: 1-866-939-2294

CMP is highly regarded for providing quality service in the industry.

CMP in conjunction with ESORSE will provide effective and efficient responses for claim procedures. CMP can make direct deposits and ESORSE will provide the Pay Direct Cards.

Coast to Coast Provinces Plan and our Benefit Providers
are Federally Registered and Provincially Licensed

Contact us today for assistance with this or any of our insurance packages or submit a request for a free quote.