HEALTH SPENDING ACCOUNT

A Health Spending Account is like a bank account available to each employee, funded by the corporation, that can be used towards eligible medical, dental, and vision expenses.

The best part is that the corporation can write off 100% of the costs associated with the Health Spending Account, and reimbursement payments to employees are tax free for eligible expenses.

The amount made available to employees is determined by the corporation, and amounts can vary by employee class.

A list of eligible expenses can be found on the Canada Revenue Agency website.