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- Small
Incorporated Business Owner
As an employee of the corporation, MedicalTAX inc.'s Private
Health Services Plan allows the small business owner to
extract an amount equal to his/her healthcare costs without
having to include it as income, thereby saving both the
provincial and federal income tax. The same holds true
for any other employees and/or their dependents.
A PHSP can be a stand alone program or a top-up to other
insurance coverage.
Click here to see an example
at a 12% corporate tax rate
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- Large
Incorporated Business Owner
As a large business, MedicalTAX inc.'s Private Health
Services Plan allows executives and employees to have
a top-up program to cover expenses not covered by the
orgranization's current coverage plan or some organizations
use PHSP's as a complete stand alone Health Care Services
coverage.
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- Proprietorships
and Partnerships
The self-employed
individual is able to deduct from income the cost of all
health, medical and dental services (subject to a maximum)
for the individual, the individual’s spouse, and
children, ultimately reducing the out-of-pocket cost of
the service depending on the self-employed individual’s
marginal tax rate.
Amounts
are deductible to the extent of $1,500 for each individual,
their partner, and dependants who are over the age of
18, and $750 for each of the individual’s children
under 18 years of age, on an annual basis
example:
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Individual
Partner
Dependant over 18
Dependant under 18 |
$1500
$1500
$1500
$750
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Total
unit per annum |
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- Proprietorships
and Partnerships are prorated for the starting year.
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