Health Spending Account

Health Spending Accounts (HSA, French: comptes gestion-santé) are self-insured Private Health Services Plan (PHSP) benefits arranged by employers for their employees residing in Canada.[1]

HSAs can be utilized to supplement insured PHSP, or implemented as "stand-alone" plans instead of insured PHSP. Private PHSP (which may take the form of HSA) may form part of a Health and Welfare Trust (see IT-85R2)[2] or flexible employee benefit program (see IT-529).[3]

Eligible expenses

Eligible expenses are medical expenses which would otherwise qualify as medical expenses within (currently) Section 118.2(2) of the Income Tax Act, and as interpreted by the Canada Revenue Agency (CRA) in Income Tax Folio S1F1C1[4] "Medical Expenses". These are the same medical expenses as allowed under the Medical Expense Tax Credit (METC) and can be obtained from the CRA website.

References

  1. ^ Agency, Canada Revenue (1995-01-01). "IT339R2 ARCHIVED - Meaning of 'private health services plan' (1988 and subsequent taxation years)". aem. Retrieved 2020-07-21.
  2. ^ "Canada Revenue Agency/Agence du revenu du Canada". 27 November 2019.
  3. ^ "Canada Revenue Agency/Agence du revenu du Canada". 27 November 2019.
  4. ^ "Canada Revenue Agency/Agence du revenu du Canada". 27 November 2019.
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