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Products and Services: Health Spending Account
A Health Spending Account (HSA) is a uniquely designed “bank account”, established in compliance with the Canada Revenue Agency, for the purpose of reimbursement for health and dental expenses.

The employer contributions are recognized as a 100% business deduction in the year in which they were contributed and they are considered a non-taxable benefit for the employee.

An HSA provides the employer with a fixed budget by establishing a contribution level for each employee (within a class) and also provides the employee with the flexibility to spend their monies on the health care and dental expenses that best suit the needs of their families.

An HSA also provides a wider range of eligible medical services such as orthodontics, laser eye surgery, teeth whitening, hair transplants, botox injections, and elderly parent care, to name a few.

An HSA can also be implemented as an ‘add-on’ benefit to an existing employee benefit program.

Highfield Financial Group
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