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A Healthy Life Is A Choice You Make... Copeman Healthcare Makes It Easier!

Are you a Business Owner? Learn how to fully tax-deduct annual fees and private medical services by enrolling in a Private Health Services Plan

The Private Health Services Plan

A PHSP is a Canada Revenue Agency (CRA)approvedplanthat allows medical expenses of active business owners and employees to become a tax-deductible business expense.  This nationwide plan provides affordable medical coverage for business owners of any size with an exhaustive list of eligible expenses. Incorporated businesses have no applicable limits, while unincorporated businesses must adhere to the maximum limits set out in the Income Tax Act, Section 118.2(1).

Low Cost Non-Taxable Benefit

The PHSP is alow costplan with no deductible, no monthly premiums, and no renewal charges. It allows the company to provide employees with a non-taxable medical benefit while allowing the company afullytax deductible expense.

Deductible Business Expense

A PHSP is an effective way for a business to convert all health, medical and dental expenses into afullytax deductiblebusiness expense. This can result in very significant savings for both the small business owner and the large corporation.

What's the cost?

One-time set-up fee plus applicable provincial tax. The additional cost is 10% administration fee on claims submitted.

Combine With Other Health Plans

A PHSP can stand onit’sown,orcanbe used as an add-on to an existing plan. Employers determine coverage limits for each class ofemployee, and can individualize the plan as needs change. Expenses not covered by traditional insuranceplans, can become eligible expenses using the PHSP.

Extensive Coverage

The PHSP is your medical coverage; therefore it is your choice. Allowable expenses are listed in the Income Tax Act, Section 118.2(2), coverage includes braces, Chinese medicine, crowns, insulin treatments, massage therapy, orthopedic shoes and much more.

Personal Tax Return

Paid Personally

Private Health Services Plan

Paid By Business

Dental & Healthcare Expense

$1600

Dental & Healthcare Expense

$1600

(3% of net income) Deduct

$1500

Admin Fee (10%)

$160

Expense available for credit

$100

Tax-deductible total

$1760

Non-refundable Tax Credit

$25

Tax Deduction

$1760

EXAMPLE: Net income of $50,000 per year with family medical expenses of $1600. Based on a combined Federal and Provincial Income Tax rate of 25%.

Our Partners

Trusted Advisor™ has partnered with Copeman Healthcare Centre to enroll business owners of any size in the Private Health Services Plan to 100% tax deduct annual fees and services. Learn more HERE.