Contributions to an HSA are tax-free!
A Health Spending Account provides tax-free funds to claim for reimbursement on eligible healthcare expenses.
You know what makes this truly awesome? Normally, when medical expenses are claimed at tax time, they are subject to a spending threshold. But when a Plan Sponsor contributes to an HSA, as long as there are funds in the account, eligible healthcare expenses are reimbursed using pre-tax income from the very first dollar spent.
No plan limits
Here's the other good news...there are no plan limits on spending.
The only limits are the funds available in the account.
Now you know, a Health Spending Account is more flexible than a traditional health Plan. That said we still have some eligibility guidelines to follow!
HSAs are guided by the CRA's guidelines for eligible medical expenses.
This Help Centre article has a reasonably comprehensive, but not exhaustive, list of eligible expenses.
You can view a complete searchable list of medical expenses on the CRA's website.
There's also eligibility guidelines for Medical Practitioners - you can view those guidelines here How do I know if my provider is eligible?
Not sure if something's eligible? Can't find it on the CRA website? Need more information? Let us know! We're always happy to help.