Subsection 248(1) of the Income Tax Act allows incorporated businesses to include all of their PHSP Health & Dental plan outlays as a deductible business expense. This allows for the employer to provide Health & Dental benefits for its employee’s completely tax free as an “employee benefit”.
There are no recurring monthly charges to set up and operate an Innovative Benefits Health & Dental Plan, simply a small administration fee is calculated as a percentage of claims and paid to Innovative Benefits whenever a claim is processed. This eliminates waste as you only pay for what is used within your plan.
With no monthly premiums, no deductible, and fast, easy, tax-free reimbursement, an Innovative Benefits Health & Dental Plan is a simple and effective alternative for today’s small and medium sized businesses.
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