Visit Benefit Specialists Corp.


November 2018 Bulletin
Contractor Coverage
TBSC

Participation on your Group Benefit Plan
TBSC

October 2018 Bulletin
How are your Premiums Calculated?
Source:
http://stevebentleycfp.wordpress.com/

Updating Salaries
Source: Glen Korstrom
Business in Vancouver

September 2018 Bulletin
The Future of Prescription Drugs
Source: www.innovicares.com

What is Reasonable & Customary?
Source: Manulife Financial Employee Benefit News

When you leave home you shouldn't have to worry about anything. Atlas Travel has a variety of plans to cover everything from emergency hospital & medical insurance, trip cancelation, single and multi-trip plans, and student coverage when traveling outside of Canada.

You will feel secure knowing your financially protected during your travels.

Best Doctors Elite Diagnostic Imaging Service - for companies 10 employees and up. We all know the kind of wait times we experience today for medical services. If you require Diagnostic Imaging to help diagnose a serious medical condition, you can be facing a 2 to 3 month wait, or even longer. Of course, this adds additional anxiety to the stress of worrying what the results of the test will be. Best Doctors Elite Diagnostic Imaging Service provides rapid access to diagnostic facilities and medical consulting.
Click here to download documentation

Frequently Asked Questions

Did you know?

Cost Plus covers all health-related expenses eligible under the Canada Customs and Revenue Agency Income Tax Act. You use pre-tax corporate dollars rather than after-tax personal dollars. It is a full write-off for the company and it is tax free to the individual.

Who are we and how is it eligible under the Tax Regulations?

Under tax regulations, incorporated businesses can use the services of a third party administrator to "Cost Plus" eligible medical expenses. BeneCo is a third party administrator of Private Health Services Plans (PHSP) commonly known as Health Spending Accounts (HSA) or Cost Plus plans. If you have an incorporated business, a limited company or sole proprietorship you qualify. You could be a single shareholder or have numerous employees.

Please review Income Tax Folio S1-F1-C2- Medical Expense Tax credit under the Government website - http:/www.cra-arc.gc.ca.

Definition of Private Health Services Plan outlined by Revenue Canada

Premiums are tax deductible by an employer if they are paid as "contributions made by an employer to or under a private health services plan on behalf of an employee and are excluded from an employees income from an office or employment"

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Incorporated Business Maximums - what is the maximum I can set?

Incorporated companies and organizations are permitted to set their own reasonable maximum annual limits. BeneCo suggests no more than 10% of your T4'd earnings. Back To Top For a list of some of the most common claims, click here.

How can I find out what the eligible expenses are?

Please review Income Tax Folio S1-F1-C2- Medical Expense Tax credit under the Government website – (www.cra-arc.gc.ca). Broadly speaking, they include all reasonable and customary expenses for medical, dental, vision and general health care, provided by licensed facilities and administered, prescribed or supervised by licensed practitioners.

Specific exclusions would be:

Experimental treatment, or treatment prohibited by law. Expenses eligible for reimbursement by Government Health Insurance or other Government assistance programs.

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After BeneCo has received my claim how soon can I receive my reimbursement?

Claims are processed and reimbursements are made to your back account the next Tuesday or Thursday following your submission. Back To Top