My HSA / Cost Plus is a proven, cost-efficient and tax-effective means of covering Health and Dental expenses or supplementing existing group insurance benefits. Used correctly it can be considered a Private Health Services Plan (PHSP), recognized by Canada Revenue Agency (CRA) as a vehicle which allows businesses to deduct health-related expenses eligible under the Income Tax Act. Eligible My HSA / Cost Plus charges are treated the same as group insurance premiums and can be a deductible business expense. Benefits Plus benefits paid to individuals are generally not taxable in the hands of the employee who receives them.
In short, working with your group benefit coverage, My HSA / Cost Plus can: