My HSA / Cost Plus

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:

  • Cover items not covered or paid for by your group plan,
  • Reimburse these costs on a tax-free basis to individuals, and
  • Be paid with pre-tax dollars through your company, creating a business deduction like group insurance premiums.

Dan Roberge of IGL Financial has been our Chamber of Commerce Group Benefits representative for the past six years. Dan has presented the different benefit options in a way that was clear and understandable. We would like to express our thanks for his wonderful service. We would recommend this agency to anyone who was looking for professional and customer friendly financial advice.

Gordon Mitten

Valley Yamaha Moto Guzzi