Are You Concerned with the Cost of Your Small Business Health Benefits?

Written by Business magazine. Posted in Health saving account, Small business health insurance plan, Tax tips canada

Health care spending account

Under Canadian law, all citizens are entitled to government run insurance programs, often referred to as public insurance plans, that help Canadians pay for their medical bills. However, as will be seen, governmental insurance plans are often not enough for Canada’s citizens, especially if they are on the lower end of the earning spectrum.

How Provincial Healthcare Works

In almost the entirety of Canada, healthcare costs are paid for by income taxes. These taxes cover everyone. Of course, this leads to the poorest receiving healthcare but also reduces the amount of coverage granted to others. Consider, pharmaceutical costs for the elderly and impoverished are subsidized by these public tax funds.

Subsequently, you have a public healthcare system that requires 30% of Canad