Updated: Feb 9, 2020
One of the services we provide our clients is content development and promotion.
Our CCO, Marilyn Anderson, recently sat down with our client, Victor Logan of Winflex Health Solutions to talk about how he helps Canadian Corporations reduce their corporate tax bill with personal health plans.
Listen to the full interview
Here are a few of the questions and answers from this interview.
How can a personal health plan benefit an Incorporated professional?
Within the tax laws of Canada there are certain professions, namely doctors, dentists, and lawyers, and professional real estate corporations, who have the power to become incorporated entities and as such, can use the benefits of a private health services plan to deduct medical, dental vision expenses for themselves and their families through the corporation.
Are there a list of eligible deductions?
Yes, there is a long long list of eligible deductions, which I can send your readers. (Click here), and that list is continually being updated and changed. For example, the way Revenue Canada words the rules is - 90% of what expenses are sent to us must be eligible. - So, the other 10% can be items that are over the counter. For example, vitamin supplements, a toothbrush, cough medicine, things of that nature, these all relates to health and can be part of the 10% allowable deduction. This means you can deduct 100% of cost of your toothbrush against your corporate revenue with a personal health plan. Tomorrow, Revenue Canada may change the list, but for now, it's allowed.
What is the most unusual thing anyone's ever claimed that was validated by CRA?
It gets more interesting when you realize the Canadian was going to California to stay very well known drug rehab facility that cost $40,000 US a month. It was legally deductible to the Canadian corporation's revenue.
In Canada, where you have grandparents, parents, and children living in the house, if the grandfather owns a corporation, is the grandchild orthodontist deductible?
Discover more about how you can deduct your personal health costs from your corporation's revenue with a personal health plan.
Listen to the full Interview
Marilyn Anderson is the Chief Communications Officer for MarketAPeel and interviews their clients to provide our content creators with the information their require. To learn more about how you can be interviewed go to www.marketapeel.com
Victor Logan is the President of Winflex Health Solutions and helps his clients navigate CRA's rules and laws around personal health plans, trusts, and other tax saving options. For more information about personal health plans go to www.winflex.ca