Personal Health Services Plan

A PHSP (private health services plan) allows business owners a simple way to set up a health plan for themselves and their employees. Rather than paying for costly insurance premiums with after tax dollars, a Private Health Services Plan allows owners to self direct their plan. With before tax dollars, the account is funded by the business therefore creating a direct expense to the company.

Private Health Services plans were created in the interest of tax planning, and offer a simplistic way to offer employees a 100% tax free health plan while creating a 100% expense to the company. Private Health Services plans follow strict guidelines set out by the Canada Revenue Agency. It is for this reason that you want to hire a professional to administer your plan.