Health Spending Account CRA | Olympia Benefits Blog

To Buy or Not To Buy - Health Insurance for Small Business

With worker shortages in many sectors across Canada, small businesses are increasingly providing health benefits to recruit and retain top employees. However, health insurance coverage can be expensive so it’s important to research the options. Many employers are turning to Health Spending...

September 16, 2022

Everything you need to know about Canadian employee benefits

Employees at Canadian organizations have access to a variety of benefits. Some of these are mandated government programs – so every employee receives them. Others are...

What is long term care insurance in Canada?

Many Canadians think that the government health care system will cover all of their costs if they need to move to a long-term-care facility or require at-home assistance with...

What’s the difference between a partnership and a corporation?

When you start a business in Canada, one of the most important decisions that you must make is what kind of legal structure it will have. There are three main options: sole...

What is a Professional Corporation in Canada? - Examples

If you work in certain professions in Canada, you may be able to save taxes by forming a professional corporation. These are similar to regular corporations but do not limit...

Unanimous Shareholder Agreement - Explained

These types of agreements are usually used by companies with a small number of shareholders, which are often called “incorporated partnerships.” A unanimous shareholder...

What is an arm's length employee?

When you own a family business, you may have two types of employees: arms-length and non-arm’s length. In this article, we’ll discuss non-arm’s length employees, who are...

Guide: How To Incorporate in Ontario

When you start a business, you have two options. First, you can operate as a sole proprietorship and simply report your earnings on your personal income tax return. The...

What is a Non Registered Account and How Does It Differ?

In Canada, the government offers special tax treatment in registered accounts, such as an RRSP and TFSA. These registered accounts come with certain restrictions. On the...

What is a Lifestyle Spending Account (LSA) and how does it work?

These are fairly new employee benefits designed to encourage employees to maintain and improve overall wellness. They can be used to attract and retain outstanding employees...

What is the RRSP Deduction Limit?

An RRSP is a great way to save for your retirement. However, the Canadian government does put a limit on how much you can contribute and deduct from your taxable income.