Forget about co-payments, deductibles, and exclusions. Discover the freedom of an HSA.
An HSA is special account used to pay for your healthcare expenses. The benefit is 100% tax free to you and 100% tax deductible for your corporation.
Pay for your medical expense personally.
Submit your claim on your mobile device.
Send payment from your corporation.
Olympia reimburses your personal bank account.
The payment from your corporation is 100% tax deductible for your company. The reimbursement is 100% tax free to you personally. You get to withdraw money from your corporation tax free to pay for your medical expenses.
Forget about co-payments, deductibles, and exclusions. Discover the freedom of an HSA.
Protect yourself from unplanned medical emergencies inside and outside Canada.
Improve your speed and access to healthcare by adding telehealth to your HSA
For a corporation with no arm’s length employees
What’s the difference between Incorporated Individual and Business with Staff? +
“Incorporated Individual” is an HSA for an incorporated individual such as a contractor, consultant, doctor, or other professional. In this instance, the corporation has no “arm’s length employees”. The HSA will be established for the corporation, the owner, and dependants.
“Business with Staff” is an HSA for a corporation with “arm’s length employees”. In this instance, the HSA is used to provide health and dental benefits to employees and their dependants.
How does an HSA work? +
An HSA enables you take money out of your corporation tax free to pay for your out of pocket medical expenses. Read more about how an HSA works.
Do I qualify? +
You qualify for an HSA if:
Please click here if you have arm’s length employees.
Is there an age restriction? +
The Basic plan has no age restriction. The Plus and Deluxe are restricted to age 70 due to the insurance plans.
Are dependants included?+
Yes, dependants are included with your plan. A dependant is eligible for an HSA if you claim the person on your tax return. Read more on dependants.
What is covered with an HSA? +
There is a wide range of eligible expenses for an HSA. Download the eligible expense list.
How do I make a claim? +
The payment from your corporation is 100% tax deductible. The reimbursement is 100% tax free.
Am I paying for the medical expense twice? +
You pay the medical expense personally then your corporation pays for the expense. Your corporation is able to deduct the full cost of the expense, and you receive the income tax free personally. Effectively, you are withdrawing money from your corporation tax free to pay for your personal medical expenses.
Why is there a $15,000 limit? +
CRA guidelines require a limit for each plan year. You, and eligible dependants, can claim up to $15,000 per plan year. If your spouse is an employee of the corporation, they may be added, effectively doubling your limit to $30,000 per year. Your spouse will be covered as a dependant if they are not an employee of the corporation. Dependant children are also covered. The limit is pooled, meaning any one person can claim the full amount. Read more on limits.
What’s the difference between an HSA and insurance? +
An HSA has no premiums, no deductibles, no copayments, and wide range of eligible expenses. Read more here.
What if my spouse has health insurance? +
An HSA is a good compliment for health insurance. Your spouse’s premiums are an eligible HSA expense. Use your spousal insurance and then use your HSA for any out of pocket expenses.
What does my accountant need? +
We encourage you to share this guide with your accountant.
How do I manage my HSA? +
You manage your HSA online through your personal MY Olympia account.
How do I sign up? +
The sign up process is online. Complete the form, provide your business credit card, and submit. A confirmation email will be sent with your account details. Read more on the sign up.
What makes Olympia Benefits different? +
Based on Google reviews, Olympia Benefits is the highest rated provider. We are consistently rated 5/5 for responsiveness, quality, and value.
Find out how much your business could save with a Health Spending Account
One low annual fee for all to see
Never pay an administration fee
10 day refund on all new plans if not satisfied
