What is the maximum allowable deduction annually?
As an incorporated company, there are no annual limits to deductions. If limits are to be set, they are done so by the employer. Who does the PHSP cover in my family? Anyone in your immediate family can benefit from the use of the funds in the PHSP. The only limitation is the limit set when the employee opts into the plan. For example, if the employee benefit totals $5,000 per year, then any one member of the family may use that benefit in it’s entirety or it can be allocated between family members as necessary. Where are the funds in trust held? Employers may elect to establish a trust to prepay expenses. Funds in trust are held in a trust account and are paid out tax-free as required to cover health care expenses. They cannot be withdrawn for any other reason, with the exception of the employee or employer canceling or opting out of the program. Who tracks my claims and expenses? You are responsible for submitting all claims to Tax Free Health Inc. Tax Free Health Inc. will then admi
