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do-i-qualify1Ask yourself these 3 questions:

  1. Do I own a Business? (Incorporated or Unincorporated/Self Employed)
  2. Do my dependents or I have any Medical Expenses?
  3. Do I pay Income Tax?

If you answered “Yes” to all three of these questions then an Canada Smart Plan Plan will save you money without paying insurance premiums. (Typically 30-40%) And… It’s free to set up!

How Is This Possible?

Canada Smart Plan is made possible by Canada Revenue Agency (CRA) tax legislation IT-339R2 allowing business owners and their employees, to deduct health expenses against business income, and to reimburse the employee/business owner tax free. The result is significant savings; typically 30-40% in tax dollars otherwise paid on personal earnings used for health expenses.

Depending on your business structure, there are different REQUIREMENTS to set up your Canada Smart Plan.


p1One Person Corporation

  1. Business Type: Incorporated (Inc., Ltd., etc.)
  2. Employees: Just Owner/Spouse- Must draw T4 income, not just dividends
  3. No additional full time employees on payroll.

Who Is Added To Plan? Each person on payroll
Annual Benefit Amount: $15,000 each ($30,000 per couple)
Unused Benefit Roll-over: Yes!
Earliest Effective Date: Your previous corporate year end. Receipts after that date can be claimed.




p2One Person Proprietorship

  1. Business Type: Unincorporated/Proprietorship (NOT Inc., Ltd., etc.)
  2. Employees: Just Owner/Spouse
  3. No additional full time employees on payroll.

Who Is Added To Plan? Just the proprietor. Spouse & children added as dependents
Annual Benefit Amount: Pooled family amount: $1,500 each family member over 18 yrs, $750 per child under 18 yrs. EG: Husband, wife, 2 small children = $4500/year
Unused Benefit Roll-over: No.
Earliest Effective Date: January 1st of the current year, but cannot predate business start date. Receipts after that date can be claimed.

Special Notes:

  1. CANNOT have income in excess of $10,000/year from any other source besides the business income
  2. Must be earning at least 50% of annual income from the business
  3. CRA require insurance element added with registration. We provide an excellent, inexpensive Travel/Catastrophic policy .
  4. If your business is an unincorporated partnership, (with no additional employees on payroll) and partners are not spouses, each partner sets up their own proprietorship plan, as if a separate business.




p3Any Business With Full Time Employees In Addition To Owners:

  1. Business Type: Either Incorporated or Unincorporated
  2. Employees: You DO have full time employees on payroll

Who Is Added To Plan? When there are additional employees, the plan cannot be for owners only. Must include at least one additional class, and all employees in that same class.

Annual Benefit Amount: The maximum allowable annual benefit is $15,000 which is typically an executive level. Additional employee classes must be given an amount not less than 10% of the highest amount given to owner class or a minimum of $500, which ever is greater. EG: If the owners allow themselves the maximum of $15,000 per year, all employees in any sub class must be given an amount not less than $1500 per year. If the owners wish to give employees less, they must reduce their annual benefit accordingly. Minimum benefit amount: $500. EG: If you wish to only give the sub class $500, the maximum any other class can have is $5000.

Unused Benefit Roll-over: Yes. Optional

Earliest Effective Date: Can be back to the previous corporate/business year end, but is typically the first of the current month. Health expenses incurred after that date can be claimed. (Expenses cannot predate the business start date)



Prefer To Download Enrollment Form and Submit By Fax, Email or Canada Post?

Click on the application form below to get started:CSP-master-app

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