For business owners
If you own a corporation and pay for your family's health costs personally, you're leaving tax money on the table. An HSA fixes that — properly set up.
What is a health spending account?
Who it's a fit for
A Health Spending Account lets an incorporated business owner pay for eligible medical expenses through the company. The company deducts the cost, and you receive the benefit without personal tax — turning after-tax out-of-pocket health spending into a pre-tax business expense.
Best suited for: Incorporated professionals and business owners who currently pay for prescriptions, dental, and other medical costs with after-tax personal dollars.
The myHSA platform, four ways
Claims go in through the app, reimbursements typically land within 1–3 business days, and an in-house team keeps everything CRA-compliant — with real-time balances and reporting for the employer.
myHSA — health spending account
What it is: A CRA-approved, non-taxable health benefit: the employer sets each employee's budget, and eligible medical expenses are reimbursed tax-free. You only pay when claims are approved.
Best suited for: Incorporated owners, contractors and businesses of any size wanting real health coverage without a traditional plan's premiums.
myWSA — wellness spending account
What it is: A taxable wellness benefit employees can put toward fitness, learning and personal wellbeing — beyond what a health plan covers.
Best suited for: Employers who want a modern, flexible perk their team actually notices.
myFlexplan — health + wellness
What it is: Combines the two: employees choose the mix of health and wellness dollars that fits their own life.
Best suited for: Teams with different needs and life stages — one plan, personalized per employee.
myASO — self-insured style plan
What it is: Mirrors a traditional insured plan with customizable caps, category limits and annual maximums, administered on the myHSA platform.
Best suited for: Businesses wanting traditional-plan structure with more control and transparency over cost.
What an HSA can pay for
Eligibility follows CRA rules — the myHSA interactive tool shows your specific list, and some items require a prescription or a letter of medical necessity.
Dental
Examples: Exams, cleanings, x-rays, fillings, crowns, dentures, oral surgery and orthodontics — including braces and Invisalign. Purely cosmetic dental work isn't eligible.
Vision
Examples: Prescription eyewear, sunglasses and contact lenses, laser eye surgery, and eye exams by an optician, optometrist or ophthalmologist.
Prescriptions & medications
Examples: Prescription medications dispensed by a licensed pharmacist, plus vaccines. Over-the-counter medications aren't eligible.
Professional services
Examples: Physiotherapy, chiropractic, registered massage, psychology and counselling, naturopathy, dietitians, speech therapy — and many more licensed practitioners.
Medical equipment & aids
Examples: Hearing aids, CPAP machines, wheelchairs, orthopaedic shoes and braces, compression stockings, diabetic supplies and more.
Everyday & travel health costs
Examples: Ambulance services, hospital bills, medically necessary travel for treatment — and remaining out-of-pocket balances after another insurer pays first.
What it can do for you
Good to know
General information, not personal advice — details, eligibility and pricing depend on the insurer and the specific product, and are confirmed before anything is recommended.
Book a conversation
If you're incorporated, this is one of the easiest wins in your plan. A short conversation shows the math for your situation — no cost, no obligation.
Lavern Rankin is a Senior Partner with Eau Claire Partners — a full-service financial advisory firm helping Canadians build, protect and transfer their wealth with confidence.
Learn more about Eau Claire Partners