Don't Miss These 2014 Tax Deductions
Plan Now for Full 2014 Tax Expenses Often Ignored
The CRA allows personal medical expenses to be claimed as a 3% tax credit for qualifying expenses against your personal income tax. Many of the following expenses are often missed. If you have a normal benefit plan these expenses probably don't qualify for reimbursement. Here is a short list of benefits that can be 100% tax deductible to your business and a 100% tax free benefit to the employee, which also includes owner employees:
• Gluten Free Products, up pricing difference.
• Diapers or disposable briefs.
• Laser Eye Surgery.
• Dental Implants.
• Medical Marijuana.
• Family household members' medical expenses whether related by blood, marriage, or adoption. Aging parents and in laws that require home services are one example.
• Renovation or construction expenses.
• Assisted Breathing Devices.
• Co insurances and deductibles not covered by traditional plans.
Wouldn't it be great if you could meet all of your employees' needs? You can! This includes owner employees!
How would you like to help an employee with a "special needs" child who has unique and expensive needs? Wouldn't it be great to help them with a tax free benefit to help their child? It can be done and is being done. A properly designed Health Spending Account can accommodate all of your requirements. You can't take advantage of these programs if you are not familiar with them.
Whether you have an existing benefit plan or not, a Health Spending Account can be set up as a supplemental program or stand alone.
The Benefit Guys offer affordable, meaningful options. Whether you already have a benefits plan or are considering implementing your first one, give John or Jordan a call now at 519-622-3347 for a personal, confidential discussion. We have access to the best plans, and the best, most current advice, available today. We filter the information and make it available to you. We're good listeners.
"No matter how many employees you have - it's perfect. And it starts with one!"
Our Best Practices Annual Review is available for download. You need to reduce your benefits liability exposure. The content in this document will help you.