PHSP’s are in demand within Canada’s small business community. Viewed as a viable and cost effective alternative to traditional health insurance, PHSP’s make paying for medical expenses affordable and easy.
Although straightforward to use, the product does require proper explanation and understanding before it is adopted by any particular small business. PHSP’s directly involve matters of taxation and ultimately business owners speak with their accountant for clarification.
The purpose of this guide is to summarize and explain PHSP’s in order to provide a reference and resource for accountants to use in discussions with their small business clientele. Inside you’ll find a definition and criteria, an explanation of our product, and a concrete example to show your clients.