If you are paying for your health care from your personal bank account and you own a business, there is a better way. You can change this out-of-your-pocket expense to a business write-off and can actually pay for your health care with before-tax dollars through your business. Whether you are a sole proprietor or an incorporated company, whether you are a company of one or one hundred, you are eligible to profit from Aquilian Benefits!
Why spend another year or even one more week paying for medical expenses out of your pocket if you can put these expenses through your business and save the taxes?
Why Most Canadians Pay Too Much Tax
On Their Medical Expenses
Every year, most taxpayers and their accountants send the taxman a big stack of medical, dental, vision, and other health receipts with their personal income tax returns.
Here's what happens, using just one example of one self-employed Ontarian with $100,000 of taxable income in 2010 and $4,500 in medical expenses for two adults and two children:
| Tax Cost For Most Canadians | |||
| (A) Total medical expenses | $ | 4,500.00 | |
| (B) Threshold amount disallowed | $ | -2,024.00 | |
| (A) - (B) Remaining medical expenses | $ | 2,476.00 | |
| (C) Medical Expense Tax Credit @ 20.05% | $ | 496.44 | |
| (D) = (A) - (C) Your expenses after tax credit | $ | 4,003.56 | |
| (E) Tax you paid on income to get (D) | $ | 3,071.12 | |
| (D) + (E) Income you need to cover $4,500 medical expenses | $ | 7,074.68 | |
Why You Will Save Taxes With Aquilian
When your business pays for Aquilian Benefits, you are 100% reimbursed for all your medical, dental, vision, and other health expenses! And this reimbursement and related costs are 100% tax-deductible for your business!
Let's look at how much you can save with Aquilian Benefits:
| No Income Tax With Aquilian Benefits | |||
| (A) Total medical expenses | $ | 4,500.00 | |
| (B) Administration fee @ 10% | $ | 450.00 | |
| (C) Applicable HST and Provincial taxes | $ | 157.50 | |
| (A) + (B) + (C) Your cost to cover $4,500 medical expenses | $ | 5,107.50 | |
| Aquilian Benefits savings: | $ | 1,967.18 | |
| If your medical expenses or income are greater, you will save even more. | |||
Decision Tool - PHSP vs METC for Ontario.xls
Decision Tool - PHSP vs METC for BC.xls
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