Private Health Services Plans
A Private Health Services Plan (PHSP) is a part of the Canadian Income Tax Act.
It is a tax plan that allows a business owner to tax deduct 100% of all health and dental expenses from the business. Offered through our benefits consulting division Integrated Benefit Solutions (this should be a link to IBSflex), the plan is tailorable – it can be as simple or as comprehensive as suits your business’ needs. PHSP plans are not structured like a traditional health insurance plan rather it is a tax efficient way to deduct your business expenses.
All benefits that would be covered under a traditional employee benefit plan are eligible: Dental, Prescription Drugs, Eye Exams, Chiropractic, Massage Therapy etc. With a PHSP, these items and many more are 100% tax deductible from your business income.