Canada Revenue legislation allows business owners to fully tax-deduct 100% of their healthcare costs as a business expense. This can be accomplished through setting up a Health and Welfare Trust.

The Health and Welfare Trust is a tax-effective way for both unincorporated and incorporated businesses to pay for their healthcare expenses.

Even if you are covered by a group plan, most come with deductibles, co-insurance, and often exclude a number of procedures. A Health and Welfare Trust can be in addition to a group plan to expand your healthcare options and maximize your tax deduction.

WHO QUALIFIES? Anyone who owns a business of any size, and their employees and dependants. There is no health questionnaire or age limit.

WHAT'S COVERED? 100% of virtually all dental and medical expenses, including crowns, dental implants, periodontics, orthodontics, laser eye surgery, fertility treatments, nursing home care, prescription drugs, naturopathic and alternative treatments (such as massage therapy, acupuncture, physiotherapy, etc.) and much more.

WHAT'S THE COST? There are no premiums. There is a one-time only set-up fee of $200, and the additional cost is a 10% administrative fee (plus applicable taxes on the administrative fee which is 6% GST in BC) on your actual expenses.

For example:

• Healthcare Expenses = $1,000 + 10%

(+ 6% GST) = $1,106

• This $1,106 is fully tax deductible

The set-up fee is also tax deductible