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Simply the best Health Spending Account |
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Self-employed person resident in Alberta.
Incorporated business with net revenue of $350,000.
Draws an annual income of $100,000 from the business.
Total medical, dental and vision expenses for the family in 2013 are $2,000.
| Total medical expenses | $2,000.00 |
| less, personal income tax deduction | -25.58 |
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| Net personal income required | 1,974.42 |
| Salary draw required | 3,242.07 |
| less, corporate income tax | -583.57 |
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| Net cost to company | $2,658.50 |
| Total medical expenses | $2,000.00 |
| Administration fee | 200.00 |
| GST | 10.00 |
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| Total cost to company | 2,210.00 |
| less, corporate income tax | -355.97 |
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| Net cost to company | $1,854.03 |