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A Health Care Spending Account (HCSA), or Healthcare Spending Account (HSA) is a type of flexible employee benefit program in Canada that aims to provide more flexibility than a traditional health plan. [1] As a supplemental program, it covers items that are not normally part of the traditional plan.
Health Spending Accounts (HSA) are Self-insured Private Health Services Plan (PHSP) benefits arranged by Employers for their Employees residing in Canada.Private Health Services Plans are described in Canada Revenue Agency (CRA) Income Tax Bulletin IT-339R2 [1] "Meaning of PHSP" for Health and Dental Care Expenses described in Income Tax Bulletin IT-519R2 [2] "Medical Expenses".
A taxpayer can generally make contributions to a health savings account for a given tax year until the deadline for filing the individual's income tax returns for that year, which is typically April 15. [25] All contributions to a health savings account from both the employer and the employee count toward the annual maximum.
A Health Savings Account (HSA) is a tax-advantaged savings account eligible for those who are enrolled in a qualifying high deductible health plan (HDHP). ... The contribution limit for 2025 has ...
Health savings accounts, or HSAs, have higher contribution limits in 2025, allowing you to save more for health care expenses if you’re using a high-deductible health care plan.
The 2025 contribution limit for an HSA is $4,300 for individuals and $8,550 for families. Individuals who are 55 or older can contribute an additional $1,000. Read more: HSA contribution limits ...
These HSAs have been part of what is commonly referred to as a notional credit model. The "notional credit" model, outlined in the Canada Revenue Agency IT-bulletin entitled IT-529 [6] was designed to allow companies to add an HSA to a Flex Benefits Plan as an additional benefit for items not covered under the traditional group benefits plan.
When you invest in an HSA, you make contributions with pre-tax dollars, enjoy tax-free growth, and get tax-free withdrawals. Your 401(k) doesn't offer all three of these benefits, since ...