Every good business knows that a healthy employee is a productive employee. What if you could provide your employees with a customized health benefits plan that keeps you and them healthy and your company financially fit with tax savings at the same time?
If you are an incorporated business with two or more employees, forget about paying into a traditional health benefits plan. You should be establishing a health and welfare trust instead.
A health and welfare trust is an alternative health coverage benefits plan that is specific to both your company and employee needs and sanctioned by the Canada Revenue Agency whereby you can pay less for healthcare coverage and write off 100 percent of healthcare costs as a business expense. There is no deduction and you’ll use before tax dollars. Think of it as an innovation self-insurance model that provides business owners more control over health planning than typically going through “one-size-fits-all” traditional group insurance plans.
Watch the video below to learn more about how to establish a Health and Welfare Trust in your business and what other benefits you can expect by doing so on top of substantial tax savings.
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