Starting a Family ~ We Can Help!
Health Spending Accounts (HSAs) are tax-free savings accounts for your family's healthcare.
Today IVF (In Vitro Fertilization), ICSI (Intracytoplasmic Sperm Injection), and Cryopreservation (freezing of egg cells, sperm cells and embryos at varying stages of development) offer new and extended options to treat infertility. This is good news. However, all of these fertility options are costly and more and more of them are being de-listed from OHIP services.
There is help.
Health Spending Accountscan save you thousands of tax dollars and give you some relief from this financial burden. Listed below are the eligible services that you can charge to a Health Savings Account for Fertility Treatment:
- Fertility Treatment: In vitro fertility programs not including donations to a sperm bank and storage fees
- Fertility Drugs: Prescribed and dispensed or included in the program
- Sperm/Ovum Donation: The extraction cost is eligible only if the donor is the client or the dependent. If the donor is other than the client or the dependent (sperm/egg bank), the cost is not eligible.
- Insemination: Physician supervised
- Oocyte Cryopreservation: Freezing of the egg but excluding storage fees
Note: Surrogate services are not eligible
I.V.F. is a long and costly medical procedure that can be an emotional roller coaster. Why not consider giving yourself a break with the financial burden? I.V.F costs tens of thousands of dollars. By making smart financial decisions you can save yourself thousands of tax dollars. These tax savings can go a long way in helping you and your family.
It’s simple! It’s smart! It works!
|Without H.S.A||With an H.S.A.|
|Income: $80,000||Income: $80,000|
|$20,000 medical receipt||$20,000 H.S.A.|
|Maximum tax credit $2400||Maximum Deductible: $20,000|
|Taxable Income: $80,000||Taxable Income: $60,000|
With an Health Savings Account
$4,250 tax savings*
*This example is for illustration purposes. Consult your TAX Specialist to see how a Health Savings Account will benefit you and your family.
*As an independent Life Insurance Broker I always recommend you speak to your accountant before opening a Health Spending Account. I am not a Tax specialist in order to assist for your convenience the CRA website provides information on taxation issues.
For specific information related to Health Spending Accounts the Canada Revenue Agency has produced the following bulletins:
A copy of these bulletins can be requested from the Canada Revenue Agency by visiting its website: http://www.cra-arc.gc.ca for your convenience I have put a quick reference guide.
Income Tax Interpretation Bulletins from Canada Revenue Agency