Have you tried to make a Cost Plus claim with your Insurance Plan and you are unsure what items are eligible? This post is to try and help you navigate that problem so you are making the most of your Plan Benefits.
First things first, what is Cost Plus? Cost Plus is a proven, tax-effective means of covering Health, Dental or Vision Care expenses not eligible under your regular Insurance plan. Used correctly it can be considered a Private Health Services Plan (PHSP), recognized by Canada Revenue Agency (CRA) as a vehicle which allows businesses to deduct health-related expenses eligible under the Income Tax Act. Eligible Cost Plus charges are treated the same as group insurance premiums and can be a deductible business expense.
The list of eligible items must be items approved by the CRA and not the individual Insurance Companies. Lucky for us, the CRA has provided us with a website that lists these eligible items. Click on the photo below to visit the website:
or click on the link here: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns300-350/330-331/dtlxpns-eng.html
We have also added the above image and link to our website, so you can visit our website anytime and have an easy reference in the future. Go to our website > click the RESOURCES tab > and find the above image and click it to be sent to the list of eligible items.
Contact us if you have any questions about Cost Plus and your Insurance Plan. If you are not utilizing this benefit for your company, then you could be leaving money on the table!
Resources: Chamber of Commerce Group Insurance Plan
Canadian Revenue Agency