FlexSave Calculator

Input Values
Net Income:	$
Province:
MTR:	0.00 %
Nbr. of Adults:
Nbr. of Dependents:
Claims:	$
Deduction Limit:*	$ 0.00

Benefit of FLEXSAVE:

$ 0.00

Summary
Without FlexSave	With FlexSave	Expense	Income	MTR
$ 0.00	$ 0.00	$ 0.00	$ 0.00	0.00 %
Earnings Required	Earnings Required
			Admin Fee + Taxes
$ 0.00	$ 0.00		$ 0.00
Taxes PAID	Taxes SAVED

$ 0.00	$ 0.00		Medical Expense Tax Credit **
Net Cost	Net Cost		$ 0.00

Benefit of FLEXSAVE: $ 0.00

PHSP Calculator
PHSP Deduction Limit:	$ 0.00
Stop-Loss Premiums:	$ 0.00
Medical Tax Credit Threshold:	$ 0.00
Rate for Reimbursement:	21.3 %

FlexSave - Method 1
Cost Breakdown for All Claims:
Admin fee (10%):	$ 0.00

GST (admin fee only):	$ 0.00
HST (admin fee only):	$ 0.00
PST (claims + admin):	$ 0.00
Premium Tax (2%):	$ 0.00
Total:	$ 0.00

AMOUNT ELIGIBLE FOR CLAIM:	$ 0.00

Amount to Be Submitted for Medical Expense Tax Credit:	$ 0.00
Medical Expense Tax Credit:	$ 0.00
Pre-Tax Equivalent:	$ 0.00

Taxable income will decrease to:	$ 0.00
Tax savings of:	$ 0.00

Earnings Required:	$ 0.00
Total Tax savings of:	$ 0.00

Amount needed to pay for expense with FlexSave:	$ 0.00

Medical Expense Tax Credit - Method 2
Earnings required to spend $ 0.00 is equal to:	$ 0.00

Amount eligible for Tax Credit:	$ 0.00
Credit:	$ 0.00

Gross Taxes Paid:	$ 0.00

Net cost of $ 0.00 of services is:	$ 0.00

Benefit of FlexSave:	$ 0.00


* Deduction Limit A Sole Proprietor will have an allowable maximum based on how many dependents the individual has. Maximums are as follows: $1,500 for sole proprietor $1,500 for dependent spouse $750 per dependent child or $1,500 for child over the age of 18 who is a full time student until a maximum age of 25 Example For a family of 4 people consisting of husband and wife and two minor children, the overall maximum that can be spent each year will be $4500 (2 adults at $1500 and 2 children at $750) Any member of the family can use the full amount. The above amounts are based on the program being in place for the entire year. If the program is structured 6 months into the year, then the maximums would be 50% (# of days plan in place/365 days) of the above ceilings.
Medical Expense Tax Credit The Medical Expense tax credit Threshold is the lesser of 3% of your taxable income or $2,024 for 2010. The amount eligible to go towards the Medical Tax Credit is the amount over and above the Threshold (Healthcare costs minus the Medical l tax credit threshold). Medical Tax Credit = the eligible amount multiplied by the lowest tax bracket in the province in which you reside. CRA requires that there be an element of risk to the program - sole proprietors and unincorporated businesses are required to purchase Stop Loss/Travel Medical coverage. Click here for the details.**
You should consult with a qualified professional in the respective legal, accounting, tax or other professional area to see if this plan meets your needs. The information provided is not intended to replace or serve as substitute for any legal, accounting, tax or other professional advice.