PHSP-Sole Proprietorship

Sole Proprietor Benefit Limits:

Aggregate annual limit of…

$1500 for Sole Proprietor + $1,500 for spouse + $750 for each dependant child.

(Example: 4 person family of 2 parents + 2 children = $4,500 aggregate amount. This can be used up by one person only if needed.)

Note: Benefit amount in the first year of plan purchase is proportionate to when the plan was purchased in the calendar year.

Tax Advantages: the taxes saved due to deduction of medical costs as an expense deduction are the direct benefit (see: Impact of CPP on Taxes)