Private Health Services Plan (PHSP) Calculator

Enter your information to see how much you will save using The Health Plan.

Taxable Income:
Eligible Medical Expenses:
Province Of Residence:
I Earn My income as:


Without
The Health Plan
With
The Health Plan
$ 80,000.00
Taxable Income
$ 80,000.00
$ 6,500.00
Eligible Medical Expenses
$ 6,500.00
Federal
Provincial
 
$ 2,011.00
$ 2,010.00
Medical Tax Credit (MTC) Threshold
N/A
$ 4,489.00
$ 4,490.00
Amount Eligible For The MTC
N/A
15.00%
5.05%
Medical Tax Credit %
N/A
$ 673.35
$ 226.75
Medical Tax Credits
N/A
$ 900.10
Combined Federal & Provincial MTC
N/A
$ 5,599.91
"Out Of Pocket" HealthCare Costs After Medical Tax Credit
N/A
$ 3,642.39

Taxes Paid On Earnings You Used
To Fund Net HealthCare Costs*

$ 0
N/A
Company Funds Used To Reimburse Eligible Medical Expenses
$ 6,500.00
N/A
Administration Fee @ 8 %
$ 520.00
N/A
GST/HST and PST Paid
On Admin Fee @ 5 %
$ 26.00
N/A
PST Paid On
Eligible Medical Expenses @ 0 %
$ 0.00
N/A
Premium Tax @ 2 %
$ 130.00
$ 9,242.29
Total Funds Used To Provide
For HealthCare Costs
$ 7,176.00
Total Saved When Using
The Health Plan
$2,066.29


Calculator for illustration purposes only.
Please review with your tax professional.

*Marginal Tax Rate used in calculation 39.41 %

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