Private Health Services Plan (PHSP) Calculator

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

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 Paid On Admin Fee @ 13 %	$ 67.60
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	$ 7,217.60
		Total Saved When Using The Health Plan	$2,024.69

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

*Marginal Tax Rate used in calculation 39.41 %

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