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 |
|
|
$
2,237.00 |
$
2,302.00 |
Medical Tax Credit (MTC) Threshold |
N/A |
$
2,237.00 |
$
2,302.00 |
Amount NOT Eligible For The MTC |
N/A |
$
4,263.00 |
$
4,198.00 |
Amount Eligible For The MTC |
|
15.00 % |
5.05 % |
Medical Tax Credit % |
N/A |
$
639.45 |
$
212.00 |
Medical Tax Credits |
N/A |
$
851.45 |
Combined Federal & Provincial MTC |
N/A |
$
5,648.55 |
"Out Of Pocket" HealthCare Costs After Medical Tax Credit |
N/A |
$
2,595.10 |
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 |
Claim Administration Fee @
8 % |
$
520.00 |
N/A |
GST/HST Paid
On
Claim Admin Fee @
13 % |
$
67.60 |
N/A |
PST Paid On
Eligible Medical Expenses @
0 %
|
$
0.00 |
N/A |
Premium Admin @
2 %
Including
Tax |
$
130.00 |
$
8,243.65 |
Total Funds Used To Provide
For HealthCare Costs |
$
7,217.60 |
|
|
Total Saved When Using
The Health Plan
|
$
1,026.05 |
