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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 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
 
$ 2,237.00
$ 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


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

*Marginal Tax Rate used in calculation 31.48 %
MTC Threshold effective 2016 tax year




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