Private Health Service Plans

Affordable Health Plans for Individual Business Owners
Private Health Plans With Maximum Flexibility & Cost Control
Private Health Services Plans, also referred to as PHSP or Medical Trusts, are a general term often used to describe a type of health insurance available for small business owners. PHSPs come with a number of advantages that make them a popular health insurance options for Canadian small business owners.
The Peace of Mind a PHSP Provides to Manage Health Expenses
There are many advantages to Private Health Services Plans or PHSP plans if you’re an owner of a qualifying organization.

PHSPs allow you to claim routine medical, health and dental expenses as a 100% deductible business expense similar to a Medical Expense Tax Credit.

Canada Revenue Agency recognizes medical trsuts or Private Health Services Plans as a way for business owners to pay for medical expenses.

PHSPs are cost effective since there are $0 up front fees to establish and PHSP and $0 ongoing to maintain a PHSP.

Smart business ownders make happy business owners which improves productivity and generally creates a positive feeling about maximizing your routine health expenses.
Customizing The Right Plan for You
As a business owner you are likely to have routine health care and dental expenses (such as prescription drugs, eyeglasses, physiotherapy, massage therapy, chiropractic care and dental work like cleanings, fillings, crowns and orthodontics).
A PHSP is a low-cost alternative to health and dental coverage under a monthly-premium based Insured Plan. The business funds the entire cost of the PHSP health and dental plan and claims a corresponding 100% tax deduction.
There are two ways to maximize the deductibility of these expenses:
1. Keep your medical, health and dental receipts and claim them on your personal income tax return under the Medical Expense Tax Credit. Tax result: poor. There is a large deductible before this process generates a small tax credit (not a deduction!).
2. Claim routine medical, health and dental expenses through a Private Health Services Plan (PHSP) which allows them to be 100% deductible as a business expense. Tax result: excellent!
Canada Revenue Agency recognizes medical trusts (or Private Health Services Plans) as a way for business owners to pay for those expenses, and BF Partners can help you maximize the benefits of setting up and administering a PHSP.
Click Here to get a full list and description of what expenses CRA considers eligible.
Flexibility & Cost Control
Start your free quote

Take advantage of employee benefit opportunities

Filling out this form will give you a good start on the best way to manage your medical, health and dental expenses
The Process is Simple
Contact one of our PHSP specialists who will walk you through the specifics of your Company, making sure that you are going to be maximizing the PHSP claiming ability, while abiding by Canada Revenue Agency's rules. The application itself is simple, 2 pages long, and the policy documents will be emailed to you.
One Time Fees
and Ongoing Costs
$0 up front fees. $0 on going PHSP maintenance fees.

With most providers there is a one-time fee of $200+ to set up a PHSP, but with the BFP PHSP there are $0 fees up front. On-going there is no fee to maintain the account, the only fee you pay is a 10% processing fee on paid claims, and GST on that processing fee. You do not have to maintain a certain balance in the PHSP account; you can choose to pay at the same time as you submit your claims if you like. Think of it as a pay as you go account. If you never use the trust it won't cost you anything.
Accountants Recommend 
Medical Trusts
"A medical trust is a must for any closely held corporation and for those with many employees; they provide a fabulous compensation choice due to the efficient, tax effective option that is provided. They are truly too good to be true – do not pass them up!" Gabrielle M. Loren, CPA, CGA Partner, Loren, Nancke & Company
Desirable for Business Owners
It pays for Small Business to take advantage of private health service plan opportunities.
Affordable – Group insurance rates are almost universally less expensive than comparable individual supplementary health insurance rates. Plan members also have access to higher spending limits for the coverages provided.
Manageable – Group Plans usually have less restrictions than individual plans. Many of the sticking points that can make individual plans so frustrating, like preexisting conditions, the addition of new family members, and restrictions based on poor health histories, are non-factors in a group insurance plan at enrolment.
Shareable – It’s very common for employees to pay a portion (usually half the cost) for their health insurance premiums.
Tax Benefits – Premium dollars spent by an employer are tax-deductible for the business, and the employees (including owners!) receive the claim reimbursements tax-free. One of the only win-win scenarios in the Tax Act!
Our Client's Say
“Bajus Financial provides Haney Builders Supplies with a group benefit plan with our best interests in mind. Mark Bajus and his team tailored our plan focusing on our budget with low cost options while ensuring we take advantage of new plan options that would provide additional peace of mind to our employees. Our group benefits plan has attracted and retained valuable employees to aid in the success of our business. This approach to service is why I highly recommend the Bajus Financial team for your benefits plan.”
Karl Peters
Controller, Haney Builders Supplies
“Mark spent a great deal of time working out a custom benefit plan solution for us, and it has worked out great. Staff really appreciate that as a small business, we have committed to them with a great benefit plan that’s highly affordable."
Louis Ramos
President, Ramos Holdings Ltd
Start Your Free Quote Today
Take advantage of private health service plan benefits and opportunities

Or call 1-866-442-2587 Monday - Friday 9am to 6pm

Private Health Services Plans

Private Health Service Plan

Affordable Health Plans for Individual Business Owners
Private Health Plans With Maximum Flexibility & Cost Control 
Private Health Services Plans, also referred to as PHSP or Medical Trusts, are a general term often used to describe a type of health insurance available for small business owners. PHSPs come with a number of advantages that make them a popular health insurance options for Canadian small business owners.
The Peace of Mind a PHSP Provides to Manage Health Expenses
There are many advantages to Private Health Services Plans or PHSP plans if you’re an owner of a qualifying organization.

PHSPs allow you to claim routine medical, health and dental expenses as a 100% deductible business expense similar to a Medical Expense Tax Credit.

Canada Revenue Agency recognizes medical trusts or Private Health Services Plans as a way for business owners to pay for medical expenses.

PHSPs are cost effective since there are $0 up front fees to establish a PHSP and $0 on going fees to maintain a PHSP.

Smart business owners make happy business owners which improves productivity and generally creates a positive feeling about maximizing your routine health expenses.
Customizing The Right Plan for You
As a business owner you are likely to have routine health care and dental expenses (such as prescription drugs, eyeglasses, physiotherapy, massage therapy, chiropractic care and dental work like cleanings, fillings, crowns and orthodontics). 

A PHSP is a low-cost alternative to health and dental coverage under a monthly-premium based Insured Plan. The business funds the entire cost of the PHSP health and dental plan and claims a corresponding 100% tax deduction.

There are two ways to maximize the deductibility of these expenses:
  1. Keep your medical, health and dental receipts and claim them on your personal income tax return under the Medical Expense Tax Credit. Tax result: Poor. There is a large deductible before this process generates a small tax credit (not a deduction!).  

  2. Claim routine medical, health and dental expenses through a Private Health Services Plan (PHSP) which allows them to be 100% deductible as a business expense. Tax result: Excellent
Canada Revenue Agency recognizes medical trusts (or Private Health Services Plans) as a way for business owners to pay for those expenses, and BF Partners can help you maximize the benefits of setting up and administering a PHSP. 
Click here to get a full list and description of what expenses CRA considers eligible.
The Process is Simple
Contact one of our PHSP specialists who will walk you through the specifics of your Company, making sure that you are going to be maximizing the PHSP claiming ability, while abiding by Canada Revenue Agency's rules. The application itself is simple, 2 pages long, and the policy documents will be emailed to you.
One Time Fees and Ongoing Costs
$0 up front fees. $0 on going PHSP maintenance fees.

With most providers there is a one-time fee of $200+ to set up a PHSP, but with the BFP PHSP there are $0 fees up front. On-going there is no fee to maintain the account, the only fee you pay is a 10% processing fee on paid claims, and GST on that processing fee. You do not have to maintain a certain balance in the PHSP account; you can choose to pay at the same time as you submit your claims if you like. Think of it as a pay as you go account. If you never use the trust it won't cost you anything.
Accountants Recommend Medical Trusts
"A medical trust is a must for any closely held corporation and for those with many employees; they provide a fabulous compensation choice due to the efficient, tax effective option that is provided. They are truly too good to be true – do not pass them up!" Gabrielle M. Loren, CPA, CGA Partner, Loren, Nancke & Company
Start Your Free Quote Today
Take advantage of private health services plan benefits and opportunities

Take advantage of employee benefit opportunities

Or call 1-866-442-2587 Monday - Friday 9am to 6pm
Flexibility & Cost Control
Start your free quote

Filling out this form will give you a good start on learning the best rates and plans available
Filling out this form will give you a good start on the best way to manage your medical, health and dental expenses
Desirable for Business Owners
It pays for Business Owners to take advantage of private health service plan opportunities.
Affordable – PHSPs are almost universally less expensive than comparable employee benefits plan rates. You control your spending limits for the coverages provided.
Manageable – PHSPs have few restrictions when compared to employee benefit plans. Many of the sticking points that can make health plans so frustrating, like preexisting conditions, the addition of new family members, and restrictions based on poor health histories, are non-factors in a individual private health services plan.
Shareable – It’s very common for individuals to create a PHSP for themselves and their family.
Tax Benefits – Premium dollars spent are tax-deductible for business owners. One of the only win-win scenarios in the Tax Act!
Benefits and Pensions Blogs
Our Client's Say
“Bajus Financial provides Haney Builders Supplies with a group benefit plan with our best interests in mind. Mark Bajus and his team tailored our plan focusing on our budget with low cost options while ensuring we take advantage of new plan options that would provide additional peace of mind to our employees. Our group benefits plan has attracted and retained valuable employees to aid in the success of our business. This approach to service is why I highly recommend the Bajus Financial team for your benefits plan.”
Karl Peters
Controller, Haney Builders Supplies
“Mark spent a great deal of time working out a custom benefit plan solution for us, and it has worked out great. Staff really appreciate that as a small business, we have committed to them with a great benefit plan that’s highly affordable."
Louis Ramos
President, Ramos Holdings Ltd