Reference guide
Private Health Services Plan(PHSP)
The official CRA term for what employers and employees commonly call a Health Spending Account (HSA). A PHSP is a contractual arrangement between an employer and a plan administrator under which the employer agrees to reimburse employees for eligible medical expenses on a tax-free basis. The legal framework is defined by CRA Interpretation Bulletin IT-339R2. All valid Canadian HSAs are PHSPs.
← HSA & Benefits Glossary
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