Now that I’ve started a business, I don’t have any medical/dental benefit coverage.
This doesn’t have to be expensive – in fact, as a corporation – it’s an advantage. This opens the door for you to setup a PHSP (Personal Health Spending Account) which will allow you to deduct 100% of the medical/dental/vision expenses allowed by the Tax Act as a business expense. This means that you are not out-of-pocket (after tax dollars) and can recoup these costs. Although you cannot pay the expense directly to your provider with company funds, through a provider it will only cost (your business) 5 or 10% in admin fees to process…and that’s a good thing.