Public service announcement...nothing has changed..haha. Reminder if someone tells you flex allocation does not have to happen at beginning of benefit year (or at all) in a flex plan, they are wrong. myHSA Tim Kane #CRA #PHSP #Flexplan #HR #compliance
There still seems to be a few providers out there that are allowing employees to move between #Taxable and #Non-taxable benefit programs as the employee requires rather than a locked in allocation to maintain the element of risk. We thought rather than taking our word for it that it will put the entire plan offside with #CRA we decided to get a ruling directly from them. They did us one better and gave us 3 of them dating back to 1999... Long story short this not new news and #advisors telling clients anything different they may want to check this out. If anybody #advisors #businessowners #competitors #taxnerds want a copy of what we have is public information...stop speculating and just ask myHSA for it. Send me a pm with your email and we will happily send it over. #insurance #PHSP #HSA #healthspending #WSA #LFS #Wellness #spending #LifestyleSpending #employee #HelloTim #benefits #flexplans #flexiblebenefits Steven McEwan, CEBS, ISCEBS FellowAllison G. Kirsten Carr
Absolutely.
Tim Wade
2y
Thanks for the post. Always somebody trying to beat CRA.
Thanks for sharing. Advisors need to remember that THEY are responsible for the TPA's they work with. If those TPA firms do NOT follow the rules (as we've seen many times) it's the advisor placing the client at risk. Will your E&O protect you? Do your due diligence and then work with companies like myHSA
Group Benefits & Group Savings
2yI've studied IT-529. I feel like I've got a good grip on how to keep non-taxable benefits non-taxable when they are offered within a flex program. And glad to know myHSA knows all this too. Good thing I'm a #benefitsspecialist :-) that one's for you David "Dave" Patriarche :-)