The HCSA is simply extra tax-free money you can use toward certain health and dental expenses that aren’t covered (or aren’t fully covered) under your benefits plan. As a plan member, you receive a $450/year contribution to an HCSA in your name for the benefit year (school year calendar starting September 1).
You are required to use your HCSA funds by the end of the benefit plan year. If you do not use your balance by then (August 31st), any unused amounts will be forfeited. So be sure to use your HCSA balances each year!
You can spend your HCSA funds on any eligible expense under the Income Tax Act (ITA), giving you some flexibility in how you spend your benefits dollars. Here are a few examples of eligible expenses you can claim through your HCSA:
You can quickly access your HCSA balance from the Canada Life app or GroupNet. Track your remaining credits and be sure to use your funds before the August 31 deadline.
You will have 3 months from the deadline to submit eligible claims.
For a detailed list about what expenses can be claimed through your HCSA, please visit the Canada Revenue Agency website.
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