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Products & Services

Here you will find a list of the latest products and services offered by Canwest Group.  If you are looking for a particular product or service that is not listed or just need more information, please don't hesitate to contact us and one of our representatives will be glad to help.

Cost Plus, the “Private Health Services Plan” (PHSP), provides 100% Tax-Free reimbursement of health and dental expenses for employees of Limited or Incorporated Companies. This plan can be a stand-alone plan or can be used to supplement a traditional benefit plan. There are no setup fees or fixed monthly premiums - it is “pay-as-you-go” based on claim usage.

The employer sets the level of coverage for employees, as an annual dollar amount; employees can be “classed” into different level of coverage based on position within the Company, length of employment, etc. Employees have the flexibility to use their allotted funds towards any eligible expenses for themselves and their eligible dependents.

Who is Eligible

Shareholders: are eligible if they are actively employed through the company, are receiving a wage, and the benefit is being paid in their capacity as an employee.

  • The Shareholder must be actively engaged in the business activities of the corporation,
  • The benefits must be reasonable and be consistent with what would be offered to an “arm’s length” (un-related) employee.
  • Shareholders are NOT eligible if they are collecting dividends, rather than a wage.

Employees: are eligible if they are defined as an “employee” by Canada Revenue Agency. If “yes” to any of the following, an employee qualifies;

  1. Does the individual collect a wage, salary, fees or bonus?
  2. Does the corporation (employer) remit payroll taxes (income tax & CPP) on behalf of the individual?
  3. Are payments made to the individual deductible from the corporation’s income? (ie: Management Fees, wages, salaries, bonuses)

COST PLUS CANNOT BE OFFERED TO SHAREHOLDERS/MANAGEMENT IF THERE ARE NO BENEFITS OFFERED TO EMPLOYEES.

 

What is Eligible for Claiming?

Cost Plus covers all expenses defined as “eligible” under Subsection 118.2(2) of the Income Tax Act (or IT 519R2). This includes but is not limited to the expenses listed below. For a complete list of eligible expenses, please visit Canada Revenue Agency’s website at: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/lines-330-331-eligible-medical-expenses-you-claim-on-your-tax-return.html

Premiums for Health Care Plan. Premium paid to any NON-GOVERNMENT medical, dental or hospital care plans.

Medical Materials & Equipment. Braces, Crutches, Colostomy/Ileostomy Supplies, CPAP Machines, Hospital Beds.

Prescription Medications.

Professional Services. Eligible practitioners may vary based on the Province which you reside. Some examples include;

Elegibility

 

Dental Services. Dental Examinations, X-Rays, Tooth Extractions, Dentures & Repairs, Crowns & Bridgework, Root Canals, Oral Surgery, Orthodontics.

Prescribed Vision Care. Eye Examination, Glasses, Contact Lenses, Laser Eye Surgery.

Laboratory, Examinations, Test & Hospital Services. Anesthetist, Blood Tests, Vaccines, X-Rays & Lab Fees, Private MRI’s

THIS IS NOT AN INCLUSIVE LISITING AND IS MEANT TO PROVIDE AN EXAMPLE ONLY.

 

What is Ineligible for Claiming?

The expenses that Cost Plus does NOT cover includes, but it not limited to:

  • Non-Prescription medications
  • Air Conditioner, Humidifies, Air Cleaners
  • Vitamins / Supplements
  • Gym Memberships / Exercise Equipment
  • Charges for missed appointments
  • Cosmetic Surgeries
  • Scales for weighing food
  • Toothbrushes/Toothpaste
  • Dental Bleaching
  • Homeopathic Services

THIS IS NOT AN INCLUSIVE LISITING AND IS MEANT TO PROVIDE AN EXAMPLE ONLY.

 

How does it work: Plan Setup?

The Cost Plus Plan can be setup with many different classes and limitations, to fit the needs of your company! For example, classes can be created according to;

  • Responsibility within the company (ie: managers vs employees)
  • No. of weekly hours (ie: Full-time vs Part-time, 20-29hrs, 30+ hrs)
  • Length of service with the company (ie: 1-4 years, 5-9 years, 10+ years)
  • Single VS Family Coverage

Keeping in mind that there must be a distinct classification for varying limitations; should 2 (or more) employees fall into the same classification, as per your outlined plan design, those employees must be offered equal benefit amounts. As well, Cost Plus Coverage cannot be offered to Shareholders/Management if there aren’t benefits offered to employees; if there is an alternative benefit plan (ie: Chamber of Commerce, Sun Life, etc.) available to employees, the Cost Plus can be setup as a “top up” for the higher-up employees.

It is recommended that classes be created using “reasonable and customary” limitations; it is discouraged to have a Management class at $20,000 per year, while a Full-Time Employees class is set at $100.00 per year.

Cost Plus limitations can be set to calculate (and renew) based on a Calendar Year (January – December) or based on the company’s fiscal year (Policy Year).

Cost Plus can be setup with or without pro-rating. This would be the difference of an employee, who is enrolled part way through the benefit year, receiving the full year’s allotment (no pro-rate) or only receiving a portion of the allotment (pro-rated). If pro-rated, the employee receives the portion equal to the number of months which they will be active on the plan. The next year, they would be eligible for the full amount.

You may also choose to allow a claim submission grace period of 30 days after the end of the benefit year, or 1 full year after the end of the benefit year.

 

How does it work: Claiming?

Employee (or eligible dependent) incurs an eligible medical or dental expense.

The employee PAYS upfront for the expense.

The employee then submits their claim to Canwest Group Benefits for assessment. To do this, they complete and sign the Cost Plus Claim Form, attach their ORIGINAL paid receipt(s) and mail the claim to our Fairview, AB office.

A Canwest Representative will review the claim for eligibility, and accuracy.

Once approved, Canwest will INVOICE your company for the Claim Amount, plus the Administration Fee and GST on the Admin Fee.

Your company issues payment to Canwest by e-transfer or by cheque – this is a COMPANY DEDUCTION.

Canwest issues reimbursement for the Claim Amount to the employee – this is TAX FREE.

 

Before implementing the Cost Plus Plan, Canwest Group Benefit Consultants strongly encourages you to consult your professional tax advisor.