Financial Planning Tools (2024-Manitoba)

This calculator estimates the tax savings a small business owner would enjoy as a result of having an HSA account though his corporation in 2024.

​

The calculator estimates how much additional salary you would need to draw from your Corporation in Manitoba to cover the medical expenses on after tax basis personally.

​

It also provides an estimate of the tax credit you would receive if you claimed medical expenses on your personal tax return (25.08 % of medical expenses in excess of the lesser of $2,759 for 2024 or 3% of Personal Net Income).

​

The calculator compares the tax savings you achieve by using an HSA through your corporation versus covering medical expenses personally. It factors in the cost of the HSA and displays the overall net benefit, helping you understand how much you save when medical expenses are reimbursed by your corporation with pre-tax dollars.

​

Disclaimer: This calculator provides a simplified estimate and does not account for Canada Pension Plan (CPP) contributions on salary or the fact that it may be more beneficial to claim the medical expenses on the spouses return. It is intended to offer a rough approximation of potential tax savings and should not be relied upon for precise financial planning. For an accurate assessment of your specific situation, please contact our office.

​

Link to our article about HSA:

Benefits of a Health Spending Account (HSA) Manitoba (jenkynssmith.ca)

​

​