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Personal Spending Account – PSA 

Personal-Spending-Account-PSAA personal spending account (PSA) is a taxable benefit to the employee. The employer can choose to reimburse the employee for personal expenses. Reimbused employee expenses can include professional development programs, fitness memberships, subscriptions, nutrition/weight loss programs, alternative treatment and medicine, golf memberships, sports equipment, accounting services, estate planning and financial planning services.

Personal spending accounts offer flexibility to employees. The employer can establish and implement its own personal spending account (PSA) rules and restrictions of how the allocated credits are used by employees. Personal spending account (PSA) credits can be converted into cash, used to make contributions to the employees RRSP, tax free savings account (TFSA), and if not used be carried forward indefinitely.

 

Contact Us to Set Up a Personal Spending Account

 


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