Personal Spending Account – PSA 

A 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

The information provided on this web site is intended for general information only. It should not be construed as legal, accounting, tax or specific insurance and investment advice. Clients should consult a professional advisor concerning their situations and any specific insurance and investment matters. While reasonable steps have been taken to ensure that this information was accurate as of the date hereof, Stone-Hedge Financial Group Inc. and its affiliates make no representation or warranty as to the accuracy of this information and assume no responsibility for reliance upon it.