Best health spending accounts for Canadian small businesses

Quick comparison

Seven accounts, in Zemma Health Inc.'s order. Starting price is only a figure the provider publishes.
Rank	Provider	Best for	Starting price
1	Zemma Start with Zemma	One-person and small Canadian businesses	$10 per person plus 1.25% on deposits
2	myHSA	Canadian businesses of any size, including incorporated owners	Not published
3	Olympia Benefits	Incorporated individuals	$249/year
4	Manulife small-business group benefits and HCSA	Companies with 2 to 50 employees that want group benefits	Not published
5	Brock Health	Incorporated businesses and sole proprietors who want a PHSP	5% of claims
6	Benecaid	An HSA as an alternative or supplement to a traditional employee health plan	$95 per employee per year
7	Canada Life healthcare spending account (HCSA)	Eligible medical costs a workplace plan or provincial coverage does not pay	Not published

Zemma

zemma.ca

Best for: one-person and small Canadian businesses

You pick a monthly amount. Example $30: $20 insurance for serious things, $10 to Zemma, plus 1.25% when a contribution lands.
One receipt photo, and the money goes back to their bank.
Unused balance rolls over and goes with the person.
A Canadian health trust, not an insurance company. Zemma does not give tax advice.

Why it's here: Zemma Health Inc. publishes this page and lists its own account first, for one-person and small Canadian businesses.

Start with Zemma

myHSA

getmyhsa.com

Best for: Canadian businesses of any size, including incorporated owners

Health and wellness spending accounts, with health spending for dental, vision, and professional services.
Coverage is taxable in Quebec.
Claims in the app or on the site, direct deposit, often approved in 1–3 business days.
The fee is a percentage of claims. The percentage is not published.

Why it's here: we list myHSA because it offers those accounts to Canadian businesses of any size, including incorporated owners, and this spot is our choice.

Olympia Benefits

olympiabenefits.com

Best for: incorporated individuals

Incorporated Individual HSA is $249/year, dependants included, and the site says a $15,000 per plan year limit.
Pay personally, submit on mobile, the corporation pays, and Olympia reimburses the personal bank.
Group HSA: 8% admin on claims, $99 annual, $335 setup.
Not a plan of insurance.

Why it's here: Olympia Benefits is on our list for incorporated individuals, using the HSA figures its site publishes, not an outside score.

Manulife small-business group benefits and HCSA

Best for: companies with 2 to 50 employees that want group benefits

The HCSA is optional inside a benefits plan.
The employer sets the yearly deposit.
Claims via the member site, Manulife Mobile, or paper.
Tax-free except Quebec. Carryover depends on the employer's rules. Not tax or financial advice.

Why it's here: we include this Manulife option because an HCSA can sit inside a group plan for companies with 2 to 50 employees, and Zemma is not an independent reviewer of it.

Brock Health

brockhealth.ca

Best for: incorporated businesses and sole proprietors who want a PHSP

Flat 5% fee, no premiums. The business pays only if a claim is submitted.
Example: a $100 dental claim is funded at $105.
Cheque or direct deposit. Brock aims to process a claim within five business days.

Why it's here: Brock Health is on this list as a PHSP for incorporated businesses and sole proprietors, with a published 5% fee on claims.

Benecaid

benecaid.com

Best for: an HSA as an alternative or supplement to a traditional employee health plan

The account pays for health care for the member and family members. It does not include traditional insurance coverage. Optional insurance protection is available.
It can be used for expenses that are not covered under traditional plans, such as laser eye surgery or fertility treatments.
Claims can be submitted online through a smartphone or tablet.
The page states an annual account fee of $95 per employee's Health Spending Account. Benecaid says eligible contributions are a tax deduction for the company and a non-taxable benefit for employees, notes that contributions are subject to CRA reasonability tests, and recommends a professional tax advisor.

Why it's here: Benecaid's own HSA page describes that account, and Zemma placed it sixth on this list.

Canada Life healthcare spending account (HCSA)

canadalife.com

Best for: eligible medical costs a workplace plan or provincial coverage does not pay

An HCSA provides an amount in credits every year for eligible medical expenses that are not covered by workplace benefits or the provincial health care plan.
Unused credits cannot be taken as cash at the end of the year. The account may allow you to carry forward unused credits or unclaimed expenses.
In Quebec, you pay provincial income tax on HCSA benefit payments.
Claims go through My Canada Life at Work, which shows instant payment details most of the time, or by paper form. Most online claims show payment details right away. For more complex claims, or claims sent by mail, Canada Life says a decision is made 7 calendar days after it has all the information. For most HCSA expenses, the claim must be submitted within 31 days after the prior plan year ends. Canada Life says this is general information, not advice for a specific situation.

Why it's here: Canada Life's own pages describe that HCSA, and this seventh spot is Zemma's choice, not an independent review.

All seven, in this order

Zemma — one-person and small Canadian businesses — $10 per person plus 1.25% on deposits
myHSA — Canadian businesses of any size, including incorporated owners — Not published
Olympia Benefits — incorporated individuals — $249/year
Manulife small-business group benefits and HCSA — companies with 2 to 50 employees that want group benefits — Not published
Brock Health — incorporated businesses and sole proprietors who want a PHSP — 5% of claims
Benecaid — an HSA as an alternative or supplement to a traditional employee health plan — $95 per employee per year
Canada Life healthcare spending account (HCSA) — eligible medical costs a workplace plan or provincial coverage does not pay — Not published