How it Works
From personal expense to business deduction
Hiveworks simplifies the process - just four steps to reimburse yourself tax-free.
Here's how it works:
Step 1: Pay for Your Healthcare Expenses
After signing up for a Hiveworks HSA, continue paying for your medical or dental expenses as you normally would using personal funds.
This could include doctor visits, dental treatments, prescriptions, vision care, or any other eligible medical expenses. If you have group health benefits, you can claim the portion not covered by your plan.
Step 2: Submit Your Claim
Once you’ve paid for your medical expense, submit a claim through the Hiveworks platform:
Upload your receipt: Take a clear picture of your receipt or invoice and upload it directly to the platform.
Fill out the simple claim form: Enter basic details about the expense, such as the date, type of service, and the amount paid.
Step 3: Your Corporation Pays Us
Once your claim is approved, your business will pay Hiveworks. This payment will include:
The claim amount: The exact amount of the eligible expense.
Any applicable taxes: In certain provinces, taxes may apply depending on the nature of the expense.
Step 4: We Reimburse You
Once we’ve processed your payment, you will be reimbursed for the claim amount (minus any applicable taxes). The reimbursement will be sent directly to your personal bank account.
Along with your reimbursement, you’ll receive supporting documentation for your expense, making it easy for you to track your claims for tax or accounting purposes.
How we ensure CRA compliance
Platform features for easy claim submission
Seamless Claim Submission: Upload your receipts and submit claims quickly from any device.
Instant Notifications: Get real-time updates on the status of your claims and reimbursements.
Track Your Claims: Easily monitor the progress of your claims, and receive notifications when your reimbursement is processed.
Year-End Reporting: Export all transaction data with a single click, making it simple for your accountant to prepare year-end reports and tax filings.
Eligibility for a Hiveworks HSA
To be eligible for a Hiveworks HSA, you must meet the following criteria:
Own an incorporated business – Your company must be legally incorporated in Canada.
Receive T4 income – You must pay yourself a salary from your corporation. (The CRA requires shareholders to be actively employed in their business to qualify for an HSA. This is usually demonstrated by taking a salary (T4 income) rather than relying solely on dividends.)
No arm's length employees – This HSA is designed for incorporated individuals and their dependents. If your business has arms length employees, we'll be introducing a separate small business plan shortly.
If you meet these requirements, you can start using an HSA to convert out-of-pocket medical expenses into tax-free reimbursements while reducing your business’s taxable income.
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