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Spending accounts

Spending accounts

A growing and popular trend in group benefits is giving employees more options on how they can use their benefit dollars. Sun Life spending accounts are the best way to offer your people greater control over their benefits. 

What is the difference between HSA and PSA?

Health spending accounts

A Health Spending Account (HSA) reimburses for eligible health care and dental expenses that are not covered by your benefits plan. You can offer HSAs on a stand-alone basis (except to members living in Quebec), or as part of a flexible benefits plan. Claims under an HSA are not typically a taxable benefit.

Personal spending accounts

A Personal Spending Account (PSA) is an account for plan members that covers a broad range of health and wellness expenses such as fitness equipment, audio streaming memberships and financial services. The PSA is generally a taxable benefit to plan members.

The real benefit is peace of mind

A Health Spending Account (HSA) is an effective way to enhance traditional benefits plans or to provide more choice and flexibility to plan members.

Plan sponsors allocate HSA credits into each plan member's account every year. The plan member may use the allocated credits as needed for eligible health-related expenses not covered by provincial health plans or by their regular benefits plan. This can include expenses such as:

  • Deductibles or co-insurance payments for health and dental expenses
  • Health or dental expenses in excess of maximum coverage amounts
  • A wide range of other health-related expenses not covered by your organization's health and dental plan

Health and wellness solutions for the modern workforce

A simple solution to staying competitive

A great way to attract top talent and stay competitive is by offering your employees access to enhanced health and wellness solutions that can meet the needs of everyone you might want to hire.

Sun Life’s Personal Spending Account (PSA) is a digital solution that is easy to use and easy to manage. 

Our PSA covers a wide range of eligible expenses supporting the mental, physical, and financial well-being of working Canadians.

Here’s how a PSA can help your employees

 

Eligible expenses

  • fitness club or gym memberships
  • registration fees for virtual fitness classes
  • registration fees for fitness-related programs, lessons or courses (such as aerobics, yoga, dance and martial arts)
  • sports team memberships and registration fees
  • annual memberships or daily passes to athletic facilities (such as access to golf courses, racquet clubs and ski hills)
  • personal trainers, fitness consultants, lifestyle consultants and exercise physiologists
  • registration fees for fitness-related events (such as walks, runs and races)
  • recreational activity fees (such as boating fees, camping fees and trail passes)
  • fees for athletic facilities and equipment rental costs
  • fitness-related apps, software and programs
  • hunting and fishing licenses

  • purchase or rental of exercise equipment (such as treadmills, exercise bikes, universal gyms and weights)
  • specialized sports equipment (such as skates, bikes, non-motorized boats, rackets and clubs)
  • fishing gear and supplies, camping gear, tents and sleeping bags
  • jogging or cycling strollers
  • specialized athletic footwear (such as running shoes, golf shoes and swim fins)
  • fitness-related apparel (such as running jackets, cycling shorts and sunglasses)
  • athletic safety equipment (such as helmets, eye protection and mouth guards)
  • fitness tracking tools (including watches) and heart-rate monitors
  • fitness consoles and accessories, DVDs and downloadable work-out videos

  • childcare expenses (includes educational expenses and materials)
  • elder-care expenses
  • food delivery services (does not include the cost of food)
  • pet-care services (such as kenneling, obedience training, dog walking and veterinarian fees)
  • domestic services (such as house cleaning, snow removal, landscaping and moving services)
  • intelligent personal assistant (IPA) devices

  • public transit passes
  • solar energy and wind energy products
  • energy home audits, cost to upgrade windows, programmable thermostats and weather stripping
  • home insulation materials for heating or cooling
  • air purification systems and installation costs
  • lead pipe and asbestos removal from home
  • composters, rain barrels, recycling bins and recycling fees for atypical items (such as electronics)
  • appliances certified as energy efficient and other energy efficient products for home heating, cooling and lighting (such as tankless water heaters and compact fluorescent light bulbs)
  • car or bike sharing memberships and usage fees (excluding fuel costs and repair fees)

  • Life and Critical Illness insurance premiums, as well as Long Term Care facility premiums
  • pet insurance premiums

  • weight management programs (excluding food)
  • nutrition programs and counselling
  • cholesterol and hypertension screening
  • smoking cessation programs and products
  • maternity services and accessories (such as Doulas, Midwives and classes)
  • services provided by iridologists, herbalists, Chinese medical practitioners and acupressurists
  • other alternative wellness services (such as Reiki, Rolfing and light therapy)
  • stress management programs
  • first aid and CPR (cardiopulmonary resuscitation) training
  • health, fitness or lifestyle assessments (such as fees for allergy testing, ergonomic assessments and genetic testing)
  • vitamins, supplements, herbal products, blenders and juicers
  • sleeping aids (such as orthopaedic mattresses and pillows, darkening blinds, white noise machines and ear plugs)
  • Medical alert products and services
  • personal care items (such as heating pads, thermometers, sunscreen, teeth whitening kits and denture products)
  • life coach services or fees for spiritual or wellness retreats (excludes the cost of travel and accommodations)
  • cosmetic procedures (such as Botox, dermabrasion and tattoo removal)
  • health-related apps, software and programs
  • day-spa services (such as baths, saunas and aesthetic treatments)

  • home office equipment (such as ergonomic chair/desk, and sound proofing barriers) and fees for secure shredding services
  • tuition fees for university, college or continuing education (including books and supplies)
  • fees for language training and tutoring
  • fees or dues for professional memberships or associated with maintaining a professional designation
  • hobby or general interest classes and supplies (including cameras)
  • personal computers, accessories and software
  • Online courses offered through a recognized educational institution requiring registration
  • internet services (statements used as receipts must include the payment amounts and date)
  • cultural activity passes or tickets (for things like museums, zoos, music concerts, plays, operas and symphonies)
  • lessons, courses, seminars and conferences (including books, instruments, supplies and accessories)
  • hard cover and online reading materials, subscriptions and book club memberships (including e‑readers and apps)
  • online audio subscriptions, audio books and apps
  • music, music streaming services and apps
  • finance related apps, software and programs
  • smartphones and tablets

  • baby safety equipment
  • first aid products (such as bandages, Automated External Defibrillators (AED) and disinfectant)
  • smoke alarms, carbon monoxide (CO) detectors, fire extinguishers and fire escape ladders
  • Personal Protective Equipment (PPE), including fees for sanitation, gloves, masks and hand sanitizer, purchased for personal use
  • protective safety equipment (such as safety boots or shoes, eye protection and safety gloves)
  • life jackets, bear spray, rescue equipment and avalanche kits
  • home security systems and associated fees

  • estate planning, financial investment counselling and tax return preparation
  • legal expenses (such as wills, divorces, and house purchases or sales)

  • Registered Retirement Savings Plan (RRSP) contributions
  • Registered Education Savings Plan (RESP) contributions
  • Registered Disability Savings Plan (RDSP) contributions
  • Tax-Free Savings Account (TFSA) contributions
  • fraud prevention/assistance and credit monitoring services and products

  • Fast E-claim submissions for your PSA

    Plan members with standard Sun Life PSA plans can make e-claims using either the my Sun Life mobile app or mysunlife.ca

    Processing is instant, and most PSA claims are reimbursed within 48 hours if the plan member has signed up for direct deposit.

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