Due to the closure of some medical and dental service providers in spring 2020, Canada Revenue Agency (CRA) made a one-time exception that allows organizations to change the carry-forward rules for health spending account (HSA) credits.

In the fall, the Joint Benefits Committee made the decision to allow employees to carry over 2019 credits for an additional year to provide employees with the opportunity to use these credits. Therefore, if you have 2019 credits in your HSA that would have expired, you will now have until the end of 2021 to utilize these credits. This extension of 2019 credits will be finalized in the Canada Life system by the end of April.

Example: If an employee has $300 in unused 2019 HSA credits remaining that would typically forfeit at the end of 2020, the employee will now have until the end of 2021 to utilize these 2019 HSA credits.

Note: All 2020 HSA claims must be received by the Canada Life claims area by March 31, 2021.

Additional details regarding your HSA as well as the steps on how to submit your health and dental premiums can be located at myMacEwan.portal.ca. Click Pay & Benefits > Benefits > Flexible Benefits Plan > Did you know? > Health Spending Account.

From Human Resources