If you’re a Canadian business owner looking to cover medical expenses with tax-free dollars, a Health Spending Account (HSA) is a smart and CRA-compliant solution. But not all HSA providers are created equal. Below, we compare four Canada’s Top HSA Providers—Coastal HSA, Olympia Benefits, myHSA, and Canada Life—to help you find the best fit for your business.
Quick Comparison Table
| Feature | Coastal HSA | Olympia Benefits | myHSA | Canada Life |
|---|---|---|---|---|
| Setup Fee | $0 | $335 (one-time) | Typically $0 | $0 |
| Annual Fee | $0 | $99 | Typically $0 | Varies |
| Add Employee Fee | $0 | $40 | Typically $0 | Varies |
| Per-Claim Fee | 6% | 8% | ~10% | ~10% |
| Plan Flexibility | Very flexible | Fixed plans | Highly customizable | Tied to group benefits |
| CRA-Compliant | ✅ Yes | ✅ Yes | ✅ Yes | ✅ Yes |
Provider Overviews
🟦 Coastal HSA – Simple, Affordable, and Built for Small Businesses
Why it stands out:
Coastal HSA offers one of the most affordable and transparent HSA solutions in Canada. There are no setup, annual, or employee fees, and a low 6% per-claim fee. The platform Coastal HSA is straightforward and flexible, making it ideal for small incorporated businesses that want full control without the hidden costs.
Pros:
- $0 setup, annual, and employee fees
- Lowest claim fee (6%)
- Highly flexible for different business needs
- Easy to use with responsive customer support
Cons:
- No wellness/taxable benefit accounts, only HSAs
- No insurance add-ons
Best for: Business owners who want a low-cost, high-value HSA without the complexity.
🟧 Olympia Benefits – Established Name
Why it stands out:
Olympia is a well-known name in the HSA space. However, it comes with higher fees, including a $335 setup fee, $99 annual fee, and $40 to add each employee for their HSA Group plan. They have different plans for incorporated individuals starting at $249 per year.
Pros:
- Recognized brand with years of experience
- Offers plans for both incorporated businesses and sole proprietors
- CRA-compliant
Cons:
- High upfront and ongoing fees
- Less flexible plan design
- Additional costs for each employee added
Best for: Incorporated Individuals
🟩 myHSA – Flexible and Advisor-Focused
Why it stands out:
myHSA is known for its highly customizable plans, offering various spending accounts including wellness and taxable benefits. There are usually no setup or annual fees, but claim fees tend to be around 10%, and the platform is designed more for businesses with multiple employees and a benefits advisor.
Pros:
- Very flexible plan design
- Integrates well with group benefits
- Advisor-friendly
Cons:
- Pricing can vary and isn’t always transparent
- May be too complex for solo business owners
- Only accessed through advisors
Best for: Growing businesses working with benefits advisors who need tailored options and value providing taxable benefits to their staff (such as gym memberships).
🟨 Canada Life – HSA Add-On for Group Plans
Why it stands out:
Canada Life offers HSAs bundled with group insurance plans, which makes it a solid option for larger companies already offering employee benefits. However, it’s not available as a standalone HSA, and costs vary depending on the overall insurance package.
Pros:
- Backed by a major national insurer
- Integrated with employee benefit plans
- Professional digital tools and advisor network
Cons:
- Not available without group insurance
- Fees are bundled, making cost breakdown unclear
- Limited flexibility compared to standalone HSAs
Best for: Mid-sized or large companies already using group benefits who want to add an HSA.
Final Thoughts
Choosing the right HSA provider depends on your business size, structure, and budget. Here’s the bottom line:
- ✅ Best Value for Small and Medium Corporations: Coastal HSA (Lowest fees, simple setup, great flexibility)
- ⚖️ Best for Incorporated Individuals: Olympia Benefits (Competitive price for incorporated individuals, but more expensive for groups)
- 🧩 Most Customizable: myHSA (Ideal if you’re working with a benefits advisor)
- 🏢 Best with Group Insurance: Canada Life (Convenient if you already use their insurance plans)
Looking for a straightforward, affordable HSA?
Coastal HSA offers transparent pricing, flexible plans, and no surprise fees.
Read more: Mastering Health Finances In Canada: The Little-Known HSA Strategy
