Once you’ve made your initial allocation decision, reallocating funds isn’t possible. This limitation is not just a platform rule—it’s a requirement set by the Canada Revenue Agency (CRA). The CRA mandates this rule to maintain what’s known as an “Element of Risk” within Health and Wellness Spending Accounts.
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What does “Element of Risk” mean? It ensures that these plans function as intended: to encourage proactive decision-making about benefit fund usage at the start of the benefit year. This structure is what allows these plans to remain tax-efficient and compliant with CRA guidelines.
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While it might feel restrictive, this approach has an important purpose: it ensures fairness and adherence to the tax laws that make these benefits so advantageous.
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For questions or tips about making the best use of your myFlexplan, feel free to reach out to our support team at support@getmyhsa.com —we’re here to help!