Understanding what you can claim under your Wellness Spending Account (WSA) is essential for maximizing your benefits. If you're wondering whether you can claim contributions to your RRSP, TFSA, or RESP, here's what you need to know.
Eligibility for Claiming Contributions
To claim personal contributions to retirement or education savings plans under your WSA, you need to have the specific category available in your plan. Look for the category named "RRSP / RESP / TFSA Contribution Reimbursement (Taxable)." or similarly named categories. If this category is included in your plan, you can proceed with claiming your contributions.
What You Can Claim
With the "RRSP / RESP / TFSA Contribution Reimbursement (Taxable)" category, you can claim contributions made to:
RRSP (Registered Retirement Savings Plan): This plan helps you save for retirement
RESP (Registered Education Savings Plan): This plan allows you to save for a child's post-secondary education
TFSA (Tax-Free Savings Account): This account lets you save or invest money without paying tax on the earnings or withdrawals.
How to Claim
Check Your Plan:
Ensure that your WSA includes the "RRSP / RESP / TFSA Contribution Reimbursement (Taxable)" category or something with a similar name
Submit Your Claim:
Log in to your myHSA account at myhsaaccess.com
Navigate to the claim submission section and select the category for your contribution.
Provide the necessary documentation, such as receipts or proof of contribution via a screenshot
Await Approval:
Once submitted, your claim will be reviewed within 1-3 days. If approved, your contribution will be reimbursed the following Wednesday or Friday, whichever comes first.
By utilizing the "RRSP / RESP / TFSA Contribution Reimbursement (Taxable)" category, you can effectively enhance your savings strategy while benefiting from your Wellness Spending Account. If you have any questions or need assistance with your claim, please contact our support team at support@getmyhsa.com