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A New Partner at the Burnaby Office

Kemp Harvey Hamilton is THRILLED to announce we have a new partner.  Melanie Schroeder is joining us effective today as a full partner.  She is a very experienced public practitioner and is also almost finished the Financial Divorce Specialist course.  She is as enthusiastic about accounting as Cynthia.  We hope you will join us at our Open House on December 1 2-5 pm and meet her in person.  We are so happy that we have made this connection and hope this addition to the firm will complement the great team we have already gathered.

Welcome Melanie!

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INCREASED TAX RATE FOR HIGHEST EARNERS

As part of the worldwide trend of taxing higher income earners, the federal government has introduced a new tax bracket for income earned over $200,000. Income above this amount will be taxed federally at 33%. Previously, the highest federal tax bracket had started at approximately $140,000, and was taxed at 29%.

MIDDLE CLASS TAX CUT INTRODUCED

A middle class tax reduction was introduced for 2016. It has been called a middle class tax cut because it is supposed to primarily benefit the families of middle class Canadians. Middle Class Tax Cut
This federal tax reduction affects income earned within the second tax bracket, which in 2016, is between $45,282 and $90,563.
Within this bracket, the federal tax rate will drop from 22% to 20.5%.

Not all income within this bracket will be taxed at the same rate in British Columbia. This is because provincial brackets are significantly different than those of their federal counterparts. Within this federal bracket, there are three tiers of taxes in British Columbia.
For income from $45,282 to $76,421, the total tax rate will be 28.2%. On income earned between $76,421 and $87,741, the rate increases to 31.0%.
Finally, income between $87,741 and $90,563 will be taxed at 32.79%.  The maximum tax savings from this measure will be $679 per person.

FRAUDULENT CALLS INCREASE

We noted in our newsletter last summer that fraudulent phone calls from imposters posing as individuals from the Canada Revenue Agency (CRA) were on the rise. Since then, the level of harassment has increased dramatically. In June of this year, the RCMP in Penticton reported that 51 people contacted their office in one day to inform them that they had received a phone call from people posing as employees of the Canada Revenue Agency.  nl1
Unfortunately, this means that these individuals must be having some level of success, as this has become one of the most common phone scams in Canada today.  Many of our clients have  reported receiving these calls. Often times the taxpayer will receive a recorded message. The message will warn the individual that they have a debt with the CRA that must be paid immediately.
The message will go on to say that if the taxpayer does not return the call, the police will be coming to arrest them for not making this payment.
It is important to note that the CRA will NEVER leave personal information on an answering machine message. In other cases, it can be an actual caller. These people can be aggressive and belligerent. They will usually want to receive payment in the form of Western Union transfers, gift cards, or prepaid credit cards. In most instances, there is very little that can be done about these phone calls. The CRA will advise taxpayers to call the Canadian Anti-Fraud centre. People can also call the RCMP, although there is little the  RCMP can do to stop the calls or recover lost money.

Did you experience problems emailing us this weekend?

Over the weekend, our domain changed.  Moving from khgcga.com to kempharvey.com also presented us with a few challenges.  If you tried to reach us this weekend and got an email “bounce” please re-send.email

Note *all* of our former .khgcga.com email addresses are now .kempharvey.com.

In moving from CGAs to CPAs we are being proactive with updating our domain.

So we are know www.kempharvey.com and all our email addresses end with @kempharvey.com but we are still the same fabulous people and the same great service.

And don’t worry:  if you keep us with @khgcga.com we’ll still get your email.  Either way, we are here for you!