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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.

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!

 

Tom Kemp

tomkempIt is with great sadness we announce the passing of Tom Kemp after a short struggle with ALS.

Tom moved to Penticton in 1972 with his wife Carol and their 2 children, Brenda and Andrea. He opened an accounting practice on his own and then later partnered with his friend and colleague Bob Harvey where they formed Kemp Harvey and Co., CGA’s, which still operates today. There are now 7 Kemp Harvey offices throughout the province, something that Tom was extremely proud of. Tom partially retired in 1999, and the Penticton office he helped create, is now operated by his daughter Andrea and her business partner Nicole Thompson. Throughout his life, Tom was an active Member of the CGA Association of BC and in 1989 he was President. He was also a member of the CGA Board of Canada.

From the beginning, Tom was active member in the community. He was a member of the Peach Festival Society, Kiwanis, Ironman Canada, VFCU, Penticton Yacht Club, and several other boards.

Tom is survived by his loving partner Liz Bingham, daughters Brenda (Robyn), Andrea (Rick), former spouse and long-time friend Carol Kemp, and brother Albert (Barb). Tom loved to dance and was an outgoing man; always the life of the party.

Further information can be found in the printed obituary.  Our thoughts are with Tom’s family during this time.

In lieu of flowers, donations may be made to the SPCA or the Penticton Red Cross HELP Program.

CPA Fall Leadership Conference

The Kemp Harvey Group was well represented at the recent CPA Fall Leadership conference in Victoria.  There was an excellent tax update and lots of information on the CPA merger.  There was a Mardi Gras night of fun on Friday night and Saturday was the awards dinner.  It was so nice to see all the hard workers honoured and we look forward to the pictures that will post soon, but for now, here are a few.

Cynthia Hamilton from the Burnaby office received the Harold Clarke award

Cynthia Hamilton from the Burnaby office received the Harold Clarke award

A close up of the award - it looks fragile!

A close up of the award – it looks fragile!

Greatly looking forward to next year!