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Checklist helps during tax season

Are you gathering all of your 2013 tax slips together?  Do you need a bit of help?  Please take a few minutes to peruse the pages of our most recent newsletter and review our helpful personal tax checklist.

Click here to look at our newest release: Kemp Harvey Group January 2014 Newsletter .

Tax time in Burnaby

Once again, the Burnaby office has an exciting tax time contest for the month’s of March and April.  Check it out on Facebook

2014 Contest Poster

Kelowna Student Receives CGA Designation

10The office of Kemp Harvey Hunt Ward in Kelowna is proud to announce one of their own has recently completed the Certified General Accountant (CGA) program of studies.

This fall, Rachel Rossi was one of 502 students across British Columbia who received their CGA designation. Rachel started working at Kemp Harvey Hunt Ward in January 2006. With a keen eye for detail and organization, Rachel has a passion for assisting small businesses with start-ups and the everyday accounting needs which follow.

The Kemp Harvey Group congratulates Rachel and wishes her all the best in all of her future endeavors.

Provincial Corporate Rate Increased

Some corporations will realize an increase in taxes this year.

In British Columbia’s budget this year, the provincial corporate tax rate on taxable income over $500,000 was increased by one percentage point – from 10% to 11%.

Combined with the Canadian federal tax rate on these earnings, the total corporate tax rate on active income over $500,000 is now 26%.

The tax rate on active income earned under $500,000 remains the same, at a combined federal and provincial rate of 13.5%.

BC Grant Available

9In the provincial budget this year, the government introduced the British Columbia Training Education and Savings Grant.

This grant will provide children with a $1,200 grant for their Registered Education Savings Plan (RESP). It will be deposited to each child’s RESP account when the child turns six years old.

In order to qualify, the child must be a resident of British Columbia, and must have been born after January 1, 2007.

It is important to ensure that your child has an RESP plan set up prior to February 28, 2014, to ensure that he or she can qualify for this grant.