Denny Markova Insurance & Investments

06/08/2026

The countdown is on! ⚽️🔥
Vancouver shines brighter as the beautiful game takes center stage.

📍Vancouver, BC 🇨🇦

05/31/2026

RESP
Taxation on Educational Withdrawals

• For Post-Secondary Education (Educational Assistance Payments - EAP)-Government grants (e.g., CESG) and investment earnings withdrawn are taxable to the student (beneficiary).

Taxation on Non-Educational Withdrawals

• For Non-Educational Purposes (Closing the Plan)-Growth: The accumulated investment earnings are taxed at the subscriber's regular income tax rate, plus an additional 20% penalty tax.

05/31/2026

05/28/2026

Strategies for Minimizing Tax on RRIF Withdrawals

Understanding RRIF Taxability

• You cannot entirely avoid taxes on Registered Retirement Income Fund (RRIF) withdrawals, as every dollar withdrawn is considered taxable income.

• However, you can minimize your tax burden using specific strategies:

Tax Reduction Tactics

• Lower Minimums with a Younger Spouse: Base your annual minimum withdrawals on your younger spouse's age, allowing your investments to grow tax-deferred longer.

• Shift to a TFSA: If you do not need the money, withdraw only the required minimum and deposit the excess into a Tax-Free Savings Account (TFSA) to let it grow tax-free.

• Split Your Pension: If you are 65 or older, RRIF income qualifies as eligible pension income, allowing you to split up to 50% of it with your spouse to lower your overall tax bracket.

• Claim the Pension Credit: Use the first of your RRIF withdrawals to claim the federal pension income tax credit (available at age 65).

• Avoid Withholding Taxes: Do not withdraw more than your required minimum unless necessary.

• Any amount above the minimum is subject to flat withholding taxes (10% to 30% depending on the amount and location).

05/27/2026

05/19/2026

The universe never says no; it either says yes, maybe later, or "I've got something better for you."

05/17/2026

🇧🇬

05/12/2026

British Columbia minimum wage earners will see a slight increase in their paycheques starting June 1 as the province will increase the minimum hourly wage from $17.85 to $18.25

05/11/2026

Now that tax season is over, the best thing to do with your tax returns is to travel! No, actually, the best use of a tax return is to improve your financial health by prioritizing high-interest debt repayment, building an emergency fund (3–6 months of expenses), or investing in registered accounts like an RRSP or FHSA to boost future tax deductions. It is also wise to invest in TFSAs for tax-free growth.

And then, if you have money left, you can use it to splurge on your hobbies—travel, clothes, etc.

05/07/2026

Key Pillars of Canadian Financial Health: Components of Financial Resilience. Canadian financial well-being indicators include having a solid emergency fund, avoiding high-interest debt, consistently saving and investing (e.g., RRSP/TFSA), living within one's means, and building wealth through property ownership or significant home equity. 🇨🇦💰🏠 Savings Investing Wealth Property HomeEquity