Weekend Reading: Daylight Saving Edition

I was caught by surprise when Daylight Saving Time ended this weekend but I’m thankful for the gift of time with an extra hour I didn’t know I had Sunday morning. Many jurisdictions have considered abandoning Daylight Saving Time, including the European Union. The EU Commission surveyed 4.6 million people and found that 84 percent called for ending the spring and autumn clock change.

That prompted the EU to do away with twice-yearly clock changes as of October 2019 and it has given member states until April 2019 to decide whether they’d permanently remain on winter or summer time.

Various parts of Canada and the United States do not observe Daylight Saving Time, including:

  • Most of the province of Saskatchewan
  • Peace River Regional District, B.C.
  • Fort Nelson, B.C.
  • Creston, B.C.
  • Pickle Lake, Ont.
  • New Osnaburgh, Ont.
  • Atikokan, Ont.
  • Quebec’s north shore
  • Arizona
  • Hawaii

I don’t have a strong opinion about observing Daylight Saving Time or not, but I feel like everyone should be on the same page and either adopt it or not.

Daylight Saving Time

I had a hard enough time last month trying to schedule a conference call in MST with someone in EST while I was travelling in PST. My Outlook calendar was just as confused as me and the poor guy from Ontario. I can’t imagine the chaos when more (but not all) provinces and countries decide to end Daylight Saving Time.

This Week’s Recap:

On Monday we had a guest post from Dale Roberts at Cut The Crap Investing who shared some year-end tax traps to avoid for mutual fund investors.

And on Wednesday I reviewed CoPower Green Bonds and their 6-year bond that pays a fixed return of 5 percent.

Next week I’ll have a piece on Financial Literacy Month and also look at the best options for high interest savings accounts in Canada.

Promo of the Week:

Here’s a great one. The cash back king, Scotia Momentum Visa Infinite, is offering an incredible 10%(!) cash back on everyday purchases for three months (up to $200 earned), plus your first year annual fee waived.

Best to apply for this one through Great Canadian Rebates and earn an additional $55 in cash back rebates from GCR. That’s a total of $255 in cash back for free if you can reach $2,000 in spending in three months.

Speaking of cash back, don’t forget to stop by Ebates.ca and Great Canadian Rebates this holiday season so you can earn cash back bonuses and discounts on your online shopping.

Weekend Reading:

Questrade rebranded its robo-advisor platform from Portfolio IQ to Questwealth and in the process dropped its management fee to an industry leading 0.25 percent. That all sounds great, but I’m skeptical of Questrade’s insistence on using actively managed investment strategies in its portfolios.

Some old pieces of financial wisdom aren’t as helpful as they used to be. Here are the new rules of personal finance.

The Bank of Canada wants rates back to normal – here’s what that means for your mortgage, line of credit.

Squawkfox Kerry Taylor says debt builds when we turn to thinking instead of doing.

Millionaire Teacher Andrew Hallam says that when stocks drop, the biggest threat is the person you face in the mirror:

“Plenty of people fear stock market drops, especially new investors.  When stocks fall, many people sell.  Plenty of others cease to add fresh money.  They stop contributing to their investments.  They choose to wait until things return to normal.  But this is as crazy as eating sand for breakfast– because market drops are normal.”

Jason Heath shares how single seniors can plan for retirement.

Michael James on Money reviews the excellent Fred Vettese book, Retirement Income for Life.

Think saving for old age can’t be fun? Try making a game of it.

Jamie Golombek explains how to ensure you take advantage of all the tax benefits that come with being a landlord.

Consumer advocate Ellen Roseman says getting repairs made under warranty shouldn’t be so draining.

Dale Roberts also looks at CoPower Green Bonds. Changing your portfolio one LED light bulb at a time: Getting your investments into the green.

Finally, a shocking look at pro sports charities hoarding cash and overspending on fundraising. The Calgary Flames Foundation was particularly bad, donating a dismal 30 cents for every dollar raised. They also have $8 million in reserves despite spending less than $2 million a year on charitable giving.

Have a great weekend, everyone!

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  1. Nic on November 4, 2018 at 12:04 pm

    Is there a code or anything needed for the 10% Scotia bank card offer? I was just approved for this card thru a link from GCR but do not recall the 10% bonus offer. I will call them but us there a promo code to cite?

    • Robb Engen on November 4, 2018 at 4:00 pm

      Hi Nic, no promo code or anything needed as far as I can tell. This promotion started Nov 1 and runs until March 1. If you applied before Nov 1 I’d just call in and ask for this deal – I don’t see why they wouldn’t give it to you.

  2. Dan on November 4, 2018 at 2:04 pm

    You say – I’m skeptical of Questrade’s insistence on using actively managed investment strategies in its portfolios.
    Hi Rob why are you skeptical

    • Robb Engen on November 4, 2018 at 4:06 pm

      Hi Dan,

      Questwealth says it combines technology with human experts, but all the research shows that we’d be better off with more automation and removing human involvement as much as possible.

      I suppose they feel they need to differentiate from the other robo-advisors, but active management is more likely to lower expected returns than add to them.

      • Dan on November 4, 2018 at 5:08 pm

        I’m in the process of having my portfolio transferred to Questrade from Hollies Wealth
        I will be keeping my stocks and mutual funds as is also I signed up as a DYI
        Looking forward for this process to be completed

  3. fbgcai on November 4, 2018 at 5:28 pm

    re: the elimination of DST – simple solution move 1/2 hour one time and then leave well enough alone – everybody gets something and we remove the real costs of this silly semi-annual time flip-flop which is truly an anachronism.
    btw Robb you didn’t “gain a hour” – the universe is still spinning at the same speed 🙂 – at least the last time I checked

    • Robb Engen on November 4, 2018 at 7:03 pm

      @fbgcai – not a bad compromise.

      I realize I didn’t actually gain an hour but I woke up at “7am” instead of what I thought was 8am.

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