President’s Choice Financial will end its 20-year banking agreement with CIBC beginning November 1st. CIBC, which managed the personal banking services for Loblaws under the PC Financial name, will now take direct control of the roughly $2 million PC Financial bank accounts under the new name – Simplii Financial. PC Financial is keeping its credit card(s) and loyalty program intact.

The news caused a bit of an uproar in online communities but because CIBC essentially ran things behind the scenes anyway the transition should be painless. Here Rob Carrick explains five things to know if you’re a PC Financial client. The bottom line: Give CIBC a chance to keep your business. They might surprise you.

Carrick ends with a jab at the name – Simplii Financial “sounds a bit sillii”. That sentiment was echoed online in the personal finance community Reddit:

Simplii Financial sounds a bit silly

This Week’s Recap:

Over on Rewards Cards Canada this week I wrote about my latest travel points hack that earned me more than 43,000 Aeroplan miles.

Do you always get what you pay for? Earlier this week I discussed some instances when higher prices didn’t mean better value.

Just because you haven’t saved for retirement yet doesn’t mean it’s too late to get started. Marie lays out a step-by-step action plan for retirement.

On Friday I explain the problem with a core and explore investing approach. Sorry, but play money doesn’t belong in your retirement account.

Finally, thanks to Will Ashworth at The Motley Fool blog for mentioning one of Marie’s posts in his latest article on why DIY investing beats owning mutual funds.

Weekend Reading:

Kate Smalley asks a good question: When did we decide being “good at money” meant not spending it?

A great article from ESI Money, a blogger who retired at 52 with a net worth of $3 million, with his best advice to stop working in the next 10 years.

One of my favourite writers, Norm Rothery, with the case of the time travelling money manager:

“Sticking to an investment strategy through adversity can be hard for investors, even if they know what’s going to happen.”

Here’s an excellent podcast on business vs. investing with two of the best – Jason Zweig and Morgan Housel.

A Wealth of Common Sense blogger Ben Carlson listened to that podcast and disagreed with them about a la carte financial advice being a good business model.

Preet Banerjee goes back to Money School with his latest investing video. This one’s all about asset classes:

Million Dollar Journey blogger Frugal Trader lists eight key sources of income during retirement.

Des Odjick knocked it out of the park with this one: four real-life ways you can save money on food.

Alyssa at Mixed Up Money has some strong words for people who buy their lunch every day. Just stop it.

I love Wealthsimple’s Money Diaries series and in this edition former Pro Bowl cornerback Nnamdi Asomugha talks about his transition from the NFL and why he still drives a ’97 Nissan Maxima:

“That car is the one thing that everyone makes fun of me for. Even after I started earning good money, I was still in the mentality of “I know this is all I need so I’m doing fine.”

‘Hey Siri, what’s the best mortgage rate?” Rob McLister explains why people are turning to their phones for mortgage advice.

My Own Advisor Mark Seed has a housing dilemma: A move into the city (Ottawa) gets him and his wife closer to amenities they enjoy, but the likely more expensive home could impact their plans for early retirement.

My advice: Make the move, Mark. Your happiness, including a shorter commute, is worth it even if it means a few extra years of work.

Why relying on your T4 slips to calculate income could be a big tax mistake.

Finally, forget Amazon. Here’s the real reason why retail stocks are slumping.

Have a great weekend, everyone!


Pin It on Pinterest