From a bigger home to education planning: Mandy’s story

We were introduced to Saquib, a Senior Financial Planner, in 2015 by friends who were banking with CIBC and had benefitted from working with an advisor. Prior to that, I didn’t have much of a relationship with my previous bank. I used it just for my day-to-day banking needs but didn’t have a dedicated advisor or anyone who fully understood our situation.

Meeting Saquib was different. It was the first time we felt like someone genuinely understood us, our goals and how all the different parts of our lives fit together. It was more than just banking and transactions. It felt like we were building a long-term relationship. 

Back then, our connection to CIBC began with a condo mortgage and our goals were pretty simple: pay it down and perhaps buy a house one day. Saving for retirement wasn’t really on our radar. We thought we could figure that out later.

But Saquib encouraged us to think differently and see the value of planning early. With his guidance, we started saving for retirement while also putting money aside for a future home. Those savings made a big difference.

So, when we were ready to upgrade our home, setting up a meeting with Saquib was the first thing we did.

Right away, he suggested a scenario we hadn’t even considered: refinance our condo, keep it as an investment property and use the equity to buy our new family home.

“We talked through the option of refinancing their condo as an investment property, making the interest tax-deductible, and using the equity to purchase their new primary residence,” says Saquib. “That first step really propelled their finances forward and helped them achieve what they’d been dreaming about — purchasing a rental property and a larger family home.”

Life kept moving forward, and we had two children who are both on the autism spectrum. That meant we had to do some long-term planning around education and ongoing support. Saquib helped us set up RESPs. And while he wasn't able to personally open RDSPs for us, he explained the available grants and connected us with CIBC Securities to get the process started.

Then during COVID-19, Xiwei inherited a restaurant. Suddenly, we were business owners, too.

We have run the business for a few years now, but we’re starting to plan for a sale so my husband can retire while I continue working. Saquib has walked us through different scenarios and provided estimates so we can get an idea of what makes sense for us, using the CIBC GoalPlanner™.

Along the way, he has also encouraged us to pay ourselves first and set up regular investment plans. I’m happy I’m not living pay cheque to pay cheque, or dealing with debt, because that would put a lot of stress on us.

“I often joke about ‘forced cash flow planning’,” says Saquib. “I encourage Mandy to look at her income and expenses not just for today, but 5 or 10 years down the road. When we frame it as cash flow projections instead of retirement planning, clients are more open to it.”

Today, almost all our investments are with CIBC. Early on, I wanted to streamline my finances and consolidate everything on one platform. It was frustrating having to log into multiple accounts just to see where we stood. Having everything in one place has made it easier to manage our finances and build a relationship with a bank that understands the complexity of our goals.

Over time, our relationship with Saquib has shifted into ongoing planning. At least once a year, we do a full review of our accounts, and we meet regularly throughout the year to make sure we’re on track. But on an ad hoc basis, if I have questions, I feel comfortable just emailing him. He always gets back to me quickly, usually the same day or the next day.

I recommend Saquib to anyone who asks. I even told my siblings that if you get a written offer from another bank, bring it to Saquib and he’ll see what he can do. Since then, several of them have gone to him with mortgage needs and set up their accounts.

Looking back on our financial life so far, I realize our story isn’t really about a condo or retirement planning. It’s about having someone in your corner who looks beyond your initial questions, sees your potential, and helps you build an actionable plan that gives you financial confidence in every stage of life.

Know your goals and ambitions

Whether you’re planning to buy a larger home for your growing family, saving for your children’s education or preparing for the next chapter of life, make sure you clearly understand what you’re working toward.

For Mandy and Xiwei, that meant looking beyond the initial question of how much house they could afford and getting clarity on what they were really working toward. By asking thoughtful questions and taking the time to understand their goals, Saquib helped turn long-term ambitions, like retirement savings and a future home, into a clear, practical plan that could evolve as their family grew.

Make the most of tax-efficient tools

Using the right accounts and tax saving strategies can have a significant impact over time, whether you’re saving for retirement, your children’s education, or long term family needs.

Saquib helped simplify decisions and bring everything into focus by walking Mandy and Xiwei through tools like CIBC GoalPlanner. He explained how different savings vehicles work together and supported them in turning their goals into reality.

Real CIBC clients, compensated for their time.