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Oaken Changes July 5 2022
June 17, 2022
8:53 am
blake
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Dear Oaken customer,

At Oaken, we are committed to providing our valued customers with the best possible experience. In support of this effort, we are making enhancements to our internal systems designed to improve your experience working with us.

To prepare for these enhancements, our systems including Oaken Digital (browser and app) will be unavailable from Thursday, June 30 at 6:00pm EST to Tuesday, July 5 at 7:00am EST. However, we have extended our Contact Centre hours to better serve you during this period.

Below you will find a list of all the new enhancements taking effect on July 5, 2022.

Summary of enhancements:

1. GIC account numbering format
Our new GIC account numbering format will be changing from 18 digits (numeric and alpha) to 7 digits (numeric only). Starting July 5, new investments (including renewals) will have the new account numbering format. Account numbers for existing investments will be changed upon renewal.

2. Minimum RIF payments
Currently, to fulfill your RIF minimum payment requirement, we first withdraw the accrued interest and then the principal (if needed) from the GIC(s) held within the plan. Starting July 5, the RIF minimum payment will be withdrawn from the funds available within the GIC(s). If there are multiple GICs within your plan, funds will be withdrawn in the following order:
The GIC with the lowest interest rate.
If the interest rate is the same between 2 or more GICs, funds will be withdrawn first from the GIC with the shortest term.
If the interest rate is the same between 2 or more GICs, and 2 or more GICs also have the same term, funds will be withdrawn first from the GIC with the lower account number. Note: Given the new account numbering format (7-digit), the payment will be withdrawn from the old format (18-digit) first.
Please note that RIF payment calculations will remain the same.

3. Registered plan (TFSA, RSP, RIF) designations
Starting July 5, designations for registered plans will be changing from maintaining the designations at the plan level to the GIC level. Additionally, you will be able to assign the percentage allocation for each beneficiary(ies). Existing designations currently on file will be automatically assigned evenly to each GIC. After July 5, for any changes that you would like to make to your designations, please send us a signed letter of instruction.

Contact Centre service hours from July 1 to July 4:
Friday, July 1: 9am-5pm EST
Saturday, July 2: 9am-5pm EST
Sunday, July 3: 9am-5pm EST
Monday, July 4: 8am-8pm EST
If you have any questions, please contact us at 1-855-OAKEN-22 (625-3622) or by sending an email to service@oaken.com. Thank you for your continued support.

Yours sincerely,

The Oaken Financial team

June 17, 2022
9:34 am
blake
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Good changes for some for sure.
Still no associated savings account.
Have neglected to have a process to take more RRIF than mandatory.
The lack of an easy option caused me to move some RRIF money to Hubert as I can pull the additional funds I need on an annual basis. But who knows where Hubert is going?

When our RRIF withdrawals occur, I always contact Oaken to find out what amounts of principal interest are taken from each GIC. And will still have to do so. That is like pulling hens teeth as that exercise in futility can take a half hour. Or you will be told to call back in a week because their records are not up to date. Really no up to date!! I like to keep my excel as up to date as possible to reflect my investments at matured value. And want to understand/see that my modified calculation is close to the diminished value of my Oaken RRIF GIC. It would be easier if they listed the transactions of mandatory withdrawals so I could see it all online and no need to call.

In January we did some TFSA GICs and I made an error by not having my wife as successor and made it to the estate. Not a wise thing to do. But we let it ride and planned to contact them to find the process to change it. The mailed certificate said estate but online it said my wife’s name. This GIC took a very long time to process and perhaps Oaken looked at all of my other TFSA GICs and fixed it, I don’t know. But I did call....and was a hassle as who I was talking to just didn’t get it. Similar to most questions about RRIFs.

I will be moving all TFSAs out of Oaken and once I review the RRIF change I may leave them in Oaken but was planning to move them, as well to Hubert. But will have to see where Hubert is going too. Bottom line I should have listened to my self and only put non registered money into Oaken. If Oaken can run registered funds like most everyone else...then and only then consider them.

But once again there are some good changes that some will take advantage of and will make Oaken a preferred FI.

June 17, 2022
9:51 am
Dean
Valhalla Mountains, British Columbia
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.
Like Blake already said . . .

STILL no *&^%$# Registered Savings Accounts ❗❗

And so, like Many others, I'll continue to keep my registered $$$ Elsewhere. sf-confused

    Dean

sf-cool " Live Long And Prosper " sf-cool

June 17, 2022
9:55 am
blake
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Dean said
.
Like Blake already said . . .

STILL no *&^%$# Registered Savings Accounts ❗❗

And so, like Many others, I'll continue to keep my registered $$$ Elsewhere. sf-confused

Thumbs up on that one!!!

June 17, 2022
10:19 am
AllanB
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What's the big deal not having a savings account to withdraw from a rsp/rrif they take it from the Gic without breaking it it's convenient although harder to calculate the math

June 17, 2022
10:33 am
blake
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AllanB said
What's the big deal not having a savings account to withdraw from a rsp/rrif they take it from the Gic without breaking it it's convenient although harder to calculate the math  

Self control. And the ability to take more than the mandatory amount.

June 17, 2022
11:41 am
Typhoon
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I haven't received that email (yet), possibly because I haven't converted my RSP to a RIF yet. However, must be done before the end of this year, so can anyone explain to me what the process is at Oaken? Do I have to fill in a form, or do they make the change automatically at the end of the year in which you turn 71?

As for the email posted above, I had to read it 3 times before I finally understood what it was trying to say (or THINK I understood). And, if I've got it right, I think they intend to start doing what the TD bank does and taking the minimum withdrawal for the entire plan from the GIC with the lowest interest rate, instead of taking some from every single GIC within the plan. Which, if I'm right, will make it a heck of a lot easier to keep track of my money.

I like dealing with Oaken, and have never had a problem with any of their staff, so not sure why there are so many unhappy folks on this forum.

June 17, 2022
1:00 pm
Norman1
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Typhoon said
I haven't received that email (yet), possibly because I haven't converted my RSP to a RIF yet. However, must be done before the end of this year, so can anyone explain to me what the process is at Oaken? Do I have to fill in a form, or do they make the change automatically at the end of the year in which you turn 71?

I would contact Oaken and not leave it to the end of this year.

From CRA's perspective, the RRSP has to mature to an annuity, be collapsed, or be transferred to a RRIF.

Some financial institutions will do a "conversion" by opening a new RRIF with the same account number as the RRSP and transferring in the contents from the RRSP. Be careful with such conversions. Make sure any beneficiary designation is updated.

The beneficiary designation for a $370,000 RRIF was almost tossed out by a probate court judge because the designation was for an RRSP.

June 17, 2022
2:33 pm
blake
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Typhoon said
I haven't received that email (yet), possibly because I haven't converted my RSP to a RIF yet. However, must be done before the end of this year, so can anyone explain to me what the process is at Oaken? Do I have to fill in a form, or do they make the change automatically at the end of the year in which you turn 71?

As for the email posted above, I had to read it 3 times before I finally understood what it was trying to say (or THINK I understood). And, if I've got it right, I think they intend to start doing what the TD bank does and taking the minimum withdrawal for the entire plan from the GIC with the lowest interest rate, instead of taking some from every single GIC within the plan. Which, if I'm right, will make it a heck of a lot easier to keep track of my money.

I like dealing with Oaken, and have never had a problem with any of their staff, so not sure why there are so many unhappy folks on this forum.  

Contact Oaken for the process...I forgot what it was. Some FI's will move it to a RRIF automatically and some apparently will cash it out if not notified. And you don't wan the latter!!! Oaken staff and knowledge of RRIF is NOT that great. Has been trying times with them and our RRIF accounts.

June 23, 2022
4:23 pm
Typhoon
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It took me a few emails and phone calls back and forth with Oaken to finally get the correct method to convert my Oaken RSPs to Oaken RIFs but, for those of you who are interested, this is how I did it.

Log into your online account and copy and paste all your Home Bank RSP GICs, and then on a separate sheet copy and paste all your Home Trust RSP GICs. You need the account # of each, and their value on the day you copy down the information.

At this point I used MS OFFICE to create two tables, then transferred the info from each bank into its own table. But, if you prefer, you could just have two lists (on separate pages). Whichever way you do it, save each list (or table) in your computer.

Go to their website and click on the mail in version of their RIF application. You will need one application form for all your Home Bank RSP GICs, and another application form for your Home Trust RSP GICs.

Enter the info into each form and then save the document.
(Check where it states "rollover of existing investment" and where it states "account #" write "see attached sheet").

In the table underneath where they ask you to list investments I entered the TOTAL of the RSP investments in the relevant bank, as of the day that I copied them from my account on Oaken's website.

I then left the rest of that particular table blank.

You then need to print each document out and sign it. Then scan them back into your computer.

Attach the Home Bank list and the Home Bank application to one email, and the Home Trust list and Home Trust application to a separate email.

I also included a "Letter of Direction" in each email, briefly outlining what I wanted, including the date I wanted the conversion to take place. Then I sent both emails to Oaken@service.com.

I hope someone finds this information helpful.

June 23, 2022
4:45 pm
blake
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So a few other things:

The RRSP will be rolled over to Principal plus Interest with the date that it happened.

Also make sure you have your successor set up on your new RIF accounts. They will soon allow different successor/beneficiaries as per below.

Also they have changed the way the RIF is paid out..see as per below.

Dear Oaken customer,

At Oaken, we are committed to providing our valued customers with the best possible experience. In support of this effort, we are making enhancements to our internal systems designed to improve your experience working with us.

To prepare for these enhancements, our systems including Oaken Digital (browser and app) will be unavailable from Thursday, June 30 at 6:00pm EST to Tuesday, July 5 at 7:00am EST. However, we have extended our Contact Centre hours to better serve you during this period.

Below you will find a list of all the new enhancements taking effect on July 5, 2022.

Summary of enhancements:

1. GIC account numbering format
Our new GIC account numbering format will be changing from 18 digits (numeric and alpha) to 7 digits (numeric only). Starting July 5, new investments (including renewals) will have the new account numbering format. Account numbers for existing investments will be changed upon renewal.

2. Minimum RIF payments
Currently, to fulfill your RIF minimum payment requirement, we first withdraw the accrued interest and then the principal (if needed) from the GIC(s) held within the plan. Starting July 5, the RIF minimum payment will be withdrawn from the funds available within the GIC(s). If there are multiple GICs within your plan, funds will be withdrawn in the following order:
The GIC with the lowest interest rate.
If the interest rate is the same between 2 or more GICs, funds will be withdrawn first from the GIC with the shortest term.
If the interest rate is the same between 2 or more GICs, and 2 or more GICs also have the same term, funds will be withdrawn first from the GIC with the lower account number. Note: Given the new account numbering format (7-digit), the payment will be withdrawn from the old format (18-digit) first.
Please note that RIF payment calculations will remain the same.

3. Registered plan (TFSA, RSP, RIF) designations
Starting July 5, designations for registered plans will be changing from maintaining the designations at the plan level to the GIC level. Additionally, you will be able to assign the percentage allocation for each beneficiary(ies). Existing designations currently on file will be automatically assigned evenly to each GIC. After July 5, for any changes that you would like to make to your designations, please send us a signed letter of instruction.

Please write your comments in the forum.