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Re-contribution including interest?
February 9, 2018
7:43 pm
AlainJF
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Loonie said
OK. I will revise my question above. It sounds like your concern is the annual interest on a longer GIC.
Ask Oaken where the interest will appear in your transactions if you choose the annual option.
Will it appear on your TFSA statement?
There are two different issues: annual vs maturity, and where the interest goes.
(Never mind, for now, about moving it to non-reg'd savings afterwards.)  

Thanks for your reply Loonie, but, in a nutshell, for me, it is too complicated (ref: no TFSA saving account), leading to too many unwanted possible scenarios/questions/timing requests that I tried to clarify over the phone without success. I am out. There are other TFSA options.

Ref: http://www.globeinvestor.com/s.....ndicator=N

February 9, 2018
9:00 pm
Loonie
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I can appreciate your frustration, and respect your decision.
Sorry I couldn't be of more help.

I hope someone at Oaken is reading this. It's high time they offered registered savings accounts. This is not just for people in Alain's situation but also for those of us whose financial plan includes taking lump sums from RSP/RIFs annually for tax reasons. We don't necessarily know how much we need to withdraw at the time the GICs come due and need somewhere to put the money until we know, usually Nov/Dec. Having no alternative, we will transfer the entire amount to another FI's registered savings account on maturity, pending the withdrawal decision. Then the money may never come back to Oaken. Wouldn't they rather keep it there? It's always easier to just leave it where it is later reinvestment inGICs, unless there is a major discrepancy in rates.
Spouse and I both have RSPs and TFSAs at Oaken because the rates justified the future inconvenience. But we will definitely be transferring out at least the RSPs when they mature since, due to the lack of registered savings accounts, it's the only way to be able to regulate our withdrawals.

February 9, 2018
10:29 pm
Trump
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Yes I agree.....Oaken and no “registered” savings accounts is absurd. Oaken is for the DYIer and I fund our TFSA contributions from RRSP GIC to RRSP savings to RRIF savings then withdraw. So now I have to move the mature RRSP to Hubert to do the last steps....and quess who gets the TFSA......Hubert. WAKE UP OAKEN!

February 10, 2018
5:11 am
Loonie
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Trump said
Yes I agree.....Oaken and no “registered” savings accounts is absurd. Oaken is for the DYIer and I fund our TFSA contributions from RRSP GIC to RRSP savings to RRIF savings then withdraw. So now I have to move the mature RRSP to Hubert to do the last steps....and quess who gets the TFSA......Hubert. WAKE UP OAKEN!  

That's very similar to what I expect to do. Matured Oaken RIF will be transferred to Hubert until I decide on lump sum withdrawal. In early November, I will decide on the next GIC, which could easily be at Hubert.

Oaken still has a couple of years in which they can reverse this decision, by opening up registered savings account option.

According to an article in the Toronto Star, Oaken launched in Nov 2013. That means the first of their five-year GICs won't mature until next winter basically, and the first of their four-years only matured a couple of months ago. They may not yet have been forced to notice the significance of the inconvenience they are creating. I will be sure to tell them exactly why I am transferring out at that time. Perhaps when they see enough transfers-out and have to listen to enough complaints, they will reconsider.

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