What is the best way to transfer maturing RRSP, TFSA out of Oaken? | Oaken Financial | Discussion forum

I just completed multiple RSP transfers from Oaken to 2 different FI's. You should through your new FI fill out & send the transfer form a week or two before the GIC/s mature. Oaken is very good when you do this. They will actually calculate the matured amount including accrued interest & send the new FI a post dated cheque if you send Oaken the transfer form early enough. If you have not already done so you should also call Oaken well in advance of the maturity date & let them know you plan on doing a transfer. If Oaken has not received the transfer form before your GIC matures they will automatically renew it. If this happens you still have 10 business days to make the transfer. As long as Oaken receives the transfer form within those 10 business days they will still redeem the renewed GIC & even pay the interest for the renewed GIC for the extra days & add that onto the cheque they send to the new FI. I think if after 10 business days Oaken has not received a transfer form you will be stuck with the rolled over GIC. The interest rate Oaken gives for the renewed GIC would be their prevailing rate at the time the GIC matures. Oaken accepts transfer forms via fax so you don't need to worry about snail mail. They do send the cheque by snail mail so cross your fingers'.

davidgeorge said

There are no RRSP, TFSA savings accounts, so we can't park fund in savings accounts.  

And that ⬆ would be why many (including myself) have Zip/Zilch/Nada/Zero Registered $$$ with Oaken ❗

And when you ask them Why they don't have Registered SA's, their pat answer is always; "We're working on it." ... which they've been saying for literally Years Now.

Dean