You have questions? We have answers! Take a look through our FAQs below. If you don’t find what you’re looking for, you can always get in touch by calling 1-855-OAKEN-22 (625-3622) or sending an email to service@oaken.com, and we’ll get you the answer you need.

About Oaken Financial

What is Oaken Financial?

Oaken Financial is the name for Home Trust’s direct to consumer deposit business. Oaken is an inspiring alternative to other financial institutions that combines a long-established tradition of service and value with a fresh perspective on what customers really need to make the most of their money.

Who is Home Trust?

Home Trust is Canada’s largest independent trust company that has been proudly serving Canadians since 1987. Learn more here.

What is the relationship between Oaken Financial, Home Trust and Home Bank?

Home Trust is the parent company of Oaken Financial. Home Bank is a wholly owned subsidiary of Home Trust. It was formerly known as CFF Bank, welcomed into the Home Trust family in October 2015, and renamed as Home Bank in August 2016. Oaken Financial is not a separate company, but a trademark of Home Bank. All Oaken deposits are held with either Home Bank or Home Trust Company, both of which are separate members of Canada Deposit Insurance Corporation (CDIC).

Why did Home Trust launch Oaken Financial?

Oaken Financial was launched in 2013 to provide Canadians a competitive alternative to manage their savings independently.

Previously Oaken Financial was a trademark of Home Trust, but now it is trademark of Home Bank. What impact will this have on my existing accounts?

There will be no impact at all on your accounts.

Now that Oaken is aligned with a Bank, will you be offering more products and services?

Oaken is always looking to enhance its customers’ experience. Adding Home Bank allows us to better meet the needs of our deposit customers due to having multiple issuers, however adding the bank has no bearing on Oaken’s desire or ability to offer more products or services.

Does Home Bank mean you are going to start charging fees?

This change has no bearing on what fees we charge.

I am a previous Home Trust customer. What happened to my existing accounts?

All GICs that were opened directly with Home Trust before Oaken was launched, and not through a deposit broker, have been moved to the Oaken brand. All deposits remain with Home Trust, however communication will be under the Oaken name.

Deposit insurance

Are Oaken GICs and Oaken Savings Accounts eligible for protection under the Canada Deposit Insurance Corporation (CDIC)?

Yes! Each deposit is available through either Home Bank or Home Trust Company, both of which are separate members of CDIC. So all of your Oaken deposits are eligible for CDIC coverage, up to applicable limits. Please visit the CDIC website for more information.

With the new addition of Home Bank, does this mean that I now have access to additional CDIC coverage?

Yes, Home Bank is also a separate member institution of CDIC.

If I have Home Trust GICs and additional deposits with Oaken, does this increase my eligible deposit insurance coverage?

No, all deposits across both brands are held with either Home Trust Company or Home Bank as our two CDIC member institutions. The Oaken brand itself does not count as additional coverage. Learn more here.

What is the maximum amount of deposit insurance at Oaken?

The maximum protection for eligible deposits at Oaken is $100,000 per name registration (principal and interest combined), for each issuer. In addition, CDIC provides separate insurance protection for joint deposits ($100,000 collectively, not per individual), as well as deposits held in RSPs, TFSAs, and RIFs ($100,000, principal and interest combined per registration type). Please visit the CDIC website for complete details on what is covered through CDIC.

Products, plans and rates

What products does Oaken offer?

Oaken offers a comprehensive suite of GICs and the Oaken Savings Account. GIC terms range from 30 days to 5 years, and are available in the form of a Retirement Savings Plan (RSP), Tax-Free Savings Account (TFSA) and Retirement Income Fund (RIF), as well as Non-registered GICs.

Are interest rates the same under both Home Bank and Home Trust Company?

Yes, there will continue to be one set of Oaken rates only for the foreseeable future.

I would like to transfer my registered products over to Home Bank, how do I do this?

Simply complete an Oaken Registered Application and a T2033 for RSP and RIF, or a direct transfer form for TFSA.  These forms are required because Home Bank and Home Trust Company are separate legal entities, and the Canada Revenue Agency requires these forms to be filled out whenever registered money flows between two legal entities. Oaken offers GICs inside RSPs for both Home Bank and Home Trust.

What will happen to my investment when my GIC matures?

If you choose for your investment to be auto-renewed, or if your investment is held in a Registered product (RSP, RIF or TFSA), they will be renewed with the same entity. However, if you would like to change the current instructions, you can set this up in Online Banking, or get in touch and we’ll be happy to arrange that for you.

Does Oaken offer commercial accounts?

Yes. We offer Commercial GICs and the Oaken Savings Account to corporations, trusts, non-profits, condominium boards and other commercial entities.

What are the benefits of the Oaken Savings Account?

The Oaken Savings Account offers one of the highest daily interest rates, no monthly fees, and no minimum balance. It also allows you to make electronic funds transfers to and from your accounts at other financial institutions.

How can I be informed of Oaken’s current interest rates?

We always keep our current rates up to date on our website. You can also subscribe to receive rate updates by email. Sign up now to start receiving these, as well as our regular e-newsletter.

Online account opening

What is the Oaken online application form?

Our online application form allows you to easily and seamlessly submit your personal information for the Oaken Savings Account and our GICs. This includes RSP, TFSA and RIF plans. This form is accessible 24 hours a day, 7 days a week.

Do I need to log in to use this application?

Currently, a log in is not required to access the online application form. Down the road, we plan to add this functionality to improve the customer experience.

Is the submission of my personal information over the internet secure?

Yes. Once you press the submit button, your information is submitted over a secure HTTPS connection.

I just opened an account. Where do I send my cheque or documentation?

Mail your cheque or documentation to:

Oaken Financial
145 King Street West, Suite 2500
Toronto, ON  M5H 1J8

Who should I make my cheque payable to?

Your personal cheque can be made payable to either Oaken Financial or to yourself.

When will I get my confirmation?

Upon receipt of your documentation and receipt of your funds, your confirmation will be mailed to your address on file within 5 business days. Please allow a few extra days for Canada Post.

I submitted my application but I did not receive my confirmation email. What should I do?

You can expect to receive your confirmation email shortly after submitting your application. If it does not appear in your regular inbox, be sure to check your junk inbox and other email tabs. If you have any questions, please have your reference number handy and call us at 1-855-625-3622.

What should I do with the reference number?

The reference number should be indicated on the paperwork you are submitting.

Who can I contact if I am experiencing difficulties with the online application form?

If you have any questions or difficulties with online application form, please contact us 1-855-OAKEN-22 (625-3622). The Oaken team is available from Monday to Friday, 8:00am to 8:00pm ET.

I submitted my application but I need to make a correction. Who should I contact?

Please contact us at 1-855-625-3622 and have your reference number handy. The Oaken team is available from Monday to Friday, 8:00am to 8:00pm, ET. If you call outside our regular office hours, leave a message and we’ll call you back on the next business day.

Online Banking

What can I do with Oaken Online Banking?

Oaken Online Banking gives you the ability to:

  • View a summary of all your investments (personal and commercial)
  • View and download a copy of your savings account statements or transactions, and export transaction reports
  • View and download investment details for all your Oaken GICs, including those in RSP, TFSA and RIF plans, as well as your annual portfolio statements and tax slips
  • Select which statements, GIC confirmations and other documents you would like to receive by mail, or if you’d prefer not to receive any paper copies
  • Manage electronic transfers
  • View and change what will happen when your GIC matures
  • Update account details, including your profile and password
  • Customize your preferences to receive notifications and alerts for balances, maturities, statement availability and other events
  • Transfer money now or later, on a one-time or a recurring basis
  • Send and receive secure email messages
  • Export account information to Quicken® and Microsoft® Money personal financial management software

What are the benefits of using Oaken Online Banking?

  • Access your Oaken accounts anytime, from any computer, tablet or smartphone with internet access
  • View and download savings account statements, GIC confirmations and other important documents with the click of a button
  • Conveniently transfer money or redeem Cashable GICs

What are the costs of using Oaken Online Banking?

There are no fees to use Oaken Online Banking.

How do I link external accounts to my Oaken Online Banking profile?

You can quickly link to your external account in Online Banking by selecting “Link External Account” in the “Transfer” tab, and then following the instructions. This service is provided by a third-party vendor called Flinks, which offers a secure way to provide us with the information necessary to link your external account. Click here for more information about Flinks. Alternatively, you can send us a written request, along with a void cheque or PAD form from your other financial institution.

Will I be charged a fee for linking to my external accounts?

No, there is no cost for linking to your external accounts.

How will I know when my external account has been linked?

Your changes will be reflected in Oaken Online Banking within 2 business days.

How do I access Oaken Online Banking for my trust, estate or commercial accounts/investments with Oaken?

Please contact us 1-855-OAKEN-22 (625-3622), so we can quickly and easily get you set up. The Oaken team is available from Monday to Friday, 8:00am to 8:00pm ET.

Statements & documents

What correspondence is available through Online Banking?

The following statements, documents and tax slips can be viewed and downloaded in Online Banking:

  • Monthly Oaken Savings Account statements
  • Year-end portfolio statements
  • All new GIC confirmations
  • T5 (Statement of Investment Income)
  • RSP Contribution Receipts
  • T4 RIF (Statement of Income from a Retirement Income Fund)
  • T4 RSP (Statement of Retirement Savings Plan Income)
  • T4A TFSA (Retirement and Annuity Income)
  • NR4 Interest (Statement of Amounts Paid or Credited to Non-Residents of Canada)
  • NR4 RSP & RIF (Statement of Income from a Retirement Income Fund)
  • RL3 (Investment Income)
  • RL2 (Retirement and Annuity Income)

If I no longer wish to receive paper statements, how do I switch to e-statements?

E-statements are automatically available to all customers via Online Banking. To switch off paper statements, simply update your preference in Online Banking or call us at 1-855-OAKEN-22 (625-3622).

Is there a fee to receive a paper copy of my monthly savings account statements by mail?

Yes, if you prefer to receive paper statements, there will be a charge of $2 per statement per month from July 2018 onwards. However, e-statements are made available automatically, and are free of charge.

I would like to receive a paper version of my GIC confirmation, but is there a charge?

No, we will continue to send paper copies of your GIC confirmations and other documents by mail free of charge, and you may also download these from Online Banking. The only document for which there is a fee are monthly savings accounts statements.

How do I stop receiving paper copies of my statements and documents?

To select which documents you no longer wish to receive by mail, simply update your preferences in Online Banking, or contact us call us at 1-855-OAKEN-22 (625-3622).

How will I know when my tax slips and portfolio statements become available in Online Banking?

If you set up the option to receive email alerts from Online Banking, you’ll receive an email notification as soon as your documents become available. The scheduled dates for these will also be made available on our website.

Customer service

How can I get service with Oaken?

Please call 1-855-OAKEN-22 (625-3622) between 8:00am and 8:00pm ET, Monday to Friday. We’re always happy to hear from you. You can also email us at service@oaken.com.

How long does it take once you receive my GIC or Oaken Savings Account application form?

All completed applications will be processed within 5 business days. Please allow sufficient time for mail to reach you after that.

Do you have locations that I can visit?

Our stores are temporarily closed due to the COVID-19 situation.

Can I make an appointment to visit Oaken?

Our stores are temporarily closed due to the COVID-19 situation.

What is the Oaken Financial service promise?

We take our promises very seriously, and when it comes to the service we provide to our customers, we promise to be helpful, supportive and kind. We’ll do whatever it takes to answer your question, right a wrong, or point you in the right direction. We’ll also take a few minutes to see how you’re doing, and try to add a smile to your day. So, feel free to contact us anytime.

How do I make a compliment or complaint?

We want to hear from you. Really, we do. We’re not just saying that. We are always aiming to please. We want to know if we’re doing things right, or if there are things we could be doing better to improve your experience with us. So please, let us know how we’re doing.

Common Reporting Standard (CRS)

What is Common Reporting Standard (CRS)?

CRS is an international standard developed by the Organization for Economic Co-Operation and Development (OECD) to enable exchange of tax-related information between participating jurisdictions. Over 100 countries world-wide have committed to implementing CRS, and Canada has announced that it intends to implement CRS effective July 1, 2017. Click here for a list of jurisdictions that have committed to implement the CRS.

How does CRS work?

CRS seeks to establish the tax residency of customers. Financial institutions are required to identify and report anyone who appears to be a tax resident outside of the country where they hold their accounts. Both individuals and entities, including controlling persons of entity, will be asked to declare their jurisdiction(s) of tax residency as part of the application process. In some cases, additional documentation may be required. Information on non-resident customers and accounts held by non-resident customers will be reported to CRA, to be shared with the relevant jurisdictions.

How does CRS differ from the U.S. Foreign Account Tax Compliance Act (FATCA)?

Just like FATCA, CRS is an effort to fight tax evasion and improve tax compliance. However, FATCA is limited to the identification and reporting of U.S. taxpayers, while CRS is an international standard with reporting based on tax residency in countries other than the U.S.

What additional information will I be asked to provide and verify?

In line with CRS requirements, financial institutions will be asking for your country(ies) of tax residence and taxpayer identification number(s). However, the taxpayer identification number(s) does not apply to all participating jurisdictions, and is subject to local law requirements.

How is my tax residence defined?

It’s up to you to determine your tax residence(s). Financial institutions cannot provide legal or regulatory advice as it pertains to CRS or any other tax matters. If you have questions regarding your tax residency, visit OECD’s website or speak with a tax advisor.

What will happen if I am a foreign tax resident, but don’t know my Tax Identification Number (TIN)?

Under CRS, you are required to provide a TIN from your foreign tax jurisdiction. If you don’t have your TIN, they will need to obtain it from the relevant tax authority within that jurisdiction. If a jurisdiction does not provide TINs, you continue to provide your country of residency in order to fulfill the CRS requirement.

Does CRS apply to all deposit accounts?

CRS applies to all GICs and savings accounts. Registered accounts such as TFSAs, RSPs and RIFs are exempted from CRS requirements.

Does CRS apply to non-personal accounts?

Yes, all non-personal customers must declare their tax residency and the jurisdiction of any of their controlling persons for certain investment and trust entities. If they have foreign tax residency, a RC519 form must be completed. (A controlling person is an individual who exercises control over a business. For example, but not limited to, trustees, beneficiaries, protectors, settlors, decedents and owners of a private corporation.)

What information will be reported to tax authorities?

If a client is reportable, the information we will provide to local tax authorities are:

  • Identifying information for the account holder (name, address, date of birth)
  • Taxpayer identification numbers
  • Account number
  • Account balance or value at end of the year
  • Amounts paid or credited to the account

Please note that the above information is for information purposes only, and is not intended to serve as legal or tax advice. If you require such advice, you should consult a professional advisor.