Oaken Blog

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Income splitting with a spousal RSP

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January 16, 2017

If you intend to contribute to your RSP this year, you still have a few weeks to get in before the deadline of March 1. For the 2016 tax year, you may contribute up to 18% of your 2016 income, to a maximum of $25,370. As always, you can carry unused contribution amounts forward, thereby … read more

5 benefits of a high interest savings account

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January 4, 2017

The High Interest Savings Account, or “HISA”, is often overlooked as a way to meet specific savings objectives. Which is understandable, as with so many ways available for savers to manage their funds, a humble savings account doesn’t seem to garner much attention. But keep in mind that a HISA is a unique form of savings … read more

What does Canada’s aging population mean for you?

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December 1, 2016

In late 2015, Canada recorded an ominous milestone. For the first time, there were more Canadians over the age of 65 than under the age of 15. This aging of the Canadian population is the result of the Baby Boomer generation (defined as those born between 1945 and 1965), and its significant membership winding down their … read more

Overcoming the “Money Illusion” with GIC laddering

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November 7, 2016

You’d be forgiven for thinking that the term “Money Illusion” is some kind of magic trick. And while it does suggest that things are not as they appear, there’s nothing magical about it. The term Money Illusion describes the tendency many of us have when we think of money in absolute amounts, and not in … read more

Using rental income to support your retirement

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October 4, 2016

Earning rental income to supplement other retirement proceeds is an approach that’s been used successfully by many retirees. Certainly, the prospect of an additional source of steady revenue is highly attractive. But it is not as simple as just sitting back and watching the rent cheques roll in. There’s much to consider before putting a … read more

Volunteering vacations: how to give back by getting away

September 15, 2016

We’ve all heard the old expression that it’s better to give than to receive. So the chance to “receive” a rewarding vacation adventure, while at the same time giving much needed aid and assistance, is a rare opportunity. For a growing number of Canadians, a volunteering vacation is the perfect way to experience a unique … read more

Home Bank Q&A with our EVP of Deposits

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August 31, 2016

Home Trust Company (“Home Trust”) recently announced the creation of Home Bank, along with some other minor changes for Oaken Financial. In this Oaken Blog post, we asked Benjy Katchen — Executive Vice President of Deposits & Consumer Lending at Home Trust — to tell us more about Home Bank, and the additional enhancements introduced … read more

5 other things you can do with an RSP

5 things you may not know about RSPs
August 10, 2016

For those building wealth for retirement, a Registered Savings Plan (RSP) is a tried and true foundation relied upon by many savers. There’s good reason for this, as an RSP provides many advantages. But while most of us already know the merits of contributing to an RSP, fewer know of the other potential ways in which … read more

Should you consider a reverse mortgage?

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July 14, 2016

For those Canadians approaching retirement age, with less than adequate savings in the bank but the good fortune to own a home, temptation has never been greater to consider the much-hyped reverse mortgage. Reverse mortgages are typically portrayed as a no-risk means of accessing the equity in your home, and using that money to help … read more

7 tips for the ultimate Canadian road trip

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June 21, 2016

Perhaps it’s because we live in one of the world’s largest countries with an incredible range of vistas, or maybe it’s simply that Canadians have an inherent wanderlust. But an epic road trip is a rite of passage for many of us. Whether you long to follow the Sea to Sky Highway from Vancouver as … read more

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