+1(514) 937-9445 or Toll-free (Canada & US) +1 (888) 947-9445

Deposit all amount of GIC at once

gaba

Star Member
Feb 1, 2017
193
31
Can an international student deposit/withdraw full ammount of $10000 from his GIC account at once......?
Unfortunately, you can't do that.
That funds are your living expenses for a year in canada. As per their estimates, the money that they'll allow you to withdraw in a month, would be more than sufficient for your survival in canada, for that month.
So, its not possible to withdraw your $10k at once.
 

Amandeep2121

Newbie
Jul 29, 2017
2
0
Unfortunately, you can't do that.
That funds are your living expenses for a year in canada. As per their estimates, the money that they'll allow you to withdraw in a month, would be more than sufficient for your survival in canada, for that month.
So, its not possible to withdraw your $10k at once.
But as i know there are two type of GIC provided by the banks(NORMAL GIC &REDEEMABLE OR CASHABLE GIC) and in cashable GIC we can withdraw more money than a monthly installment by giving a purpose such as buying a car or something else...is it right...?
 

gaba

Star Member
Feb 1, 2017
193
31
But as i know there are two type of GIC provided by the banks(NORMAL GIC &REDEEMABLE OR CASHABLE GIC) and in cashable GIC we can withdraw more money than a monthly installment by giving a purpose such as buying a car or something else...is it right...?
Dont know about that buddy.
Ask your consultant.