GIC Revised GIC to $20000 CAD

[Kenny76]

Thanks for the reply, my question stemmed from the need of showing the last 4 months bank statement etc. My money is not in liquid form. I may liquidate my mutual fund or stocks portfolio or monetize my investment in few businesses (Non-official). That will bring lump sum money in my account and that is now palpable to the VOs. SO instead of that I will get a heavy amount GIC done and not show money and its history in my account

IIRC one need not to show from which account we sent the money in GIC so i can add money in my account yesterday and get a GIC done.

Will that work or I am not right in my thinking?

 

[Rishav2742]

domt worry no such thing would happen my friend got his visa for sept intake so go for it as soon as possible

 

[noelvictoria]

Thanks for the reply, my question stemmed from the need of showing the last 4 months bank statement etc. My money is not in liquid form. I may liquidate my mutual fund or stocks portfolio or monetize my investment in few businesses (Non-official). That will bring lump sum money in my account and that is now palpable to the VOs. SO instead of that I will get a heavy amount GIC done and not show money and its history in my account

IIRC one need not to show from which account we sent the money in GIC so i can add money in my account yesterday and get a GIC done.

Will that work or I am not right in my thinking?

I'm in the same predicament. I'm also selling my property to fund my studies and the deposit in my account would be very recent. I also plan to get a GIC to show proof of funds instead of the 4-6 months worth of bank statement.

 

[StudyMaster]

Is their any update on GIC Amount...???

 

[selvakk]

Is their any update on GIC Amount...???

Is their any update on GIC Amount...???

No changes.

 

[rpsingh1993]

cheers to all the losers who were worried of GIC increasing to $20000

 

[Sanambassi]

Hlo pls answer me ... If i got my visa till last april then how much time before can i arrive in canada?

 

[rpsingh1993]

Hlo pls answer me ... If i got my visa till last april then how much time before can i arrive in canada?

what is the exact date?

 

[sanamdeep kaur0]

what is the exact date?

my classes start on 3 sept

 

[garry gill]

People spreading fake news now hiding. stupid are the people who believe when everything is available on CIC website. any major changes will be notified through CIC.

 

[sukhreetsinghrai057]

anyone here got visa for September intake

 

[AAnv]

Any watsup group for Jan 2020 intake?

 

[Kenny76]

I don't think it's a grey area since as of today Scotiabank allows you to put up to 50000 CAD in their startright GIC program and CIBC allows you to put 20000 CAD. It is only ICICI and SBI bank's Canadian branches that only allow you to put 10000 CAD in. I am unaware of how banks in the Philipines, Vietnam and China operate with regards to GIC.

Source:

https://startright.scotiabank.com/student-gic.html

"A GIC is an investment account that offers a guaranteed interest rate over a fixed period of time. With the Scotiabank Student GIC Program you can invest between $10,000 CAD – $50,000 CAD."

https://www.cibc.com/en/special-offers/international-student-gic.html

"Invest 10,000 Canadian Dollars (CAD) in the CIBC Student GIC Program. You can send a maximum of 20,000 CAD to sign up for the program"

Unless this becomes official this is all speculation on our part, at the end of the day.

Hi Selva,

For ICIC GIC, can we put more money in GIC than 10K? We already have a GIC account with 10K and got a refusal for financial reasons. I was wondering if adding more in current GIC will help.

Kenny

 

[Kenny76]

Never mind, I just called ICICI we can not put more than 10K there

 

[selvakk]

Never mind, I just called ICICI we can not put more than 10K there

Only scotiabank and CIBC as far as I'm aware. ICICI and SBI is 10K only.