GIC Revised GIC to $20000 CAD

[selvakk]

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

Does your proof of funds cover your entire tuition amount ?

 

[Tdot2329]

So i opened a GIC account at ICICI and now i landed here this week . Can i now close my GIC at ICICI and open a new one at TD/RBC or Scotia as they have more branches ? Has anyone done this or what is the best way to do this ? also any suggestions on new chequing accounts or credit cards ?

 

[bongoman]

So i opened a GIC account at ICICI and now i landed here this week . Can i now close my GIC at ICICI and open a new one at TD/RBC or Scotia as they have more branches ? Has anyone done this or what is the best way to do this ? also any suggestions on new chequing accounts or credit cards ?

Shouldn't be possible, the whole point is rhat money is only given to you piece by piece you can talk to the other banks and double check though.
You really shouldn't need a branch everything can be done online/on app. You can open a different acount for your other banking needs so icici will only have your gic. You can also use any ATM for a small $1.5 fee.

 

[selvakk]

So i opened a GIC account at ICICI and now i landed here this week . Can i now close my GIC at ICICI and open a new one at TD/RBC or Scotia as they have more branches ? Has anyone done this or what is the best way to do this ? also any suggestions on new chequing accounts or credit cards ?

You can't close a GIC. What you can do is open a student or no fee account in any other bank and then transfer the money from your ICICI account to another bank.

Almost all the banks offer the same deal to students, just see which bank is close to where you live or your college/university. If a bank has an offer and is close by then take it. You will have to ask the bank if they will give you a student credit card or not when you open an account.

 

[Harman221]

GIC doubled to $20,635

Commencing January 1, 2024, the financial criteria for the cost of living related to study permit applications will be elevated. This adjustment aims to enhance the preparedness of international students for their life in Canada. The specified threshold will undergo annual modifications, aligning with the approach adopted in various other immigration programs. Further details can be found at: https://canada.ca/en/immigration-re...to-better-protect-international-students.html

In the year 2024, a sole applicant must demonstrate financial capacity by presenting $20,635 in addition to covering their first-year tuition and travel expenses. This modification will be applicable to fresh study permit applications submitted on or after January 1, 2024.

 

[NVA004]

Wow steps getting in place to clamp down student visas