Plz help!!! GIC amount for dependents (SDS)

[pkzed]

Hi all, been searching for a while for some clarity, would appreciate if you all can pitch in with suggestions.

We as a family are planning to apply for study permit via SDS and SOWP. Our two kids will be accompanying us as well, so funds requirement is CAD 20,000. My wife will be the main applicant (student).

Question: Will it work if we show CAD 10,000 in GIC account, and another CAD 10,000 equivalent in our local bank here in Pakistan? Or does GIC balance have to be CAD 20,000?

The problem is that local banks here are refusing to remit more than CAD 10,000 from my wife's local currency account. And Canadian banks offering GIC do not accept multiple transactions or funds transfer from accounts other than the main applicant's.

Also, Simplii Financial states that GIC confirmation will be issued for 10,000 while additional funds will be kept in separate current account.

Would really appreciate any help on this since we are hoping to apply as early as possible (Jan 22 intake). Thanks

 

[wonderbly]

Will it work if we show CAD 10,000 in GIC account, and another CAD 10,000 equivalent in our local bank here in Pakistan? Yes, that should be fine.

 

[MTB101]

I have deposited GIC amount CAD 20000 in CIBC. Local banks in Pakistan refuse to do it, but as a banker i told them how to do it and it is allowed from SBP too. But you have to argue with your bank they should do it

 

[pkzed]

I have deposited GIC amount CAD 20000 in CIBC. Local banks in Pakistan refuse to do it, but as a banker i told them how to do it and it is allowed from SBP too. But you have to argue with your bank they should do it

Would really appreciate if you could elaborate further. Any SBP rules/circulars you can reference? What did you tell them?

Thanks!

 

[MTB101]

Ask your bank if they have any such circular that you can't send 20k CAD. Ask them to send this amount as a living expense. You can send amount up to 50k CAD per year as a living expense of student. Don't tell them that 10k is for student and remaining is for dependents. Only tell them the whole amount belongs to student living expense and it is allow

 

[pkzed]

Ask your bank if they have any such circular that you can't send 20k CAD. Ask them to send this amount as a living expense. You can send amount up to 50k CAD per year as a living expense of student. Don't tell them that 10k is for student and remaining is for dependents. Only tell them the whole amount belongs to student living expense and it is allow

Ok let me try this tomorrow, thanks!

 

[shinoyvj]

I applied as same as you, wife main applicant a child and me. Shown $10k as GCI rest in local banks (our joint account and my personal account) plus papers related to properties.

 

[pkzed]

I applied as same as you, wife main applicant a child and me. Shown $10k as GCI rest in local banks (our joint account and my personal account) plus papers related to properties.

Yes that's our fallback option, in case unable to send the full amount.

Did you get the permit? Or are you still waiting?

 

[shinoyvj]

Did you get the permit? Or are you still waiting?

Still waiting. Can see my updates in signature

 

[MTB101]

Ok let me try this tomorrow, thanks!

Best of luck