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GIC [ALL PROBLEMS]

Hi - I am really new to this. Please excuse my stupid questions.

It is my understanding that, GIC is the security deposit of CA$10,100 which is to ensure to the embassy that you have money to support your living in Canada at least for 1 year.

With that said, does it mean that I can start using that money the way want and/ or completely withdraw that money from my Canadian account OR I will not be able to use that money for a certain period of time! If yes, after what is the duration?

Your help is much appreciated!!

Regards,
Syed
 
Once you reach Canada you withdraw $ 2000 , thereafter every two months you can withdraw $2000.

reyhan649 said:
Hi - I am really new to this. Please excuse my stupid questions.

It is my understanding that, GIC is the security deposit of CA$10,100 which is to ensure to the embassy that you have money to support your living in Canada at least for 1 year.

With that said, does it mean that I can start using that money the way want and/ or completely withdraw that money from my Canadian account OR I will not be able to use that money for a certain period of time! If yes, after what is the duration?

Your help is much appreciated!!

Regards,
Syed
Click to expand...
 
Thanks for you help!!!
 
Hi everyone

I need some help regarding the GIC thing, i am applying under SPP, have already recieved the GIC account details

1) is it necessary to make the GIC payment from a account that is in my name, i will be actually making the payment from my mothers account.

2) Since the scotia bank says that they need 10100 $ how much should i wire transfer considering that intermediary banks will debit their processing charges as well.

Kindly help.

Thanks
 
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