GIC Revised GIC to $20000 CAD
- Thread starter Harman221
- Start date
I don't really see any negative in this.
1) The list of banks increases which gives us greater flexibility in choosing. The banks that belong to the Canadian deposit Insurance Corporation are:-
http://www.cdic.ca/en/about-di/what-we-cover/Pages/list-members.aspx
2) Proof of tuition payment is not needed. So, we are not forced to pay 1 year's tuition upfront. We can pay 1 semester's tuition fees only. The average semester fees is around 8000. This money we don't have to pay immediately can go to the GIC amount.
3) There is a reason why this is not public information, probably they are not firm on the date or they have not planned on the implementation.
As of now the current rules still stands, if you have already got the GIC and tuition fees paid, then it would be better to do it before April to be safe.
Yes i even asked my IDP consultant she asked me to lodge my file in march . They should not have doubled it .
https://drive.google.com/file/d/1EQUdQUfhSeaGD61bmzXmjsHPHztVlq8U/view?usp=drivesdk
It was informed officially in Philippines today
It was informed officially in Philippines today
You dont need to show the proof of one year tuition fee. You can pay for one term, depends on your school’s policy.
that means ...it will be also official in india in few days
No...you can pay fees of one semester
Then you should contact the college. The college does not require you pay 1 years fees upfront. This is only something demanded by IRCC. By my calculations you should be able to get one semesters fees with the GIC in 4-5 months.
According to your information they will only accept online applications from now on.
My only concern is if you put one semester's in GIC then you should be able to withdraw it before the due date of fees payment.
Ye, there are various changes which were informed officially by the Philippines’ visa office in Manila today (March 1st)
- Online application only.
- Provide a GIC of $20,000
- Proof of one year tuition fee is not required.
- No change in the others.
You guys should wait for the official information in each country but this is trustable as well. There are some sources of information said that SDS will be expanded globally, which means the competition after graduating in Canada will get higher and higher after some years.
- Online application only.
- Provide a GIC of $20,000
- Proof of one year tuition fee is not required.
- No change in the others.
You guys should wait for the official information in each country but this is trustable as well. There are some sources of information said that SDS will be expanded globally, which means the competition after graduating in Canada will get higher and higher after some years.
I see a lot of people are worrying without analysing the impact of proposed change in the GIC requirement.
My analysis as I see it is that in most cases it may bring down the upfront financial cost(requirement). In the current scenario under SDS the funds required are GIC (CAD 10000) plus one year (2 semester) fees which in majority of cases for PG/Masters program works out to be more than the proposed increase in the GIC.
Disbursement under the current GIC is CAD 2000 as soon as you reach Canada and open your bank account and the balance GIC is disbursed @ 670 CAD per month over the period of 12 months. What is still not clear is how the disbursement norms will change after this proposed increase. If the disbursement ratio remains the same then the second semester fees can be paid by saving the increased GIC payout.
My analysis as I see it is that in most cases it may bring down the upfront financial cost(requirement). In the current scenario under SDS the funds required are GIC (CAD 10000) plus one year (2 semester) fees which in majority of cases for PG/Masters program works out to be more than the proposed increase in the GIC.
Disbursement under the current GIC is CAD 2000 as soon as you reach Canada and open your bank account and the balance GIC is disbursed @ 670 CAD per month over the period of 12 months. What is still not clear is how the disbursement norms will change after this proposed increase. If the disbursement ratio remains the same then the second semester fees can be paid by saving the increased GIC payout.