What happens to our GIC account while we defer and stay in our home country?

[anmolwadera]

I have a GIC with CIBC which was created in March 2020. I have deferred from May to September to January. Now i want to defer to May again. The validity of the GIC is 1 year from its creation. So what happens after the validity expires? Do i have to withdraw and lose some money and then open another account? If this is the way then does this affect my visa chances?
What are you guys doing about it?

Further, what happens to my GIC if i continue with online classes in my home country? Does it stay intact and secure?

 

[Petita]

You need to contact CIBC to make sure, but as for Scotiabank, they told me their GIC has no expiration. I just need to update them on the new arrival date.

 

[anmolwadera]

You need to contact CIBC to make sure, but as for Scotiabank, they told me their GIC has no expiration. I just need to update them on the new arrival date.

Has this always been their policy or they changed post covid?