What happens when you cash in a GIC?
When you cash out your cashable GIC after the closed period, you will receive interest at the contract rate for each day the investment was held. Redeemable GICs are typically offered for longer terms (between 1 and 5 years) and will allow you to cash out your investment prior to maturity under certain conditions.
Is GIC refundable in Canada?
Student GIC Program – Refund Process In the event that your application for a study permit is declined or you withdraw from your course and leave Canada, the Bank will refund the balance available in your account after deducting the applicable fees. All paid fees including the processing fee are non-refundable.
What is a GIC account for international students in Canada?
A GIC is an investment account. There are many different types of GIC accounts but here we will be specifically speaking about GIC account for international students in Canada. Students would have to deposit a fixed amount of money in this account (Usually CAD 10,000 + CAD 200 = CAD 10,200). This account is offered by a Canadian Bank.
How do I apply for a Canadian study permit through GIC?
You’ll receive your Account Number and the payment instructions by email. Transfer the funds via “Wire Transfer” to the GIC Account. An Investment Balance Confirmation will be sent to you via email once funds are credited to your GIC Account. Using this document, you can apply for a Canadian Study Permit.
Can I transfer money from Indian bank account to GIC in Canada?
Yes, ExTravelMoney can transfer money from Indian bank account to GIC account in Canada. We regularly facilitate such transactions for Indian students going to study abroad in Canada and are well versed with GIC Account transfers. 3.
Is Gic compulsory for Canadian visa application under SPP?
At present, Scotiabank is the only participating Canadian financial institution. However, GIC is ONLY compulsory for those first time applying for Canadian visa, under SPP. Rest both categories, can show a bank loan for amount equivalent to 10,000$ instead of a GIC.