Help Needed - Profile Evaluation

Arjun,
Your challenge is that you are applying from an applicant pool that produces a lot of applications to top schools, so you will need every advantage you can find to differentiate yourself. So, on the one hand, assuming that your GMAT score was balanced (quant and verbal both as close to 80th percentile as possible), you don't need to raise the score. But, on the other, if you have some indication (such as higher practice test scores) that you can raise the score by more than 20 points than, perhaps retake it (if doing so would not take time from your other efforts to improve your profile). One reason in favor of retaking is your GPA, which is not in the 3.4 - 3.6 range that top schools like. Similarly, if your goal is a scholarship, then you are more likely to be offered one if your profile/numbers are higher than a school's average GMAT/GPA. Assuming that your profile is interesting and your application is executed well you should be competitive at top Canadian schools like Ivey, Rotman etc.