A Simplified Guide to Student GIC Program in Canada

October 12, 2020 admin

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If the only obstacle between you and your dream of graduating from a Canadian university is a study/visa permit, then GIC program can help. Let’s find out how.

Aspiring to pursue higher education in a premium university of Canada but sceptical about getting the study permit? Apply for the GIC program for students! It can help fulfil your academic dreams by expediting the process of acquiring a Canadian visa/study permit under the Student Direct Stream (SDS).

So what exactly is the GIC program?

Guaranteed Investment Certificate (GIC) is a study program for citizens of India, China, Vietnam, Morocco, Senegal, and the Philippines who want to study in a Canadian province. A major requirement of applying via the SDS route is to submit a GIC of $10,000 or higher CAD into a Canadian based bank.

The money serves as proof to the Canadian government that you have enough resources to cover one year’s living expenses in the country. A GIC account can be termed as an investment scheme that offers a guaranteed interest rate over a fixed tenure.

Process of Opening GIC Account:

Opening the GIC account is a fairly straightforward procedure. Candidates, however, are advised to open the GIC account at least a month before applying for a Canadian student visa.

The first step is to register online with an authorised bank located in Canada. After the account has been set up, the bank will send you the GIC account number along with wire transfer details via email.
Next, transfer CAD 10,000 plus service charges to the bank from your homeland. Theservice charge to open the account may vary from bank to bank but is generally between $100 and $150.
Once the payment is received, the bank will notify the receipt of the GIC amount through email. Following the confirmation, you can apply for the student visa/permit.
Upon reaching Canada, you will have to visit the nearest branch of the GIC Account bank with some relevant documents for personal verification.
Following successful verification, the bank will create a chequing account in your name and credit $2000 into it for expenses incurred in Canada. The remaining balance of $8,000 will be placed into a non-redeemable/nonrenewable GIC account for 1 year.
The money parked in your GIC account will accrue interest. A monthly instalment of approximately $667 will be deposited each month from your GIC account into your chequing account for one year. After 12 months, you will receive your initial investment of $10,000 back, plus interest.

Refund Process:

What happens to the GIC amount if the study permit/visa application is declined, admission to college rejected or enrolment is withdrawn voluntarily after arrival to Canada? Not an issue! In such circumstances, a request for a refund can be made by following a few simple steps.

Provide relevant documents stating the reason for the refund.
On successful verification of the documents, the bank will begin the refund process and send a confirmation email after its completion.
The GIC amount may roughly take about 4 weeks to get reimbursed. It must be noted that the bank is likely to impose an extra charge for the same.

Now that you know the nitty-gritty of the student GIC program get started with the process to give a boost to your future educational prospects.