The Complete Guide To GIC For Canada Study Visa

Canada?has long been the top choice for international students because of its reputation for high-quality education, friendly citizens, student-friendly policies, and ample career opportunities. For these reasons, thousands of?students choose Canada over other countries.?

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Millions of international students apply for study visas to Canada each year in an effort to keep up with demand and ensure quick and simple processing. The SDS Program was introduced by the Canadian government to make it simple to apply to Canadian colleges and obtain a visa.

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What exactly is the is Study Direct Stream ( SDS )?

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?There are two methods for applying for a Canadian college or visa.?

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• The first is the Study Direct Stream Program (SDS )?

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• The second category is General Application (College Wise)?

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Let us first define Study Direct Stream (SDS).?SDS is a programme for international students developed by the Canadian government in collaboration with the Association of Canadian Community Colleges (ACCC). to facilitate and speed up the application process for Canadian universities and visa processing

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The Students of only following countries can apply under SDS?category?

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1. China
2. India
3. Brazil
4. Colombia
5. Costa Rica
6. Morocco
7. Antigua and Barbuda
8. Philippines
9. Pakistan
10. Vietnam
11. Peru
12. Saint Vincent and the Grenadines
13. Trinidad and Tobago
14. Senegal

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It was essentially a replacement for the Student Partner Program (SPP), which had previously been established for Indian and Chinese students.??

?Under the SDS program, all the Colleges/Universities in Canada that have been categorized as Designated Learning Institutions (DLI), have been included in .Students applying through SDS will undoubtedly have a wider choice of colleges (in the DLI network) and courses than students applying through General Applications.

?When using the General Applications path, a student first chooses a certain college, a specific course, and then applies for it.

?Unlike in SDS, you must submit separate applications to each college.?

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The SDS programme requires :

1. Minimum 50% marks in the 12th grade, degree or diploma.
2. IELTS –?Need a minimum of IELTS band score of?6.0 bands
3. Guaranteed Investment Certificate ( GIC )?($10,000 + 200 CAD?)
4. Medical Exam
5. Police Certificate?

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GIC is mandatory, so without GIC students?will not be able to apply under SDS?Programme and avail all the benefits of SDS programme.

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Introduction : What is a GIC ?

?GIC (Guaranteed Investment Certificate) is a Canadian investment with a guaranteed rate of return for a set period of time.

?Though there are different types of GIC available, in this blog we will only focus on the GIC which is used by international students applying for a Canadian study visa/permit.

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The Guaranteed Investment Scheme (GIS) is a short-term investment programme that international students can use to supplement their income while studying in Canada. All international students must deposit one year’s living expenses with a Canadian bank when applying for a study visa. A GIC of C$10,000 from an accredited Canadian bank serves as proof of sufficient funds for your Canadian study permit/visa. This is why the Canadian government requires GIC for students enrolled in SDS programmes.

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What is the Minimum GIC Amount for International Students ?

?The minimum GIC amount, as suggested by Canada Immigration, is (CAD 10,000 + CAD 200 processing fees?= CAD 10,200 ) for?Canada Student Visa.

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What is the Maximum amount of money we can put in a GIC Account?

?The maximum amount you can deposit in a GIC account is CA$ 1,00,000.

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How to open a GIC account??

?Opening a GIC account is not rocket science in general, it’s a pretty simple process.:?

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• Register with the chosen bank :??The first step is to choose the bank where you would like to have your Guaranteed Investment Certificate (GIC) Account. For deciding this you need to consider if the bank you choose has a wide network of branches and ATMs in Canada, especially in the region where you are going to stay.

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• Submit an application for your GIC account :?Most banks have an online process to Register a GIC account. Use that to complete and submit the application online. Your documents such as Passport Copy and/or Proof of Enrollment (if available) etc would be required.

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• Pre-fund the account :?You’ll receive your Account Number and the payment instructions by email. Transfer the funds ( 10,200 C$?via “Wire Transfer” to the GIC Account .?

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• Receive GIC from the bank :?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.

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Finally, once you received your study visa and reached Canada, you must visit your bank branch where you hold a GIC account for in-person verification than only your GIC account would be activated.

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Documents required for opening a GIC Account

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• Passport Copy (first and last page)?

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• Copy of acceptance letter from Canadian University/College

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Prominent Banks Offering GIC Canada for International Students

?GIC (Guaranteed Investment Certificate) can be purchased from?

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• Canadian Imperial Bank of Commerce (CIBC)
• SBI Canada
• Scotiabank
• ICICI bank
• HSBC
• Bank of Canada

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How Does a GIC Account Work ( GIC Cycle ) ?

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• An international student who wants to study in Canada and apply through SDS programme needs to open a GIC account with one of the banks in Canada. Wire Transfer CA$10,200 to the account. $200 is the processing fees.

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• After you arrive in Canada, 2000 CA$ will be transferred into your student bank account from your GIC account.?

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• From the remaining 8000 CA$ in your GIC Account, you’ll receive a monthly sum of approximately 667 CA$ + any interest amount for 12 months. These funds are released to ensure you have sufficient money for your maintenance and study expenses in Canada.

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• After 12 months are completed , you would have received your 10,000 CA$ back with interest.?

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When is the best time to open a GIC account for studying in Canada?

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The best time to apply for a GIC account is when you have given your IELTS exam, are applying for admission to a Canadian University/College and have received a Confirmation of Enrollment.?

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As you already know, you cannot apply under SDS without a GIC, so open your GIC before applying for a Canadian Study Permit.

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Can we open a GIC account in Canada online?

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Yes, you can open a GIC account online with a listed Canadian bank . After the registration of your GIC account login, the respective banks will send the investment account number and wire transfer details to students via their individual secure email services.

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What happens to the funds in my GIC Account if my Canadian Study Permit application is rejected?

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In case your study visa gets rejected, GIC will refund the 10,000 CA$?but will deduct the CA$200 processing fee as it is non-refundable. However, you need to apply for the refund online and prove any one of the following;

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• Your Canadian Study Permit/Visa has been cancelled or rejected?and provide?refusal letter?
• The Canadian University/College that you applied to is no longer inviting you to study there.
• You are not a student anymore at the Canadian University/College because you have withdrawn your application.

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How much time does it usually take to receive the refund ?

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Get in touch with your GIC bank for the refund. Normally, it may take up to 4 weeks to get back the funds.

Have any confusion about GIC ?

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