21/06/2021
Canada Study Permit & GIC
Canada is the most aspiring study destination for Indian Students. The main reasons behind this are easy emigration, Friendly native population and Government. Studying in Canada again made more easy by enabling our Country under SDS Canada i.e. Student Direct Stream Program. Only few countries are eligible for this program. Reason for enabling our Country under SDS is financial resources and Language Skills of Indian Students to succeed academically. The Student Direct Stream (SDS) is a speedy study permit processing program for those who are applying to study in Canada at a post-secondary designated learning institution (DLI).Only 20 Calendar days will take to process the application submitted this way.
Documents required - SDS Canada Program
1. Acceptance letter from a post-secondary designated learning institution
2. Proof of tuition fee paid for your first year of study
3. Guaranteed Investment Certificate (GIC) of CAN$10,000
4. Medical exam before you apply
5. Police certificate before you apply
6. Most recent secondary or post-secondary school Mark Sheet
7. An International English Language Testing System (IELTS) academic or general training score of 6.0 or higher in each skill (reading, writing, speaking and listening).
Of the above requirements, the most important one is GIC. Let’s have a look at all that there is to know about GIC account in Canada and role of Unimoni GIC payments.
What is GIC?
There are many different types of GIC accounts but here we will be specifically speaking about GIC account for international students in Canada. GIC or Guaranteed investment certificate is an investment in which student to deposit his/her one year living expense into a Canada based bank in order to qualify for a student Visa or Study in Canada. Students can deposit anywhere between CAN$10,000 to CAN$ 50,000 in their respective bank at a time. The basic Canada GIC process requires students to deposit a minimum of CAN$10,000 with any of the Banks registered and recognized by the Canadian embassy.
What is the Process of Opening a GIC Account?
Candidates need to begin the process of opening a GIC account at least a month before they apply for a Canada student visa. But before you choose a bank to open your GIC account with, check if they have ample branches in Canada, particularly where you are going. There are three major banks which allow students to open a Canada GIC account:
1. Scotiabank, Canada ( Fees CAN$ 200 )
2. CIBC ( No Fee Charges )
3. The ICICI Bank, Canada (Fees CAN$ 175 )
The general procedure followed by all the three banks is more or less, same.
Registration Process for GIC
1. Register for a GIC account with any of the above banks which are located in Canada. This procedure can be done online/offline. Documents such as Passport Copy and/or Proof of Enrollment (if available) etc. would be required.
2. Upon successful creation of their GIC account login, respective banks send the investment account number and wire transfer details to students via their individual secure email services.
3. Once Students receive their GIC account number and wire transfer details from their respective Bank, Students to Wire Transfer CAN$ 10,200 to the account (CAN$ 200 is fees) from Bank/Unimoni to the Canadian Bank with which they had registered for a GIC account. This process may roughly take about 10 - 12 days.
4. An Investment Balance Confirmation will be sent to students via email once funds are credited to their GIC Account. Using this document, students can apply for a Canadian Study Permit.
Actions to be taken by Students on Arriving in Canada:
When students arrive in Canada, they have to personally visit the respective banks in which they have opened their Canada GIC account, along with certain documents for a final verification procedure and to activate their GIC student account.
How Does a GIC Account work?
1. Post the verification of relevant documents by the bank authorities, a personal deposit account will be created in the student’s name and the initial set-up fees of CAN$ 2000 will be deposited into this account. The balance amount of CAN$8,000 will be deposited into a non-redeemable GIC account.
2. From the remaining CAN$ 8000 in GIC Account, Student will receive a monthly sum of approximately CAN$ 667 + any interest amount for 12 months. These funds are released to ensure student have sufficient money for your maintenance and study expenses in Canada.
3. After 12 months, student would have received CAN$ 10,000 back with interest.
Refund Process
In case of that students’ application for a study permit is rejected or they withdraw from their course and leave Canada, they can request a refund of the funds in their GIC account, the Bank will refund the balance available in their account after deducting the applicable fees.
