Guaranteed Investment Certificate for Canada Student Visa
Citizenship and Immigration Canada (CIC) has launched a new process for showing living fund that is called GIC (Guaranteed Investment Certificate). GIC is very a simple and transparent process. Knowledge of GIC will help students planning to go Canada for study.
To apply for GIC, student will have to follow few steps and submit documents to the required authority. Let's look at the steps in a very easy form:
STEP 1: Student will email following documents to Scotia bank
- Copy of Passport (picture and last page with signature)
- Copy of Acceptance/Offer letter from institution
- Signed GIC Program Application Form
STEP 2: Scotia bank will send e-mail to student to submit 10,050 CA$ in account.
STEP 3: Student remits the $10,050 in Scotia Bank
STEP 4: Scotia Bank issues GIC to student and sends confirmation mail as soon as they have receive the Amount
STEP 5: Put this GIC along with other documents in visa file.
Question: Once my visa is approved, how will I avail this money?
Answer: After reaching Canada, student should visit nearest branch of Scotia Bank along with VALID PASSPORT, OFFER/ACCEPTANCE LETTER & GIC WELCOME PACKAGE. There student will get his GIC account activated and open another account as deposit account and then after every 2 months 2,000 C$ will be transferred to the deposit account in 4 equal instalments.
Question: What about fees, when it has to be paid?
Answer: Along with GIC, Canadian Embassy is now asking the students to pay full one year fees rather than 1st semester fees.
Question: This means Bank Loan option is completely abolished?
Answer: No it is not, GIC is completely optional but it is Highly Recommended to opt this option. Student can still opt for the old way of doing Visa file.
Question: Now what if my visa is rejected, will I get back my money?
Answer: Yes. Student can send the refusal letter which they have received from Embassy to Scotia Bank to apply for GIC Refund. GIC will refund the amount to student's original account from where the money was transfer deducting 50$ as administrative charges.
Question: Does opting GIC make my file strong and positive?
Answer: Yes, student who will be opting for GIC will be taken positively rather than students who have not opted for this. But this does not mean that visa is guaranteed, GIC will just make your file strong but it does not guarantee visa.
Question: Is GIC similar to FTS?
Answer: GIC is on a same format of FTS but they are not similar; although purposes of both the accounts are similar. Under FTS you pay the living after AIP whereas under GIC you pay the fees before you apply for visa. Under FTS you do not have to open a different account after reaching New Zealand but under GIC you will have to open a different account (Deposit Account) after reaching Canada.
Question: So does this mean now I don't have show any documents for living like ITR's, Bank statements, FD's etc?
Answer: Yes correct, now you do not have to show any other document in files submitted under SPP. Strictly follow the SPP Checklist, any extra document may lead to rejection
Citizenship and Immigration Canada (CIC) has launched a new process for showing living fund that is called GIC (Guaranteed Investment Certificate). GIC is very a simple and transparent process. Knowledge of GIC will help students planning to go Canada for study.
To apply for GIC, student will have to follow few steps and submit documents to the required authority. Let's look at the steps in a very easy form:
STEP 1: Student will email following documents to Scotia bank
- Copy of Passport (picture and last page with signature)
- Copy of Acceptance/Offer letter from institution
- Signed GIC Program Application Form
STEP 2: Scotia bank will send e-mail to student to submit 10,050 CA$ in account.
STEP 3: Student remits the $10,050 in Scotia Bank
STEP 4: Scotia Bank issues GIC to student and sends confirmation mail as soon as they have receive the Amount
STEP 5: Put this GIC along with other documents in visa file.
Question: Once my visa is approved, how will I avail this money?
Answer: After reaching Canada, student should visit nearest branch of Scotia Bank along with VALID PASSPORT, OFFER/ACCEPTANCE LETTER & GIC WELCOME PACKAGE. There student will get his GIC account activated and open another account as deposit account and then after every 2 months 2,000 C$ will be transferred to the deposit account in 4 equal instalments.
Question: What about fees, when it has to be paid?
Answer: Along with GIC, Canadian Embassy is now asking the students to pay full one year fees rather than 1st semester fees.
Question: This means Bank Loan option is completely abolished?
Answer: No it is not, GIC is completely optional but it is Highly Recommended to opt this option. Student can still opt for the old way of doing Visa file.
Question: Now what if my visa is rejected, will I get back my money?
Answer: Yes. Student can send the refusal letter which they have received from Embassy to Scotia Bank to apply for GIC Refund. GIC will refund the amount to student's original account from where the money was transfer deducting 50$ as administrative charges.
Question: Does opting GIC make my file strong and positive?
Answer: Yes, student who will be opting for GIC will be taken positively rather than students who have not opted for this. But this does not mean that visa is guaranteed, GIC will just make your file strong but it does not guarantee visa.
Question: Is GIC similar to FTS?
Answer: GIC is on a same format of FTS but they are not similar; although purposes of both the accounts are similar. Under FTS you pay the living after AIP whereas under GIC you pay the fees before you apply for visa. Under FTS you do not have to open a different account after reaching New Zealand but under GIC you will have to open a different account (Deposit Account) after reaching Canada.
Question: So does this mean now I don't have show any documents for living like ITR's, Bank statements, FD's etc?
Answer: Yes correct, now you do not have to show any other document in files submitted under SPP. Strictly follow the SPP Checklist, any extra document may lead to rejection
