Well Dear, banks do disburse the amount before Visa only. But the problem is, they transfer the funds to a loan account which I am sure will be jointly owned by you and your legal guardian like your father or mother. CHC states (Scotia Bank Guideline) funds must originate from the account owned by student only else they will return the funds. Now, that's a problem. and if you do not purchase GIC, you need to apply under general category which I at least won't recommend at all. SPP is a much faster mode and has more success rate than general.
At last, my suggestion will be - you pay entire year tuition fee from education loan which will create no problem at all and your bank will do so without waiting for VIsa (that's a standard process) and you arrange CAD10K for yourself to buy GIC. '
Hope it helps.
Cheers!