Students must buy a GIC (Guaranteed Investment Certificate) in order to satisfy the Canadian government's requirement that you have enough money (at least C$10,000) to cover your living expenses in Canada for one year once you arrive. The GIC, or Guaranteed Investment Certificate, is a one-year, short-term, liquid investment with a guaranteed rate of return offered by Canadian banks. It is intended for Indian students who wish to enrol in colleges that are part of the Student Partners Program (SPP) in Canada. In this article, we've covered the purpose of GICs, where to acquire them, how to apply for GICs, and how Einstro Academy can support you.
Why is GIC required for Canada Student Visa?
For the following purposes, GIC is required:
- It represents your assurance to the Canadian government that you have the resources necessary to cover your living expenses for a year in Canada.
- It is required for the quick and simple application and processing of Canadian visas and study permits. Students must provide documentation of adequate funds in order to get a study permit or visa for Canada. As proof of funds for your Canadian study permit or visa, submit a GIC for $10,000 from a bank in Canada that has been given approval.
From where can you buy GIC?
GIC (Guaranteed Investment Certificate) can be purchased from designated GIC banks in India such as ICICI Bank Canada, Canadian Imperial Bank of Commerce (CIBC), SBI Canada and Scotiabank.
GIC Application Process
Step 1: Register for a bank-secured email service.
Students must register online with an authorized Canadian bank, i.e., ICICI Bank Canada: https://secureemail.icicibank.ca/SGP_Secure_Email/. or Scotia Bank Canada http://www.scotiabank.com/ca/en/0,,2,00.html by filling up the personal details. Register for the secure email service of the Canadian bank. Once registered, you'll get a password, using which you can log into your secured email account. The GIC Application Form will be sent to your secured email account.
Step 2: Submit the Student GIC Program Application
After registering for a secure email account, you’ll get an email with a link to the Student GIC Program application form. Students can submit the Student GIC Program application form online or offline.
For online mode, you must fill out the form completely and submit it along with a scanned copy of your admission letter and passport online via your secure email account.
For offline mode, you can download the form from the secure email account, take a print, fill it out completely, and submit it in person to the designated ICIC Bank Limited branch in India (http://www.icicibank.ca/managed-assets/docs/spp-designated-branch.pdf), along with your admission letter from a Canadian university or SPP College and your passport;
** The processing time for an application is 5 business days.
Step 3: Fund your account.
Upon submission of the Student GIC Program Application, you'll receive an 'Investment Account Number' along with funding details on your secure email. Fund the 'Canada Student GIC Program' account with C$10,000, plus C$150 as a processing fee, using any bank account in India.
** The money sent to fund your GIC account with ICICI Bank or Scotia Bank in Canada must come from the student's account or a joint account held by the student in India.
After remitting the C$10,000 into your GIC account with the bank in Canada, you’ll receive an 'Investment Balance Confirmation' in your investment account.
Step 4: Apply for a Study Permit or Visa
Apply for a Canadian study permit/visa at the Canadian visa office in India. Submit a copy of your 'Investment Balance Confirmation' along with your Study Permit/Visa application. The visa processing will be quick and convenient.
Step 5: Complete the documentation formalities in Canada.
Upon arrival in Canada, you must visit any of the bank branches to complete the documentation formalities, i.e., to open a personal bank account with an ICIC Bank Canada or Scotia Bank branch and obtain the GIC. $2,000 will be deposited in your personal account and $8,000 will be deposited in your GIC account for a 1-year term, which will be paid to you monthly in equal instalments.
** Bring with you the following documents to the Bank- Investment Balance Confirmation, a Study Permit, a valid Passport, and a letter of admission from the Canadian university or SPP College.
Note: If your study permit or visa is cancelled/declined, in that case, your C$10,000 investment balance will be returned to the bank account from which the amount was remitted. For a refund, you need to furnish proof of the cancellation of the study permit, withdrawal of enrolment from the Canadian educational institution, or declined admission application from the Canadian educational institution.
How can Einstro Academy help?
As per the CIC (Citizenship and Immigration Canada) guidelines, students who want to study in Canada under the SPP (Student Partners Program) require C$10,000 per year to cover their living expenses for one year in Canada. The way to fulfil this requirement is through the purchase of a Guaranteed Investment Certificate (GIC) for an amount of C$10,000 from an authorized Canadian bank. To fund this amount (C$10,000) that is to be shown in the GIC account, Einstro Academy will assist you in obtaining an education loan at reasonable interest rates.
Also, at the time of your visa application, you’ll need to show proof of payment of fees for one year of your study program or one semester of the study program, plus proof of enough funds to cover the next semester.
Indian students can avail themselves of a tax benefit in the form of a deduction under Section 80E of the Income Tax Act.