GIC Program to Study in Canada (2024)

Friday, 17 February 2023

Canada is an ideal study abroad destination for international students because of their quality of education, promising job opportunities, and multicultural environment. It takes a lot of planning and determination to arrive in Canada and begin your higher education. It is always a good idea to go through the Canadian Government's requirements to make the process go more smoothly. The GIC is one such requirement.

Do you what a GIC Program is? What are the eligibility requirements for it?

The Government of Canada has a new program for international students looking to study in Canada. It's called the Global Innovation and Collaboration (GIC) program, developed to attract top talent worldwide. This program has been in business for a few years and is getting much attention worldwide. Continue reading to know more about the program and bank details, etc.

GIC, Guaranteed Investment Certificate, purchased through the RBC International Student GIC Program is a safe investment that will help you pay for your studies and living expenses in Canada. The GIC also assists you in demonstrating to the Government of Canada that you will have sufficient funds to do so. Your funds are insured by the Canada Deposit Insurance Corporation (CDIC) and will earn a fixed interest rate for a set period.

You will have access to a guaranteed source of funds once you arrive in Canada to help cover your educational and living expenses while studying there. You will not need any additional financial documentation to show the IRCC (Immigration, Refugees, and Citizenship Canada) that you have enough money to cover your tuition and living expenses.

• It serves as a symbol of assurance/guarantee to the Canadian government that you have enough funds to cover your living expenses for one year in Canada.
• It ensures that the Canadian visa or study permit application is processed quickly. Candidates must provide proof of bank statements. A GIC for CAD 10,000 (approximately INR 5.95 lacs) serves as proof of funds from the approved Canada-based bank.
• GIC is required for students to be eligible for a visa to study at Canadian universities. It has now become a requirement.
• It ensures that a Canadian visa or study permit is processed more quickly. Candidates must provide relevant proof of bank statements.

Students must open a Canadian bank account before arriving. This process is entirely online. The procedure is simple and time efficient. While the process varies slightly from bank to bank, the following is generally required to open a GIC account.

• Register with your chosen bank.
• Submit your application to your GIC account.
• Pre-fund to the account.
• Receive GIC from the account.

Finally, once you have received your study visa and arrived in Canada, you must go to your bank branch, where you have a GIC account, for in-person verification, after which your GIC account will be activated.

International students must complete the following steps to set up their GIC. Speak with an RBC Banking Advisor for more details.

• Step 1: Before you come to Canada, apply for an RBC Investment Account and purchase a GIC. Purchase your GIC with a wire transfer of CAD 10,2503 and use your GIC confirmation to support your SDS Program application with the Government of Canada.
• Step 2: When you arrive in Canada, visit an RBC Royal Bank branch to set up your GIC redemption payments.
• Step 3: Every month during the term of your GIC, 1/12th of the remaining principal (plus applicable interest) will be transferred to your designated personal deposit account.
• Step 4: The total amount of your GIC (plus applicable interest) will be deposited into your deposit account after 12 months.

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

Students can simultaneously deposit up to CAD 50,000 (approximately INR 30 lakhs) into their individual savings accounts. Students must deposit a minimum of CAD 10,000 (INR 6,18,464.97) with one of the Canadian embassy's registered and recognised lenders to begin the Canadian GIC process. The remainder is used to open a non-redeemable account from which the international student can withdraw the nominal amount plus accrued interest after a specified period.

To be eligible for faster processing through the Student Direct Stream, you must

• Be a legal Indian resident citizen.
• Letter of Acceptance from a recognised institution.
• Apply before leaving India.
• Proof of tuition fees paid (1st year)
  • A receipt from the DLI.
  • An official letter from the DLI confirming tuition fee payment.
  • A bank receipt indicating that students paid tuition fees to the DLI proof that the tuition fee amount was transferred into a DLI repository account to be applied to the tuition bill at a later date.
• Québec Acceptance Certificate (CAQ) (If you're planning to study in Quebec City)
• Guaranteed Investment Certificate of CAD 10,000.
• Proof of English proficiency certificate (IELTS: 6.0)
• TEF score equals the Canadian Language Benchmark (CLB) score of 7 in each section.
• Medical exams and police certificates.

NOTE: Please give additional documents to support your application. If not, your application will take longer to process.

The GIC application process is straightforward.

Step 1: Students must register online with an authorised bank with a secured email service.

Step 2: You will receive an email with a link to the Student GIC Program application form after registering for a secure email account.

• Students can apply for the Student GIC Program online or offline.
• For the online mode, you must complete the form and submit it online via their secure email account, along with a scanned copy of your admission letter and passport.
• For the offline mode, you can download the form from the secure email account, print it, fill it out completely, sign it, and submit it to the designated bank along with your admission letter from Canada university/SPP College and your passport.
• The application processing time is 5 business days.

Step 3: After submitting the Student GIC Program Application, you will be sent an Investment Account Number and funding details via secure email. Using any bank account in India, fund the 'Canada Student GIC Program' account with CAD 10,000 plus CAD 150 as a processing fee.

• The money sent to ICICI Bank or Scotia Bank in Canada to fund your GIC account must come from the student's account, or a joint account held by the student in India.

Step 4: You will receive an Investment Balance Confirmation in your investment account after depositing the CAD 10,000 into your GIC account with the Canadian bank.

Step 5: Apply for a Study Permit/Visa.

Step 6: Complete the documentation formalities in Canada.

A GIC can be obtained from a financial institution listed on the Canadian Deposit Insurance Company website. Make sure the financial institution you choose offers a GIC and meets the Student Direct Stream criteria.

GICs that meet the criteria are available from the following financial institutions

• Bank of Beijing
• Bank of China
• Bank of Montreal (BMO)
• Bank of Xian Co. Ltd.
• Canadian Imperial Bank of Commerce (CIBC)
• China Everbright Bank
• DesjardinsFootnote1
• Habib Canadian Bank
• HSBC Bank of Canada
• ICICI Bank
• Industrial and Commercial Bank of China
• RBC Royal Bank
• SBI Canada Bank
• Scotiabank
• Simplii Financial
• TD Canada Trust

RBC will open your investment account to hold your GIC within three business days after your documents are confirmed to be in good order. You will receive a confirmation email detailing how to wire the required funds to RBC to purchase your GIC. Your GIC Contribution Details Document (also known as Investment Confirmation) will be issued and emailed within three business days of RBC receiving your funds. You can apply for your student permit using your GIC Contribution Details Document and any other required documents.

We hope this blog gave you insights on how and why a GIC is required for your education in Canada. A GIC is one of the most straightforward ways to provide proof of funds for your Canadian Student Visa. It is also one of the most prudent ways to manage your finances as a first-year student in Canada.

Nirosha

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