A Simplified Information to Scholar GIC Program in Canada
If the one impediment between you and your dream of graduating from a Canadian college is a examine/visa allow, then GIC program may help. Let’s learn the way.
Aspiring to pursue increased schooling in a premium college of Canada however sceptical about getting the examine allow? Apply for the GIC program for college students! It could possibly assist fulfil your tutorial desires by expediting the method of buying a Canadian visa/examine allow below the Scholar Direct Stream (SDS).
So what precisely is the GIC program?
Assured Funding Certificates (GIC) is a examine program for residents of India, China, Vietnam, Morocco, Senegal, and the Philippines who need to examine in a Canadian province. A significant requirement of making use of by way of the SDS route is to submit a GIC of $10,000 or increased CAD right into a Canadian primarily based financial institution.
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The cash serves as proof to the Canadian authorities that you’ve sufficient assets to cowl one yr’s residing bills within the nation. A GIC account may be termed as an funding scheme that gives a assured rate of interest over a set tenure.
Technique of Opening GIC Account:
Opening the GIC account is a reasonably easy process. Candidates, nevertheless, are suggested to open the GIC account at the least a month earlier than making use of for a Canadian pupil visa.
- Step one is to register on-line with an authorised financial institution positioned in Canada. After the account has been arrange, the financial institution will ship you the GIC account quantity together with wire switch particulars by way of electronic mail.
- Subsequent, switch CAD 10,000 plus service prices to the financial institution out of your homeland. Theservice cost to open the account might differ from financial institution to financial institution however is usually between $100 and $150.
- As soon as the cost is obtained, the financial institution will notify the receipt of the GIC quantity by way of electronic mail. Following the affirmation, you may apply for the coed visa/allow.
- Upon reaching Canada, you’ll have to go to the closest department of the GIC Account financial institution with some related paperwork for private verification.
- Following profitable verification, the financial institution will create a chequing account in your identify and credit score $2000 into it for bills incurred in Canada. The remaining steadiness of $8,000 shall be positioned right into a non-redeemable/nonrenewable GIC account for 1 yr.
- The cash parked in your GIC account will accrue curiosity. A month-to-month instalment of roughly $667 shall be deposited every month out of your GIC account into your chequing account for one yr. After 12 months, you’ll obtain your preliminary funding of $10,000 again, plus curiosity.
Refund Course of:
What occurs to the GIC quantity if the examine allow/visa software is declined, admission to varsity rejected or enrolment is withdrawn voluntarily after arrival to Canada? Not a problem! In such circumstances, a request for a refund may be made by following just a few easy steps.
- Present related paperwork stating the rationale for the refund.
- On profitable verification of the paperwork, the financial institution will start the refund course of and ship a affirmation electronic mail after its completion.
- The GIC quantity might roughly take about 4 weeks to get reimbursed. It have to be famous that the financial institution is more likely to impose an additional cost for a similar.
Now that the nitty-gritty of the pupil GIC program get began with the method to enhance your future instructional prospects.