What is a GIC and Why do I need one for SDS Visa Category?
An insight and guide to Canadian education by an experienced International Student.
What is a GIC?
Guaranteed Investment Certificate also known as GIC is an investment that is purchased in order to meet the eligibility criteria of SDS program.
GIC provides the proof that an applicant will have sufficient funds to afford living in Canada for a year. In addition, it also acts as a proof of identity.
A normal person spends on the average of CAD $10,000 to $12,000 in a year. Therefore, a minimum of CAD $10,000 GIC is require in order to meet the SDS requirement (You can purchase a GIC of up to $25,000 if you want)
The Canadian government launched a program called Student Direct Stream in 2018 for several countries including Pakistan, India, China and Morocco to benefit from the fast-track approval of Student Visa in Canada. If you apply through SDS program, you will receive an answer within 40 calendar days, where as the normal visa category for students takes up to 6–12 months.
Click here to see the eligibility requirements for Student Direct Stream Program.
How do you purchase a GIC?
There are several banks in Canada which offer GIC to International Students. The most popular among those are Scotiabank, TD Canada Trust , CIBC and BMO.
GIC Application process can take up to 5 days, however it is really simple.
Step 1: Register for bank secured email service
To start the process, the applicant must register online with Bank of their choice (different banks provide different benefits, so you should research about each bank on their website before choosing one).
Fill in your personal details, but make sure to keep them consistent with the rest of the visa documents e.g. address and contact number.
Once you have registered, you will receive instructions for the EMS set up and GIC application forms.
Step 2: Submit the Student GIC Program Application
After you have registered for the EMS and received the GIC application form, fill it out and send it back to the bank along with a scanned copy of your College/University’s acceptance letter and passport via the EMS.
Step 3: Fund your account
After estimated of 5 days, the applicant will receive an Investment Account Number along with other details on how to deposit funds into the GIC account on the EMS.
Wire transfer CAD $10,000 (+ CAD $200 Bank processing fee) from the applicant’s PKR or Dollar account made in Pakistan.
Important: The bank account from which you wire transfer the GIC fund has to have the same details as filled out in the GIC application form. Therefore, even if a parent is supporting the applicant, make sure that the account is under the applicant’s name.
Step 4: Wait for Investment Directions document
Once the applicant has wired the fund, they shall receive an ‘Investment Balance Confirmation’ in the EMS account.
You will receive an Investment Directions document. You just have to attach that document to your Visa application.
What Happens to GIC after the Student Lands in Canada?
The applicant can access the GIC once landed in Canada. All you need to do is schedule an appointment to open an account with your bank.
You instantly receive $2000 in your chequing account along with a debit card on the exact day. If you are 19 an over, the you will be eligible to apply for a credit card.
You will receive the rest of the income from GIC in bits of $660 over the period of 12 months.
