A GIC stands for Guaranteed Investment Certificate, which is a secure investment that does not involve many risks. Many prefer to go for GIC since their money is guaranteed. A GIC acts like a savings account where you can deposit money and earn interest on it. The catch is that you need to leave your money in the account for a specific time period before withdrawing it in order to get the returns. Withdrawing it prematurely might incur a certain penalty. This of course depends on the type of GIC you have.

When you decide to buy a GIC, you will be lending the bank your money for a certain period of time which can go up to 5 years. This investment will mean a return of interest, where the longer the term, the higher the interest. This is a great plan for those who are looking forward to study abroad.

Take a look at the GIC program’s application process:

1. Complete your registration

You need to register with an authorized Canadian bank by filling up all your personal information. After you complete the registration, you will receive a password with which you will be able to log on to your email account. The GIC application form will be sent to your email account.

2. Submit your GIC program application

Once you have completed your registration, you will receive an email containing a link to the GIC program application form. To submit this form online, you must complete the form and submit it with a scanned copy of your admission letter and passport using your email account. For the offline method, you can download the form sent to your email, take a print, complete it with your signature and submit it in person. The usual processing time of the application takes about 5 business days.

3. Add funds to your account

After submitting your application form, you will receive an ‘Investment Account Number’ along with your funding details. Fund the account including the processing fee. These funds should come from the student’s bank account.

4. Apply for a student visa

Visit the Canadian visa office in India and apply for a Canadian student visa for your study in Canada. Here you will be required to submit a copy of your ‘Investment Balance Confirmation’ along with your visa application.

5. Complete your documentation process

Once you reach Canada, you must visit any of your bank’s branches to complete your documentation process. By this, we refer to opening a personal bank account for the issuance of the GIC. Make sure to carry your study permit, Investment Balance Confirmation, passport, and proof of admission to a Canadian university.

Now that you have learnt how to complete the GIC program’s application process, it’s time to prepare yourself for fulfilling your academic aspirations. If you are concerned about your finances and require customized solutions for your study abroad plans, we at Avanse can offer you various tailor-made options for the same. This will take care of all your expenses and you will have nothing to worry about.

We hope that this article proves to be helpful for your study in Canada program. All the best!