gic canada immigration
Scotiabank Student GIC Program
Frequently Asked Questions (FAQ’s)
1) Q. What is a GIC?
A. A Guaranteed Investment Certificate or GIC is a
Canadian investment that offers a guaranteed rate of
return over a fixed period of time.
2) Q. Why do I need a GIC?
A. According to Citizenship and Immigration Canada
(CIC) guidelines under the Student Partners Program
(SPP), you will require approximately $10,000
Canadian (CAD) per year, not including tuition fees, to
cover your living expenses. This requirement is fulfilled through the purchase of a GIC.
3) Q. What is the Student Partners Program (SPP)
and which institutions are included in this Program?
A The SPP is a joint pilot project between Citizenship
and Immigration Canada’s visa offices in India and
China and the Association of Canadian Community
Colleges (ACCC). For more information and to see the list of
participating institutions please visit: http:// www.canadainternational.gc.ca/india-inde/visas/spp-
4) Q. Is it mandatory to purchase a GIC?
A. The Canadian High Commission advises as
PREFERRED OPTION for proof of funds: Evidence of
purchase of a special Guaranteed Investment
Certificate (GIC) from a participating Canadian financial institution (bank), in the amount of $10,000
CAD to cover living expenses for your first year in
Canada and evidence of payment for your first year’s
As an alternate option, you can fulfill the financial
requirement by submitting a copy of the receipt for the first year’s tuition fee AND a copy of an Educational
Loan from an Indian Chartered Bank equivalent to
$10,000 CAD. For more information on the above, please refer the
Student Partners Program (SPP) Checklist in the link
below (see Student section - Study Permit Checklist-
5) Important Information to ensure your GIC
Application is processed. Please read the following:
Reasons why your GIC account may not be opened or
delayed: • Files not received in prescribed format (1 single PDF
• Handwritten application forms are not accepted
(Please use the electronic version only)
• Scanned documents are not clear (Application
Form /Passport Copy/Acceptance Letter) • Sending duplicate application forms (more than
• Sending application forms to multiple email id’s
(please send application form only to
• Sending multiple follow up queries.
• Following up with your request through any other
channel other than email@example.com will
cause delay in processing your GIC Application.
Please note that as we receive a large volume of
applications, we will not be able to: • Expedite applications
• Provide the status of your application
• Confirm if the funds have been transferred We will write to you if your application is incomplete
and/or if we require any additional documents.
6) Q. What are the details of the Scotiabank Student
A. Purchase Amount/(Starting Principal): $10,000
Interest Rate: The Interest Rate is Scotiabank’s
posted rate for a one-year cashable guaranteed investment certificate on the Issue Date. The current
rate on any day can be found at http:// www.scotiabank.com/rates Term: One year.
Issue Date: The Issue Date is the date that we
receive your wire transfer for the Purchase Amount
plus applicable fees. If the date that we receive your
wire transfer is not a business day, the Issue Date will
be the next business day. Maturity Date: One year after the Issue Date.
7) Q. Where can I get the application form?
A. The form is available on the Scotiabank website.
Please follow the link: http://www.scotiabank.com/ca/ en/0,,5698,00.html The form is available under the “How to apply" tab.
8) Q. What documents do I need to submit along with
A. A Student must submit the following documents in
ONE SINGLE PDF file, in the following order:
1. Signed copy of the Scotiabank Student GIC
Program Application Form 2. Copy of passport pages (photograph page and the
last page with signature)
3. Copy of acceptance letter from a Canadian
educational institution All copies MUST be signed by the student
9) Q. How do I submit the application?
A. Step 1 Input the information requested in the GIC
Application Form in the appropriate fields. (Application
Form must be TYPED to be accepted)
Steps 2 Please REVIEW the completed Application
Form to ensure accuracy and that no details are missing.
Step 3 Press the Print button at the end of Page 3 of
Step 4 Sign the application. Keep a copy of the
Application Form for your records.
Step 5 Scan all documents in ONE SINGLE PDF File, in the following order:
I. Signed copy of the Scotia bank Student GIC
Program Application Form.
II. Copy of passport pages (photograph page and the
last page with signature)
III. Copy of acceptance letter from a Canadian educational institution
Step 6 Email the SINGLE PDF File to
firstname.lastname@example.org. Please specify
“Scotiabank Student GIC Program” in the subject line
of your email.
The email should contain only ONE PDF which should include all the documents; otherwise the application
will not be processed.
If you do not wish to email the Application Form, you
may instead mail a completed application to the
following address: Scotiabank – Multicultural Banking,
44 King Street West,
15th Floor Toronto, ON M4H 1H1
10) Q. How do I follow up with regards to my
A. Kindly email your query to Scotiabank at
email@example.com stating Subject: Follow
up- Scotiabank Student GIC Program – Last Name,
First Name and Date of Birth (dd/mm/yyyy) Your query should include relevant details (as follows)
to help us investigate and respond to you:
o date the GIC Application was emailed
o copy of the GIC Application Form originally
11) Q. Can I open a Joint Account GIC?
A. Under the Scotiabank Student GIC Program the
GIC can be made only in the name of the applicant
who is applying for the Study Permit under the SPP
12) Q. How can I get my money back if my Study
Permit is refused or I withdraw from the institution?
A. Full redemption of the outstanding principal of your
GIC cannot occur prior to the Maturity Date unless
you provide us with proof that:
I. your Study Permit has been declined. Please provide us with a copy of the “Refusal Letter” issued
by the Canadian High Commission; or
II. your application for admission to a Canadian
educational institution has been declined; or
III. you have withdrawn from enrolment at the
Canadian educational institution after your arrival in Canada. Please provide us with a copy of the
cancelled Study Permit from the Canadian High
Commission office in India. Upon receipt of proof of any of these events and
confirmation from the Canadian High Commission, we
will redeem the outstanding principal plus, for GICs
outstanding for more than thirty days, any
accumulated interest. The amount to be refunded will
be transferred to the bank account in your country from which your original payment was remitted less
the $50 CAD administration charge.
13) Q. Can I transfer funds from other banks apart
from a Scotiabank India Branch or Kotak Mahindra
A. Yes the funds can be wire transferred from any
bank in which you hold your account.
14) Q. Can the GIC be deposited by anyone other than the student?
A. No. Funds must be deposited in the GIC by the
student. In the event of a refund, the money will be
returned to the student’s bank account at the bank
where the original remittance was made.
15) Q. How much money do I have to remit to my GIC
A.You will be required to remit to Scotiabank $10,000
CAD for the GIC plus $50 CAD to cover
administrative fees. If Scotiabank receives less than
the prescribed amount of $10,050 CAD, the money will be returned to your bank account at the bank
where the original remittance was made, and the GIC
will not be processed.
16) Q. What is the timeframe for the entire process?
Step 1 Following receipt of the completed application
form, Scotiabank will send you an encrypted email
confirming the Investment Account Number and
provide wire transfer instructions (to transfer money) within 2 to 5 business days to enable you to purchase
the GIC. Please allow for time difference, weekends
and other Public Holidays in Canada. Step 2 You will be required to remit $10,050 CAD to
Scotiabank. (International wire transfer takes about 3
to 5 business days. Please check with your local
remitting bank for a more specific time frame). Step 3 A confirmation of the GIC details (such as
issue date, maturity date, and interest rate) will be
sent to you via encrypted email within three (3)
business days (postponed accordingly for Canadian
Public Holidays) after receipt of your wire payment.
You must submit a copy of the confirmation to the Canadian High Commission along with your Study
Permit Application. You are also responsible for
printing a copy of this GIC confirmation, delivered to
you electronically, for your records.
17) Q. How will I access my GIC when I arrive in
A. Upon arrival in Canada, you will need to visit a
Scotiabank branch of your choice to open a personal
deposit account and to activate the GIC. At the
Scotiabank branch you will be required to provide an ORIGINAL valid passport, Letter of Acceptance to a
Canadian educational institution (or student ID) and
Welcome Package (sent with GIC certificate). Copies
of these documents are NOT ACCEPTABLE. All payments of principal and interest will be paid to
your Scotiabank personal deposit account that you
must open at a Scotiabank branch after your arrival in
Canada* in accordance with the following schedule:
• Initial principal payment of $2,000 CAD on the day
the Scotiabank personal deposit account is opened. • Four (4) subsequent principal payments of $2,000
CAD will be made every two (2) months beginning two
months after the initial payment is made. Any
principal balance remaining on the Maturity Date will
be paid to you on the Maturity Date.
* You must present identification acceptable to Scotiabank’s account opening policy in order to open
the personal deposit account.
18) Q. Can a “third party” (someone other than the
account holder) follow up with Scotiabank in regards
to my application?
A. For reasons of privacy, we are unable to disclose any information to anyone other than the account
19) Q. How do I transfer funds into my account?
A. Once you receive the encrypted email containing
your Investment Account Number, please use the
following information when sending a wire transfer:
Name of Bank: The Bank of Nova Scotia (Scotiabank)
Branch Address: International Banking Division, Toronto, Ontario
Branch Transit: 52712
Institution Code: 002
Swift Codes: NOSCCATTCOL- to credit Front St,
CAU #03996- Scotia Student GIC Program-Attention
Venice Botelho Beneficiary Name: [First Name] [Last Name] and
Investment Account Number [xxxxxxxx]
Er Rohit Choradiya [BE(CS)]
Online Assistance : firstname.lastname@example.org