As the latest guidelines, it is now important to show a prescribed living cost through “Guaranteed Investment Certificate” (GIC) while applying for Canada Student Visa. Here is the complete for applying for the Scotiabank Student GIC Program :
1- Submission of documents :
The student has to submit the following documents:• Copy of passport (picture and the last page with signature)
All copies need to be signed by the student.
2- Upon receiving the documents, Scotiabank opens a GIC account for the student and sends a notification of the same to the customer. The customer is expected to transfer $10,050.00 CAD to the newly opened GIC account. This amount also includes $50CAD administration fee.
3- The student can then remit the amount of $10,050 CAD as per the below-mentioned remittance information :• Name of Bank: The Bank of Nova Scotia (Scotiabank)
4- Now the Scotiabank issues the Guaranteed Investment Certificate (GIC) for the amount of $10,000 CAD and sends an email confirmation to the customer.
5- The student will have to duly fill the study visa application form and attach a copy of GIC in the Visa office.
6- If Visa is approved, the student will have to visit a Scotia bank branch after arriving in Canada. He/she can now activate the GIC and open a deposit account. Important documents include :• Original, valid passport
Upon successful account opening, $2,000 CAD is transferred to the student’s deposit account. The remaining amount is then transferred to the account in an equal installment of $2000 CAD in the next two months.
7- In case of visa rejection or any reason because of which the student couldn’t go to Canada, the student will have to provide the supporting document to the Scotiabank through the Canadian Embassy. The bank will initiate a GIC refund asap. The entire money except the $50 administration fee is refunded to the bank account through which it was initially deposited.