When applying for a Canadian study permit, applicants from Antigua and Barbuda, Brazil, China, Colombia, Costa Rica, India, Morocco, Pakistan, Peru, Philippines, Senegal, Saint Vincent and the Grenadines, Trinidad and Tobago, and Vietnam used to be able to choose between the regular study permit application process or, if they meet the necessary conditions, apply through the Student Direct Stream (SDS). An explanation of the SDS can be found in the article on the Canadian Student Direct Stream (SDS) program. However, IRCC ends the SDS on November 8th, 2024. For applications from all over the world, if you would like to, you can still invest in GIC.
This article will provide a simple guide on how to complete the process of purchasing a Guaranteed Investment Certificate (GIC) .
There are multiple institutions through which you can purchase a GIC. In our practice, we often choose the Canadian Imperial Bank of Commerce (CIBC) due to its satisfactory processing speed. Here are the steps:
- Visit the CIBC GIC application link: https://www.cibc.com/en/special-offers/international-student-gic.html
- Click on “Apply Now” to access the application page. Select the “Student GIC Program” with an amount of 20635 CAD （since 2024. Befoer2024-01-01, it was 10000 CAD） and choose to pay from your country.
- In the “Payment Options” section, you can calculate whether it’s more cost-effective to pay in US dollars or Canadian dollars based on the real-time exchange rate. As of the writing of this article, paying in Canadian dollars is more favorable.
- Fill in the required information and then click on “Student Information.” Provide your passport details and the school offer you have received.
- In the “Referral Details” section, enter the email address sarahwang@olaimmigration.com as the referrer. Both you and us will receive a 25 CAD reward..
- Review the information for accuracy and then click “Payment Summary.” You will usually receive an email within two business days notifying you that the remittance has been completed.
- Click “Submit” to complete the submission. Shortly after, you will receive an email confirming the application’s completion.
- Once you receive the remittance notification, complete the remittance as soon as possible.
