Scotiabank Student GIC Program Application Guide - Please Read Before Applying According to Citizenship and Immigration Canada (CIC) guidelines under the Student Partners Program (SPP) and Study Direct Stream (SDS) Program, you will require approximately $10,000 Canadian (CAD) per year, not including tuition fees, to cover your living expenses. This requirement can be fulfilled through the purchase of a Guaranteed Investment Certificate (GIC) equivalent of a fixed deposit. For more information and to see the list of participating institutions under SPP please visit: http://www.canadainternational.gc.ca/china-chine/visas/53_2.aspx?lang=eng&view=d#list For more information and further details of participating institutions under SDS please visit: http://www.canadainternational.gc.ca/china-chine/visas/53_3.aspx Important Dates to Remember: Throughout the year, Scotiabank will continue to receive your GIC Applications and issue confirmations subject to funds being received. However you should be aware that it takes approximately 10 business days to process a GIC application to completion. You should therefore take this into consideration and apply in sufficient time to receive your GIC so that you can meet the study permit application deadlines for the various semester intakes observed by the Canadian Embassy in China. Please refer to the Canadian Embassy Office in China http://www.canadainternational.gc.ca/chinachine/visas/spp_application_kit.aspx?lang=eng for guidelines for Study Permit application submission dates applicable to each session intake. Please see the guidelines for cut off dates for your wire transfer below for each session intake. Intake Period Summer 2013 (April/May) Fall 2013 (August/September) Winter 2013-2014 (December/January) Wire Transfer Deadline last date that funds may be received and processed for intake period) March 22, 2013 July 26, 2013 November 22, 2013
What is a GIC? Q. What is a GIC? Frequently Asked Questions (FAQ s) A. A Guaranteed Investment Certificate or GIC is a Canadian investment that offers a guaranteed rate of return over a fixed period of time. Q. Is it mandatory to purchase a GIC? A. The Canadian Embassy in China advises as follows: Yes. A GIC is mandatory for applying under the streamlined study permit programs including the Study Direct Stream (SDS) and Student Partners Program (SPP). Other study permit applications are not required to submit a GIC, but may do so to help demonstrate that sufficient funds are available for the intended period of studies in Canada. Q. What are the details of the Scotiabank Student GIC Program? A. Purchase Amount/(Starting Principal): $10,000 CAD 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/ca/en/0,,1115,00.html 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. How do I apply for the Scotiabank Student GIC Program? 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,,4361,00.html It is located under the How to apply" tab. In order to apply, please visit one of our designated China Everbright Bank or Bank of Xi an branches in order to complete an application form. * Only complete an application once you have fully reviewed this document (the Scotiabank Student GIC Program Application Guide).
Q. How do I submit the application? A. Please note that all GIC applications must be submitted by a branch officer in one of the designated China Everbright or Bank of Xi an branches. Step 1 Visit a designated CEB or BoX branch. A branch officer will download the application form and assist you in filling it out. Step 2 For branch officers, input the information requested in the GIC Application Form in the appropriate fields. (Application Form must be TYPED to be accepted) Step 3 REVIEW the completed Application Form to ensure accuracy and that no details are missing. Step 4 Press the Print button at the end of Page 3 of the form. Step 5 Ensure that both student and branch officer signs the application. Keep a copy of the Application Form for your records. Print a copy for your client. Step 6 Scan all documents in ONE SINGLE PDF File, in the following order: I. Signed copy of the Scotiabank 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 All copies MUST be signed by the student Step 7 Email the SINGLE PDF File to newaccount@scotiabank.com. 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. Application and Processing Timelines Q. What is the timeframe for the entire process? A. From the date that Scotiabank receives your application to the date that your GIC certificate is issued, you should be prepared to wait for processing of approximately two (2) weeks. Please note that this timeline depends on you transferring your funds immediately following the receipt of your Investment Account Number (see Step 1). Step 1 Following receipt of the completed application form, Scotiabank will send your branch officer a secured email confirming your Investment Account Number and wire transfer instructions (to transfer money) within five (5) business days. Your branch officer will contact you to make the necessary arrangements for your wire transfer to enable you to purchase your GIC. Please allow for time difference, weekends and other Public Holidays in Canada. Step 2 You will be required to remit $10,100 CAD to Scotiabank. (International wire transfer takes about 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 your branch officer via secured email within three (3) business days (postponed accordingly for Canadian Public Holidays) after receipt of your wire payment. Your branch officer will contact you to confirm the receipt of this information. You must submit a copy of the confirmation to the Canadian Embassy in China along with your
Study Permit Application. Please ensure you have a printed a copy of this GIC confirmation, for your records. Q. What are the deadlines for Scotiabank Student GIC Program applications to be submitted and for GIC Investment Accounts to be funded in order to meet study permit deadlines as prescribed by the Canadian Embassy in China? A. Please refer to the Canadian Embassy in China website for cut off dates for submission of Study Permit applications for each session intake. Scotiabank will continue to receive the GIC Applications and issue confirmations when funds are received. However, students must allow for sufficient processing time for obtaining their Study Permit. A student may request for the GIC to be carried forward to apply for a Study Permit for the next session intake, if unable to meet the current session cut off. The GIC will continue to earn interest until it is redeemed or refunded. Transferring Your GIC Funds Q. How much money do I have to remit to my GIC account? A. You will be required to remit to Scotiabank $10,000 CAD for the GIC plus $100 CAD to cover administrative fees. Intermediary banks may charge an additional fee during the wiring process. This fee is not charged by Scotiabank and is excluded from the $100 CAD administration fee. All fees are to be paid for by the applicant. If Scotiabank receives less than the amount of $10,100 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. In order to ensure that Scotiabank receives the required amount, we suggest that the applicant wires an amount over $10,100 (inclusive of the intermediary bank fee). Upon receiving your wire, (excluding intermediary bank fees and administration fee), Scotiabank will deposit the remaining amount into your GIC account. Any remaining amount will be paid to you on your final scheduled disbursement payout date. Q. How do I transfer funds into my account? A. Once your branch officer has received the secured email containing your Investment Account Number, they will contact you with the following information for your use to send us your 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] For bank officers: Please DO NOT send a follow-up email to any Scotiabank email on behalf of your clients. Once the GIC account has been funded, a confirmation of the GIC details (such as issue amount, date, maturity date, and interest rate) will be sent to you via secured email. Q. Can I transfer funds from other banks apart from a China Everbright Bank or Bank of Xi an branch? A. No. All funds must be wire transferred from a China Everbright or Bank of Xi an branch.
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 this case the funds must originate from a bank account under the name of the student/applicant in China (only funds with a matching sender and beneficiary name will be accepted) else 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. In the event of a refund, the money will be returned only to the student s bank account at the bank where the original remittance was made. Accessing Your Funds in Canada Q. How will I access my GIC when I arrive in Canada? 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. Any outstanding amounts left in your account will be paid to you on your final scheduled disbursement payout date. * You must present identification acceptable to Scotiabank s account opening policy in order to open the personal deposit account. Third Parties and Your GIC Application Q. Can I open a Joint GIC Account? 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 or SDS program. Q. Can a third party (someone other than the account holder) follow up with Scotiabank in regards to my application? A. Yes, your branch officer is authorized to correspond with Scotiabank on your behalf regarding your application and GIC Investment Account.
Refunds 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 Embassy in China; 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 Embassy office in China. Please note: upon receipt of proof of any of these events and confirmation from the Canadian Embassy in China, we will redeem the outstanding principal plus, for GICs outstanding for more than thirty days, any accumulated interest. The refund may take up to 8 weeks from the date the GIC Refund request is received from the applicant. In order to request a refund, please visit your CEB or BoX branch officer. Scotiabank Canada will require the following to be emailed by your officer in 1 single PDF file to newaccount@scotiabank.com: your refusal letter as provided by the Canadian Embassy in China; the original wire transfer receipt; and the completed Refund Wire Transfer Form (found in the How to request a refund tab of our website) Note: the subject line of your email should state: Refund Request - GIC number, passport number and date of birth Q. Are there any charges for the refund of my GIC? A. Scotiabank will deduct the applicable administrative fees when completing the refund. The intermediary banks may charge additional fees during the refund. It is the applicant s responsibility to cover all additional refund fees. The refund amount will be returned to the student s bank account at the bank where the original remittance was made. Q. What do I do if I withdraw from university after arriving in Canada and have since returned to China? A. If you have withdrawn from enrolment at the Canadian educational institution after your arrival in Canada, and subsequently returned to China, please contact your CEB or BoX branch officer. They will ask you to provide a copy of the cancelled Study Permit from the Canadian Embassy office in China, the original wire transfer receipt and the completed Refund Wire Transfer Form (found in the How to request a refund tab of our website) Once they have collected the documents from you, they submit the request to us on your behalf.
Postponing your GIC Account with Scotiabank Q. I have opened a Scotiabank Student GIC Program account with you for an earlier study permit application, but never funded the account. Can I use the same Investment Account for the next school term? A. You will be required to re-apply for the Scotiabank Student GIC Program by visiting your CEB or BoX officer to submit a new application (please complete the most recent GIC Application Form found on our Scotiabank StartRight website). Our processing team will confirm with your branch officer that you are cleared to transfer in funds by sending them an secured email with your existing Investment Account number to wire funds ($10,100 CAD) to your GIC. Your branch officer will refer you to the wire transfer instructions once they have received this information. Q. I have opened a Scotiabank Student GIC Program account with you and funded the GIC. Can I use my existing GIC certificate (Investment Direction) to re-apply once again for a Study Permit? A. Yes, you can use your existing GIC Certificate (Investment Direction) for a new Study permit application. The Canadian Embassy in China will validate the GIC with Scotiabank directly. Receiving Emails from Scotiabank (for branch officers only) Q. I received a secured email from Scotiabank Secure Email System (ems@scotiabank.com). What do I do next? A. Please note that in order for Scotiabank to send customer sensitive information, we will send you a Scotiabank Webmail portal link. Clicking this link will launch your web browser. - You will be required to register first by clicking the Register now link for the first time. - the Webmail portal will send you a temporary password to complete the registration; you will need to click the Scotiabank Secure Email System link; this will take you back to the Secure Email login page. Note the temporary password will be required for initial log in to the Secure Email system. - once you enter the temporary password you will be forced to change the temporary password; please ensure you make note of the new password you assign your account; - after completing the registration process you will be able to view the Webmail inbox and read your secured email. - Note: Secure Emails will be held for viewing for 30 days before automatic deletion, so please view and save any content or attachments you wish to keep. Q. I have forgotten my secure email password, what do I do? A. Please send a password reset request from the email account you referenced on your original application to gicinfo@scotiabank.com with the following updated Subject Line: Update your Subject Line with the following information - Password Reset Request - Student Name (First and Last), Date of Birth, Passport Number, and the GIC IP Number (if known). We will respond to your request with a temporary password reset within 4 working days. Upon receipt of notification of successful password reset, a notification email is delivered to your email address with
instructions and a web link to access the Scotiabank Secure Email System. Click on that link and you will then be able to select a new password and password hint. Please check your junk mail as well in case if you do not see the notification email in your Inbox. Following Up With Scotiabank (for branch officers only) Q. If more than five (5) business days has passed and I have not received a response to my original application submission, how do I follow up with regards to my application? A. Step 1: Please check the junk mail file of the email account used in your original application and look for an email sent from Scotiabank Secure Email System (ems@scotiabank.com). Step 2- If you have not received an email with your Investment Account Number, kindly email your query to Scotiabank to gicinfo@scotiabank.com stating Subject: Follow up- Scotiabank Student GIC Program Last Name, First Name and Date of Birth (dd/mm/yyyy) to help us investigate and respond to you. Please include the date the GIC Application was emailed and a copy of the original application form. * For all subsequent follow up emails, please include the email history so we may properly respond to your additional queries. Note:. Changes, modifications, additions, or deletions to the terms to this guide shall be effective immediately upon notice thereof, which may be given by any means including, but not limited to, posting a new guide on the Scotiabank StartRight website. You should revisit this guide online prior to completing your application.