SDS INQUIRY PLEASE HELP

[katrinmelani]

I just want to know how does Guaranteed Investment Certificate (GIC) of CAN$10,000 works please.
1. Is this going to be a separate money from my tuition fee?
2. How about if a friend is sponsoring, do I need to still have this or open one?
3. And is it a different money from the bank account that I will show?

Thank you so much for those who will reply. This really means a lot.

 

[RDS]

not an expert but answering from what i know:---)
1. yes
2. don't know
3.yes this is with a Canada bank and it will be given to you back when u land in 8 or 10 installments

 

[katrinmelani]

not an expert but answering from what i know:---)
1. yes
2. don't know
3.yes this is with a Canada bank and it will be given to you back when u land in 8 or 10 installments

Woah okay. So for an estimation.. It could be,

10,000 CAD for the GIC
and then 16,000 CAD for 1 year tuition fee
plus my cost of living and etc. which I will show my 4 months bank statement? Is that right?

Thank you.

 

[RDS]

Woah okay. So for an estimation.. It could be,

10,000 CAD for the GIC
and then 16,000 CAD for 1 year tuition fee
plus my cost of living and etc. which I will show my 4 months bank statement? Is that right?

Thank you.

no need to thank me just giving out what i learned from this forum....
1.yes
2. this varies i think this is decided by your college/university where u apply and acc to ur chosen program
3. this is not mentioned on official website search sds canada and u can read about what docs are required... this is for making your case stronger i guess

 

[katrinmelani]

no need to thank me just giving out what i learned from this forum....
1.yes
2. this varies i think this is decided by your college/university where u apply and acc to ur chosen program
3. this is not mentioned on official website search sds canada and u can read about what docs are required... this is for making your case stronger i guess

I see. I am just getting confusion about the GIC and the cost of living. I think GIC is for my account balance it's just that to secure it, they want to put it on Canada's bank account.