So, what is the GIC refund process.

Hey Mam don't worry, It’s normal to feel a bit anxious, especially when dealing with your father’s hard-earned money. The GIC (Guaranteed Investment Certificate) refund process is very easy and simple, and you’ll get your money back if your study permit is rejected. Here’s how it works:

Let me explain First check your bank’s refund policy, Most Canadian banks offering GICs, such as Scotiabank, ICICI Bank Canada, CIBC, or SBI Canada, have clear refund processes in case of visa refusal. Look for the refund process details in your GIC account agreement or on the bank’s website.

Required Documents that you need to get your refund

•   - A copy of your visa rejection letter from IRCC (Immigration, Refugees and Citizenship Canada).
•   - Your GIC account details (account number, investment certificate).
•   - Proof of identity (your passport).
•   - Refund application form (available on the bank’s website or through customer support).

then you need to Submit the Refund Request It is a simpler process => Log into your GIC account portal or visit the branch (if applicable) to apply for a refund. Attach all required documents with your application.

yeah, no doubt the process is a little bit time-consuming, The bank will verify your documents and process the refund. Refunds typically take 4–6 weeks to credit to the original account from which the funds were transferred.

 Some banks may deduct a small administrative fee (usually CAD 50-200), but the remaining amount is refunded in full.

Once the refund is processed, the bank will notify you via email or through your online account.

But make sure about -

• Save All Documents: Keep copies of your visa rejection letter and proof of payment to avoid delays.
• Double-Check Bank Policies: Policies may vary slightly between banks, so confirm specifics with your GIC provider.

While it’s good to be cautious, remember that these processes are in place to protect your investment, so you can focus on your dreams with peace of mind.