If you’re planning to study in Canada, you may have heard about the Guaranteed Investment Certificate (GIC) requirement. For students from certain countries, the Canadian government requires a GIC as part of the student visa Canada application process. But what exactly is a GIC, and why is it necessary? Here, we answer some common questions about GICs, aiming to make the process clearer and easier for future Canadian students.
What is a Guaranteed Investment Certificate (GIC)?
A GIC Canada is a secure investment option that guarantees your deposited amount will remain safe. Canadian banks and financial institutions offer this option to help international students manage their living expenses during their first year in Canada. When you purchase a GIC, you deposit a fixed amount, usually CAD $10,000, which the bank holds and releases in small installments over a year after you arrive. This money serves as monthly financial support, making it easier to adjust to your new environment.
Why Do You Need a GIC for Your Canadian Student Visa?
The GIC is essential for students applying from specific countries under the Student Direct Stream (SDS), such as India, China, Vietnam, and the Philippines. This requirement helps show the Canadian government that you have sufficient funds to support yourself for at least a year. For a student visa, Canada needs proof of financial stability, and the GIC fulfills that by demonstrating your readiness to manage initial expenses.
Why Study in Canada?
Canada is increasingly popular among international students for many reasons. With top-ranked universities, a welcoming society, and an emphasis on quality education, it’s no surprise that Canada attracts students from around the world. Education in Canada offers exposure to a multicultural society, valuable academic experiences, and career-building opportunities. Additionally, students can work part-time during their studies and may have post-graduation work options, making Canada an ideal choice for those aiming to gain global experience.
How Does the GIC Process Work?
- Select a Bank: Choose a Canadian bank that offers GICs for international students, such as Scotiabank, ICICI Bank Canada, or CIBC.
- Apply for the GIC: Start the application online by filling out your personal information.
- Transfer the Funds: You’ll need to transfer at least CAD $10,000, plus any service fees.
- Receive the GIC Certificate: After you transfer the funds, the bank provides a certificate confirming the GIC, which you include with your student visa application.
- Receive Monthly Payments: Once in Canada, you’ll receive an initial lump sum and then monthly payments from your GIC account.
How to Open a GIC Account for Canada?
Opening a GIC account can seem complicated, but it’s simple with the right steps:
- Research Banks: Look for Canadian banks that provide GIC services for international students.
- Submit the Application: Fill out the bank’s online application form and follow their guidelines.
- Transfer the Money: Send the required amount, including any fees the bank charges.
Is a GIC Required for Everyone?
The GIC is required only for students from specific countries applying through the SDS. If you don’t fall under the SDS, you might not need a GIC but will still need proof of funds.
Using a Study Abroad Consultant
Working with a study abroad consultant can simplify the GIC process. Consultants guide you through the application, GIC setup, and visa process, making sure each requirement is met without stress. They also help you avoid any mistakes that could delay your application.
Conclusion
The GIC is an essential step for many students planning to study in Canada. With proper understanding and support, securing a GIC can be a straightforward task. Remember, Canada offers fantastic opportunities, and fulfilling the GIC requirement is just one part of starting your educational journey in this exciting country.
