Planning to Study in Canada? Secure a GIC Canada Certificate First

When planning to study abroad in Canada, one of the essential requirement is to have a guaranteed investment certificate or GIC. The GIC for Canada, is a liquid investment that covers the annual expenses of an aspirant studying in Canadian

universities. Besides, as per the recent update, the government has doubled the GIC amount in Canada from 10,000 to 20,000 CADs!

What Is GIC Canada for International Students?GIC full form Canada

A guaranteed investment certificate is the mandatory requirement for international students applying to Canadian institutes under the SDS category. However, to understand it better, explore some of its key features:

1. It has a guaranteed rate of return for a fixed time period.
2. They are secure; that is, you will get back the entire amount at the end of your term.
   
3. The principal is protected in GIC.
   
4. There is a fixed minimum GIC amount in Canada, but no maximum one.
   
5. The investor chooses a term ranging from a few months to some years.
   

Thus, you have now got your answer of, "What is GIC Canada for international students?" Which is, crucial document for international students applying to study in Canada that covers annual living expenses in the country.

What Is the Purpose of GIC Canada?

After knowing, “what is GIC in Canada” it is time to explore why it is necessary. So, a GIC for Canada solves several purposes, some of which are enlisted:

1. Proof of funds for a Canadian visa
2. It is an investment at low-risk
   
3. It is a way to invest
   
4. It Fasteners the Processing of Study Permit
   
5. GIC is a support for study abroad aspirants
   

What Are the Types of GIC Canada?

There are 3 types of GIC certificate Canada that students can choose as per their preference to get the approval of their study visa. The types are explained below in brief:

Non-Cashable GIC

Students who can lock funds in for a specific period should choose this type of GIC. As in this, you will get the highest rate of return, but your funds are not accessible till they mature.

Cashable GICs

In this no lock-in period is there and you can withdraw your money anytime. Thus, it is an ideal investment for short term. Besides, there will be a monthly limit for withdrawal.

Equity Linked GIC or Market Growth GICs

This type of GIC offer returns according to market growth. Therefore, international students can get both a minimum guaranteed return and a potential bonus return based on market performance.

How to Apply for GIC Canada?

To apply for GIC for Canada, you need to follow these quick and easy steps listed below:

Choose the Financial Institute

First, you need to select a Canadian financial institution that provides GIC facilities to Indian students. Some of the banks are enlisted:

1. Scotiabank
2. ICICI Bank Canada
   
3. SBI Canada
   
4. CIBC
   
5. HSBC Canada
   

Open a GIC Account

After finalizing the bank, it is now time to open the GIC account Canada. To do this, visit the official website of bank and navigate to the dedicated GIC section.

Complete the application process and provide the necessary information. This includes, your name, passport & visa details and admission letter from the Canadian university to prove your admission.

Fund Your GIC

This step will also answer the common query that is, “how much GIC for Canada?” Generally, you need to transfer $20,835 CAD into the GIC account. Thus, after your application is processed, the bank will provide you the instructions to transfer the fund. Moreover, this transfer of the GIC amount for Canada must be done from your home country.

Receive Your GIC Certificate

After the funds are received by the bank, a GIC certificate or other confirmation letter will be issued that will serve as proof of your funds while applying for a study permit.

Access Your Funds in Canada

After you have arrived in Canada, you will be able to:

• Access an initial portion of your funds.
• Then, the remaining amount will be disbursed in monthly or bi-monthly installments to cover your living expenses.
  

How Does GIC Canada Work?

After opening a GIC account with a designated Canadian bank or financial institution, the funds you have deposited are locked for a pre-fixed period, generally up to 12 months. Moreover, during this period, students cannot access them, ensuring they remain intact for living expenses upon arrival in Canada. Besides, after maturity, the principal GIC amount in Canada along with interest is released to the student.

Furthermore, the investment includes the living expenses for the 1st year in the country. Afterwards, the money is released to you either every month or every two months for the first 12 months after the confirmation of your identity.

What Are the Benefits of GIC?

GIC in Canada is not a mere requirement; rather, it offers several perks to international students aiming to study in Canada. Some of the benefits are enlisted:

• The GIC is secure and provides fixed annual returns without extra effort.
• The bank will offer a debit card that will be customized to meet students' needs.
  
• They provide financial security throughout the year.
  
• It is the fastest way to get a student's Visa in Canada.
  
• They are insured by the CDIC for up to CAD 100,000
  

Who Is Eligible for GIC Canada?

To be eligible for GIC Canada, international students should adhere to the following requirements:

1. Be a legal resident of the following countries:

• Antigua and Barbuda
• Brazil
  
• China
  
• Colombia
  
• Costa Rica
  
• India
  
• Morocco
  
• Pakistan
  
• Peru
  
• Philippines
  
• Senegal
  
• Saint Vincent and the Grenadines
  
• Trinidad and Tobago
  

2. Have a letter of acceptance from DLI, a Designated Learning Institution in Canada.

3. Proof of payment of first-year tuition fees.

4. Have a GIC from a participating Canadian bank.

5. Have proof of $20,635 CAD for living expenses for the initial year in Canada, excluding tuition fees.

6. Provide proof of English proficiency, such as:

• IELTS
• TOEFL
  
• PTE
  
• Duolingo
  

7. The candidate must be living outside Canada while applying.

8. Get a medical exam and police certificate if required.

How to Choose the Best Bank for GIC in Canada?

While choosing the ideal bank, you need to keep certain things in mind, such as:

• Interest rate: Choose a bank that offers a higher interest rate over your GIC.
• GIC types: Look for the types of GICs the bank offers to select your preferred one.
  
• Investment limit: Choose a bank with the maximum investment limit.
  
• Student-Friendly Offers: Consider whether the bank offers features that are beneficial for students.
  
• Program Fee: Evaluate whether the bank you are finalizing charges a program fee.
  
• Cash Bonus: The bank you opt for must offer a cash bonus for signing up.
  
• Branch location: At the end, finalize a bank whose branch is near you.
  

So, after going through the write-up, you must have got your answer to "GIC full form Canada", "what is GIC amount in Canada for international students", and more. However, even after this information, if you face any issues while applying for the same, you can seek help from study abroad consultants who are adept in the field.

Suggested reads: