GIC for International Students in Canada: A Complete Guide

Are you preparing to study in Canada?

Studying in Canadian universities is a dream of millions of students who start preparing at an early stage of school education.

Canadian education provides top educational institutions along with a good amount of investment. And it has its perks, so If you have big dreams to achieve in life, investing in studying in Canada is a great decision.

Study in Canada

Whenever we talk about Canada, the English language, good grades, and financial support immediately hit our minds.

Since we have discussed several times about the English language in our previous articles, today we will discuss mandatory proof of funds for a study permit.

Read: IELTS vs. CELPIP

If you want to migrate to Canada, you must be prepared with finances to manage expenses in Canada. Education costs, living costs, and other related expenditures require money to live there comfortably.

What does Canada require as proof of your finances?

Canada accepts multiple documents as proof of funds, such as bank statements from the past four months, tuition & housing fees paid, and GIC. Among all, GIC is one of the most asked topics by students.

So, let’s understand what GIC is.

What is GIC?

A Guaranteed Investment Certificate (GIC) acts as an account to show your financial capability. Students need to deposit an amount of at least 10,000 Canadian dollars to prove that they can bear their living and education expenses.

Banks provide a good return on the deposit and allow students to take out some portion of it monthly.

Some major financial institutions that provide GIC and choice for many Indian students:

1. Scotia Bank
2. HSBC Bank
3. ICICI Bank
4. SBI Canada Bank

Whichever financial institution you choose, it must have listed under CDIC (Canada Deposit Insurance Corporation).

How to open a GIC?

Every banking institution may differ in the registration fee, but commonly the process goes almost similar:

1. Register online on Banks’ website.
2. Deposit CAD 10,000 plus processing fee(varies with banks).
3. Once you have registered, you will receive login details and wire transfer information.
4. After that, the bank will send you a confirmation certificate.
5. On arrival, visit the bank and open a savings account.

After opening a GIC, you may receive a letter of attestation, GIC certificate, or Investment Balance Confirmation from the bank. It is one of the documents you will attach with your study permit application.

The Benefits of GIC

The best benefit of this is that you will not need to save your money in different accounts. Your full proof of funds will remain secure in one place, and No one can access it. Other than that

1. Banks don’t release any amount without identifying the real owner.
2. A lump sum amount will be credited to your savings account after you arrive in Canada.
3. The GIC keeps your money secure throughout the period of one year and gives you good returns.

The process of GIC is not difficult as everything is online. But having no information about the right process for applying can put your money into trouble.

GIC is just another part of the study permit application. There are a lot more documents needed to be prepared for the complete application. If you are planning to study abroad, you must understand the complete process from a study abroad expert.

It will prevent you from a huge loss of money and year of study.

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Read: Study in Canada | Requirement & Cost
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