Canada Study Visa GIC: IRCC requires international students to have a Guaranteed Investment Certificate (GIC). It is a fixed investment in a Canadian bank wherein the deposited amount is approximately a year’s cost of living.
GIC serves as a security to the Canadian government that students have sufficient money to support themselves. Moreover, a GIC certificate is needed to become eligible under the SDS category.
This article focuses on:
- How much is the GIC investment amount?
- How to get a GIC Certificate?
- List of Eligible Financial institutions that meet the GIC criteria
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How much is the GIC investment amount?
The recommended GIC amount is a minimum of $10,000 for a study visa application. Each student must deposit a minimum of $10,000 to their GIC account. GIC accounts are non-redeemable, meaning you cannot take out funds until GIC matures.
Students generally receive a portion of their GIC plus interest deposited in their student accounts each month. All applicants must make this deposit with lenders approved by and registered with the Canadian embassy.
How to get a GIC Certificate?
Register with an eligible financial institute, open your account and submit your application to open a GIC account. Ensure you apply for your GIC at least a month before filing your study visa application.
Depending on your bank, you will need to wire transfer $10,000 plus the processing fees of approximately $200. The GIC certificate may take up to a week to a month to arrive. However, the entire GIC process generally takes a month.
Several banks offer GIC. However, to be eligible, the bank that provides you GIC must:
- Provide one of the following that confirms you bought GIC:
- letter of attestation;
- GIC certificate;
- Investment Directions Confirmation; or
- Investment Balance Confirmation.
- Hold GIC investment in your student or GIC account that you can’t access until you reach Canada.
- Confirm your identity before releasing funds.
- Provide an initial lump sum after you identify yourself upon arrival in Canada.
- Release the remaining funds in monthly or bi-monthly instalments over 10 to 12 months.
The following financial institutions that meet the GIC criteria:
- 1. Bank of Beijing
- 2. Bank of China
- 3. Bank of Montreal (BMO)
- 4. Bank of Xian Co. Ltd.
- 5. Canadian Imperial Bank of Commerce (CIBC)
- 6. China Everbright Bank
- 7. Desjardins
- 8. Habib Canadian Bank
- 9. HSBC Bank of Canada
- 10. ICICI Bank
- 11. Industrial and Commercial Bank of China
- 12. RBC Royal Bank
- 13. SBI Canada Bank
- 14. Scotiabank
- 15. Simplii Financial
- 16. TD Canada Trust
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