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GIC is a term often intertwined with Canadian study permit applications. GIC, or Guaranteed Investment Certificate, is proof of funds to study and live in Canada for at least one year, except for the tuition cost. Depending on their financial situation and personal choices, students can choose from different types of GIC offered by lenders.
GIC stands for ‘Guaranteed Investment Certificate’. A Canadian Guaranteed Investment Certificate (GIC) is a type of investment account offered by Canadian banks and trust companies for up to a year.
To apply for a study permit through Canada’s Student Direct Stream (SDS), international students studying at approved Canadian schools must invest CAD 20,635 in a Guaranteed Investment Certificate (GIC) from a Canadian bank authorized by the government.
What are the benefits of GIC in Canada? The simple answer is financial stability and credibility as a migrant. Having a GIC shows you can afford your expenses in Canada, and you will not upset the Canadian economy by being an unauthorized migrant.
Financial Proof GIC serves as your financial proof for a study permit. It ensures you have a secure financial source to sponsor your education. | Fastrack Study Permit Processing The Student Direct Stream applications are processed faster than normal study permit applications in Canada. |
Return Guarantee GICs offer a guaranteed return term that improves your financial stability. | Flexible Interest Options GICs offer flexible interest payment options, including compound interest plans. You can choose from the flexible options. |
An international student from certain countries applying through the Student Direct Stream must have a GIC account in Canada. There are nationality and academic-specific eligibility criteria as listed below:
Generally, the following documents are required to complete your GIC application. There might be case-specific additional documents required. Read your guidelines carefully for documentation clarity.
Passport Copy | PAN Card |
Offer Letter | English Proficiency Certificate |
Depending on your financial plans, you can choose from different types of GICs in Canada. There are non-cashable, cashable, and market-growth GICs supported by top banks.
GIC Type | Description |
Non-cashable or Traditional GICs | Suitable for those who wish to lock the money for a short term. Students/investors who opted for non-cashable GIC can’t withdraw money before the term completion. |
Cashable GICs | This type of GIC is popular among international students. It allows them to withdraw the amount anytime after 30 days. The duration is typically one year. |
Market Growth GICs | Advisable for those with 3 – 5 year plans of investment. Investments go up with market growth and remain the same when they are down. Students or investors can’t withdraw money before the maturity period. |
Read your GIC agreement in detail to make a smooth application. If you have any concerns, contact your bank official immediately.
How to make a successful GIC application in Canada? Here are some tips to help you streamline the GIC process:
Different lenders offer different rates for GIC Canada. Choose your lender wisely after comparing the terms and conditions. Top lenders offering GIC Canada in India include the following banks:
ICICI Bank | SBI |
Scotiabank | HSBC Bank of Canada |
Getting a GIC is part of your Canada study permit application. It takes up to 2 – 4 business days to complete your GIC application online. Carefully read the blog before you start the application and follow the instructions.
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As of 2024, CAD 20,635 is the minimum GIC amount for international students.
The GIC application can be rejected if your documentation is unsuccessful or your study visa gets rejected. In case your study visa gets rejected, GIC will refund the amount but will deduct the 200 CAD processing fee as it is non-refundable.
No, GIC is calculated on an annual basis. The GIC plan could be 1 year, 3 years, or 5 years, depending on your choice.
The application fee for GIC can be 150 – 200 CAD.
Yes. If your study visa application is rejected, the GIC amount is refunded after charging 200 CAD as the processing fee. You will get the GIC remaining balance when you leave Canada after your studies.
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