GIC for Canada study visa

GIC for Canada study visa Requirements, Process 2024

Canada is an ideal location for international students, offering high-quality education, promising job prospects, and a multicultural atmosphere. However, starting higher education in Canada requires thorough planning and determination. 

For a smoother process, it’s beneficial to understand the requirements set out by the Canadian Government. The Canada Student Visa GIC is one such requisite. Here’s all the vital information you need to know about this essential document.

What is GIC for a Canada Study Visa?

A Guaranteed Investment Certificate (GIC) obtained through the International Student GIC Program is a secure financial investment supporting your education and living costs in Canada. It also demonstrates to the Canadian government that you have enough funds to support these expenses.

Is GIC compulsory for a Canada Student Visa?

Yes, providing proof of a Guaranteed Investment Certificate (GIC) is compulsory for Indian students applying for a Canadian study visa under the Student Direct Stream (SDS) program. The minimum required funds for opening a GIC Canada permit is $20,635 CAD. However, having a GIC account for a non-SDS stream is not mandatory. Having a GIC account for your study visa needs would be an added advantage while applying through Non-SDS. Hence, the GIC account for Canada study visa is mandatory. 

Which financial institutions offer eligible SDS GIC account openings for international students?

The financial institutions that offer eligible SDS GIC for Canada study visas must have met certain eligibility criteria. The list of banks that offer GIC account openings is mentioned below:

  • Canadian Imperial Bank of Commerce (CIBC)
  • ICICI Bank 
  • Scotiabank 
  • SBI Canada Bank
  • Simplii Financial
  • HSBC Bank
  • Royal Bank of Canada

What are the eligibility requirements for opening a GIC account for a Canada Study Visa?

The basic GIC requirements for Canada Student Visa are listed below:

  1. The student must be enrolled in a Canadian Designated Learning Institution (DLI). 
  2. The student must have an acceptance letter from the Canadian University or college.
  3. The student needs to provide proof of payment made for his/her first-year tuition fees.
  4. They must have a Guaranteed Investment Certificate (GIC) from any participating Canadian bank. 
  5. The student must possess evidence of having $20,635 CAD for their living expenses for the first year in Canada, excluding tuition fees.

Students from India, China, Morocco, Pakistan, the Philippines, Senegal, or Vietnam can get their study permits faster by applying online through the Student Direct Stream.

What are the documents required for opening a GIC account?

The document checklist required for opening a GIC account includes:

  • Valid passport
  • Government-issued identity proof
  • Proof of college enrollment, such as a Letter of Acceptance (LOA)
  • Proof of financial support
  • Medical Clearance Certificate

How much GIC is required for a Canada Student Visa in 2024?

The GIC for Canada student visa funds have been updated effective from January 1, 2024, to $20,635 CAD.

The processing fee for opening a GIC account is $200 CAD

What steps are involved in opening a GIC account for a Canada Study Visa?

There are four primary steps involved in the GIC process for Canada Study Visa:

  • Choose a bank: Pick a Canadian financial institution which offers GIC account opening.
  • Apply online for your GIC account: Most banks offer online applications for GIC account opening. You’ll need your passport and acceptance letter.
  • Fund your account: Transfer the minimum required amount to the bank (currently CAD $20,635).
  • Receive confirmation: The bank will send you a confirmation and GIC certificate.
  • Submit with the visa application: Include the GIC certificate with your study visa application.

How can to obtain your GIC account for Canada Study Visa?

A mandatory document essential for your Canada student visa can be obtained in a hassle-free manner. GreenTree Immigration, the best study abroad consultancy can help you simplify the process of obtaining your GIC for a Canada Study Visa in a few ways:

  • Guiding you through bank selection: They can advise on banks with good reputations and experience handling GIC accounts for students. We also hold a few partnerships with top GIC-providing banks. Know more
  • Simplifying the application process: GreenTree can help with filling out online applications or understanding any required documentation.
  • Ensuring you meet requirements: Our experience can help avoid delays by making sure you meet all the GIC investment and application requirements and apply for your Canada study visa.

Make your Canadian study visa journey easier! GreenTree Immigration can guide you through obtaining your GIC and ensure a smooth application process. Book a free consultation today to get started!

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