Studying in Canada is a dream for many, offering the chance to learn English and attend some of the top universities across the Canadian cities.
Working while studying also makes it more attractive.
However, for international students looking to study in Canada, understanding the requirements for a student visa is essential.
When applicants reach out to Parsam Immigration, one of the first questions we usually hear is:
Is GIC required for Canada student visa?
This article explains how GICs are used in the student visa application process.
What is GIC?
If you are an international student applying to schools in Canada through the Student Direct Stream (SDS), you need a Guaranteed Investment Certificate (GIC).
You should invest at least CAD 10,000, but you can deposit up to CAD 50,000 in your savings account.
This money shows that you have enough funds for your studies.
The bank will release this money to you every month for 12 months, along with some interest, to help pay for your living expenses.
This account is available at Canadian banks.
GIC Benefits
When you buy a GIC, you earn interest on your deposit.
The interest rate is usually fixed when you make the deposit.
This means that even if market interest rates drop, you will still receive the promised interest.
If you keep your money in a GIC for a longer time, you may earn a better interest rate.
If you don’t need the money soon, consider a longer-term GIC to increase your earnings.
GIC interest rates are typically higher than savings account rates.
Also, there is no risk of losing your initial investment, unlike with stocks or mutual funds.
For these reasons, GICs are a good choice for students who are new to the Canadian banking system.
So, Is GIC Required for a Canada Student Visa?
Whether you need a GIC for a Canada student visa depends on the school you plan to attend and your personal situation.
If you're applying to Designated Learning Institutions (DLIs):
Some students might need a GIC. It’s not a requirement for all international students applying for a Study Permit.
However, if you come from certain countries, especially India, you may need one.
This is especially true if you are using the Student Direct Stream (SDS).
The SDS is a faster application process for students from specific countries like India, China, the Philippines, and Vietnam.
One key requirement of the SDS is proof of financial support, and a GIC is a common way to show this.
Under the SDS, students usually need a GIC of CAD 10,000.
How to Obtain a GIC
If you want to get a Guaranteed Investment Certificate (GIC), follow these steps:
- Research and pick a Canadian bank or credit union that provides GICs for international students.
- Complete the application process. You’ll need to share personal information, proof that you were accepted to a Designated Learning Institution (DLI), and details from your passport.
- Deposit the required amount into the GIC account. Usually, this amount is CAD 10,000, but you might want to deposit more for the interest benefits.
- After you deposit the money, you will get a GIC certificate that confirms your investment. This certificate is important for your study permit application.
- Include the GIC certificate with your study permit application to show that you have enough money to support yourself.
Alternatives to GIC
If you choose not to get a GIC, you can still show you have enough money for your study permit application in other ways:
- Provide recent bank statements that show your savings. Make sure your balance meets or is greater than the required amount.
- If a family member or friend is paying for your education, include a sponsorship letter and their financial documents.
- If you have won any scholarships or grants, include the documents that explain the financial support you will get.
In Summary
Is GIC required for Canada student visa?
Whether you come from certain countries or not, showing that you have enough money to study and live in Canada can be important.
Each type of visa in Canada has its own rules regarding financial requirements.
For example, sometimes, the startup visa and spouse sponsorship require you to show that you have certain funds available.
The application processes are generally simple for every type.
If you're ready to start your journey as a student in Canada but don’t know how to begin, contact us here.
