Canada has introduced a $10,000 deposit for international students planning to study in the country.
Immigration, Refugees and Citizenship Canada (IRCC) requires international students to have a GIC. It is a fixed investment in a Canadian bank wherein the deposited amount is approximately a year’s cost of living.
According to Immigration News Canada(INC), 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.
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
To get a GIC certificate, register anad open an account with an eligible financial institution, 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 between a week to a month to arrive. However, the entire GIC process generally takes a month.
What applicant must collect from banks providing GIC
1. Letter of attestation;
2. GIC certificate;
3. Investment Directions Confirmation or Investment Balance Confirmation
4. Hold GIC investment in your student or GIC account that you can’t access until you reach Canada.
5. Confirm your identity before releasing funds.
6. Provide an initial lump sum after you identify yourself upon arrival in Canada.
7. Release the remaining funds in monthly or bi-monthly instalments over 10 to 12 months.
Several banks offer GIC in Canada. However, here some of 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
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
16. TD Canada Trust