For study-abroad aspirants, Canada has emerged as one of the most sought-after destinations for higher education. Renowned for its world-class universities, diverse culture, and welcoming environment, Canada offers a plethora of opportunities for students to excel academically and personally. However, before embarking on their educational journey, international students need to navigate through certain financial requirements, one of which is the Guaranteed Investment Certificate (GIC). If you are planning to take a study loan for Canada, then this article is for you. Keep reading to find out more about GIC.
Guaranteed Investment Certificate (GIC) Explained
The Guaranteed Investment Certificate (GIC) is a mandatory financial instrument that international students need to possess when studying in Canada. It serves as proof of sufficient funds to cover their living expenses while pursuing their education in the country. The GIC process is an integral part of the study visa application and is designed to ensure that students have access to a predetermined amount of money during their stay in Canada.
Now that you know about GIC, let’s proceed to understand the 5-step process of opening a GIC account.
The 5-Step Process of Opening a GIC Account
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Step 1: Register for Bank-Secured Email Service with an Authorized Canadian Bank
To begin the GIC process, international students must first register for a bank-secured email service with an authorized Canadian bank. These banks are approved by the Government of Canada and follow the necessary regulations and guidelines outlined by Global Affairs Canada (GAC). This step ensures secure communication between the student and the bank, safeguarding personal and financial information.
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Step 2: Submit the Student GIC Program Application
Once registered with a bank, students need to submit the Student GIC Program application. This application is available on the bank’s website or can be obtained from their designated representatives. Applicants are required to provide their personal details, including name, contact information, passport details, and study permit information. The bank verifies the application and assesses the eligibility criteria before proceeding further.
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Step 3: Add Funds to Your Account
After the application is approved, students are required to deposit a specific amount of money into their GIC account. As per the latest GIC norms, the minimum amount is CAD $10,000. This sum is divided into installments and released to the student in equal monthly increments to support their living expenses throughout the first year of study in Canada. The bank ensures that the funds are secure and accessible to the student upon arrival in the country. Education loan for Canada covers the GIC account expenses as living expenses.
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Step 4: Apply for a Study Visa
With the GIC account in place, students can proceed with their study visa application. The GIC serves as proof of financial capacity, and it is essential to include the necessary documentation, such as the GIC certificate, during the visa application process. The Canadian government considers the GIC as a reliable means for students to sustain themselves during their studies, ensuring a smooth transition into Canadian life.
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Step 5: Complete the Documentation and Formalities in Canada
Upon arrival in Canada, students need to complete the necessary documentation and formalities as per the instructions provided by the bank and the educational institution. This includes visiting the bank to activate their GIC account and setting up a Canadian bank account to access the funds. Additionally, students may need to attend orientation sessions and fulfill other requirements specified by their respective universities or colleges.
Thus, in 5 easy steps, your GIC account is created and finalized. Since it is an essential financial obligation, it is important to be familiar with this concept before you get started with your student visa application and processing.
To ensure that you meet these necessary financial requirements and fund your expenses to study in Canada, you can take a collateral or collateral free education loan for abroad.
Good Luck!
