Updates:Immigo Welcomes Vaccinated Residents for Travel as of Oct 02, 2021... Read More
Updates:Immigo Welcomes Vaccinated Residents for Travel as of Oct 02, 2021... Read More
Are you looking to optimize your investments and secure your Canada Visa? Look no further! LearninGuru is here to provide expert Guaranteed Investment Certificate (GIC) consulting services tailored to your unique financial goals.
A Guaranteed Investment Certificate (GIC) is a financial product specifically designed for international students applying for a Canadian study permit. It’s essentially a secure investment that acts as proof of funds to demonstrate your ability to cover your living expenses while studying in Canada.
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Any international student from the stipulated countries planning to go to Canada for further education has to prove that they have sufficient funds with them to cover their 1st-year cost of living. The student has a option to open a GIC account in Canada and deposit their first-year cost of living in that bank account. The Student can use this GIC certificate as proof of their source of income to cover their living expenses while studying in Canada while filing their Canada Student Visa.
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In short, the Canadian government requires international students to show proof of sufficient financial resources to support themselves while studying. A GIC provides this proof upfront, simplifying the application process and potentially speeding up your visa decision.
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💥Financial Security for Students
💥Proof of financial means
💥Faster visa processing for SDS applicants
💥Cover your Financial RiskÂ
💥Refund available
💥Will able to file visa in SDS(Student Direct Steam)
✅You purchase a GIC from a participating Canadian financial institution for a minimum amount set by Immigration, Refugees and Citizenship Canada (IRCC). The current minimum amount is CAD 20,635, except for the province of Quebec, which has its own minimum requirement.
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✅The GIC is locked in for a fixed term, typically 12 months. During this period, you earn interest on your investment.
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✅Once you arrive in Canada and activate your study permit, you can access the funds in your GIC to help cover your living expenses. You can usually withdraw a portion of the funds each month, along with any accumulated interest.
✅Faster study permit processing: Applying through the Student Direct Stream (SDS) program, which requires a GIC, can significantly expedite your study permit application.
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✅Guaranteed access to funds: The GIC ensures you have a reliable source of income to cover your living expenses while studying.
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✅Peace of mind: Knowing you have sufficient funds can give you peace of mind and allow you to focus on your studies.
The process for accessing your GIC funds after arriving in Canada depends on which financial institution you purchased your GIC through, but the general steps are similar:
1. Verification and Setting Up Payments:
💥Visit a branch: Head to a designated branch of the financial institution (e.g., RBC, Scotiabank) with your passport and study permit.
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💥Activate GIC and designate receiving account: Verify your identity and activate your GIC. You’ll also designate a personal deposit account (PDA) where you’d like to receive your GIC funds. This can be an account at the same institution or another Canadian financial institution.
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2. Receiving Funds:
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From 1st of january 2024,the student have to pay $20,635 CAD for GIC exculsive taxes.
Yes, there is a Transfer fees associated with GIC which vary bank to bank.
Choosing the best bank for opening a GIC (Guaranteed Investment Certificate) account depends on various factors, including your specific needs, preferences, and the terms offered by different financial institutions. Canada has several reputable banks, and some of them are known for offering GICs to international students.Our Team will help you to chosing right bank as per your requiremtns.
No, Opening a GIC account is not mandatory but recommended. Alternatively, students can show funds in their sponsors’ bank account with their other financial documents.
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Proving proof of GIC simplifies the visa application process, increases the probability of visa success, and speeds up your visa. decision.
Once you activate your study permit, you can access your GIC funds in installments, typically monthly, along with any accumulated interest.
The time it takes to open a GIC account in Canada can vary depending on several factors, including:
🎯Bank you choose
🎯Application method
🎯Funding method
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 International wire transfers can take 3-5 business days, while local transfers or direct deposits can be completed within the same day.
🚀Student Government ID(Passport)
🚀Admission Letter from the Educational Institution
🚀Proof of address
🚀Payee Details:
(a) Payee aadhar and pan card
(b) Bank Account number and IFSC