If you intend to study in Canada as an international student, you must show proof that you can support yourself financially while you are in Canada. In addition to the cost of your tuition, you must show that you have assets of at least 10,000 Canadian dollars before you arrive in the country. The best way to meet this requirement is to purchase a Guaranteed Investment Certificate (GIC) from an approved Canadian financial institution.
GIC or the Guaranteed Investment Certificate is an investment scheme which is recommended for international students who wish to study in Canada for study programs which come under the SDS (Student Direct Stream). All international students are required to deposit their one year’s living expenses into a Canada-based approved bank in order to qualify for a student visa to study in Canada.
As the name implies, GIC accounts are basically saving accounts which offer fixed returns to all the eligible candidates over a period of time. This is a compulsory requirement which all students need to fulfil if they plan on pursuing a course under the student direct stream.
The basic Canada GIC process requires students to deposit a minimum of $10,000 CAD with participating financial institution recognized by the Canadian embassy.
The Canadian embassy has recommended a minimum of $10,000 CAD as the GIC amount for Canada student visa. All candidates need to deposit this GIC amount and provide a proof of deposit in the form of Investment Advice Letter for student visa.
The participating financial institution deposit some portion of the said GIC Canada amount into a savings account and the remaining amount is utilised to open a non-redeemable account from which students will be able to receive a nominal amount, plus any interest which may have accumulated over the prescribed time frame.