What is the GIC amount in Canada for international students? What are its benefits for the students?
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- Updated On:02-Apr-2024
- Replies:1
Short Answer
The GIC (Guaranteed Investment Certificate) amount for international students in Canada is 10,200 CAD. This is a requirement for obtaining a study permit and is meant to cover living expenses during the student's stay in the country. The GIC amount must be held in a designated financial institution for the duration of the study period.
Detailed Answer
International students who come to study in Canada are required to have a certain amount of money in the form of a Guaranteed Investment Certificate (GIC) as a proof of financial support. The GIC amount is a requirement set by the Canadian government.
The amount required for GIC in Canada for international students is 10,200 CAD. This amount is the minimum amount that international students must have in a GIC account, which is a savings account with a Canadian bank.
What is a GIC?
A GIC is a type of investment that offers a guaranteed return on the invested amount. The funds in a GIC account are invested by the bank, and the returns are guaranteed by the Canadian government.
The funds in a GIC account are also insured, which means that international students can be assured that their money is safe.
How to Open a GIC Account
International students who wish to study in Canada must open a GIC account with a Canadian bank before they arrive in the country.
To open a GIC account, international students must provide the following documents:
- Passport
- Offer letter from the Canadian educational institution
- Proof of funds
Once the GIC account has been opened, international students must deposit the required amount of 10,200 CAD into the account. This amount must be kept in the account for the duration of the international student's stay in Canada.
Benefits of a GIC Account
Having a GIC account in Canada offers several benefits to international students, including:
1. Security:
The funds in a GIC account are insured, which means that international students can be assured that their money is safe.
2. Convenience:
International students can access their GIC account from anywhere in the world and use the funds for any expenses they may incur during their stay in Canada.
3. Guaranteed returns:
The returns on the invested amount in a GIC account are guaranteed, which means that international students can be assured of a certain return on their investment.
4. Easy to transfer funds:
International students can easily transfer funds from their home country to their GIC account in Canada.
GIC is meant for those students that have a wish to study in Canada under the Student Direct Stream program. To be eligible, a student has to mandatorily deposit one year’s expenses in a bank in Canada and then only he will be given the student visa. After getting a visa, students will be allowed to go for higher studies in Canada.
The amount you deposit will be like your savings for the future. Canadian banks will also give you a fixed return on it. Basically, it is for your own good. There are three banks that allow this facility:
- Scotia Bank
- CIBC
- ICICI Bank of Canada
GIC in Canada
In conclusion, the amount for GIC in Canada for international students is 10,200 CAD. Having a GIC account in Canada can offer several benefits to international students.
So, If you wish to study in Canada you must open a GIC account before you arrive in the country and deposit the required amount of 10,200 CAD into the account.
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Discussion (0)
"GIC" stands for Guaranteed Investment Certificate and is a type of investment product offered by financial institutions in Canada. Eligibility for GIC in Canada typically requires individuals to be at least 18 years old and have a Canadian address. It is important to carefully review the terms and conditions of a GIC before investing.
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