Who is eligible for GIC in Canada? What are the types of GIC?

What is GIC in Canada? What is the eligibility criteria and what is the minimum amount? Are there any types of GIC? What are the documents needed to open the GIC account?
  • Asked By
  • Updated On:
  • Replies:

Short Answer

"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.

Detailed Answer

GIC in Canada is a popular savings and investment option. It offers a secure and low-risk way to grow your savings over a fixed period of time. We will delve into the eligibility for GIC in Canada.

Eligibility Criteria:

To be eligible for a GIC in Canada, an individual must meet the following criteria:

Canadian Resident:

The person must be a Canadian resident and have a valid Canadian address.


The individual must be at least 18 years old to be eligible for a GIC.


The person must have an investment of a minimum amount, which varies depending on the financial institution offering the GIC.


In order to purchase a GIC, an individual must provide the following documentation:


A valid government-issued photo identification such as a passport or driver’s license.

Proof of Residency:

Proof of Canadian residency, such as a utility bill, bank statement, or other official document.

Investment Funds:

The individual must have the necessary funds to make the investment, which can be in the form of cash, cheque, or electronic transfer.

Types of GIC:

There are several types of GIC available in Canada, including:

Registered GIC:

This type of GIC is registered under the Canada Revenue Agency (CRA) and can be held in a Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA), or Registered Education Savings Plan (RESP).

Non-Registered GIC:

This type of GIC is not registered under the CRA and is held outside of a registered plan.

Market-Linked GIC:

This type of GIC is linked to a specific stock market index and offers the potential for higher returns, but with a higher level of risk.

Cashable GIC:

This type of GIC allows for early redemption of the investment, but with a penalty.

The three banks that allow GIC facility in Canada are- Scotia Bank, CIBC and ICICI Bank of Canada. As per the Canadian embassy the minimum limit for GIC is around 10,000 CAD. So, students have to deposit this amount to get a student visa to pursue studies.

This doesn’t mean you cannot deposit more than this. If your pocket allows you can go as high as 50,000 CAD. Ultimately you will get this amount for your expenses. Plus you will receive additional interests on it. It will be like having a passive income source.

In conclusion, to be eligible for a GIC in Canada, an individual must be a Canadian resident, at least 18 years old, and have a minimum investment. The person must also provide proper identification and proof of residency.

With the various types of GIC available, it is important to carefully consider the specific needs and goals of the individual before making a decision.

By choosing a GIC, you can grow your savings in a low-risk and secure way.

Tagged With: GIC eligibility CanadaGIC requirements Canadaapply GIC in CanadaGIC criteria CanadaGIC enrollment Canada
Categories: Investment
Ask Your Query for FREE, Get quick answers from our FINTRAKK community!
Discussion (0)
Related FAQs
What is the GIC amount in Canada for international students? What are its benefits for the students?

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.

Which is the best bank for GIC in Canada for international students? How many banks in Canada provide a GIC option?

Our analysis suggests that CIBC is one of the best bank for GIC in Canada for international students. Learn why it is the top bank for GICs and the alternatives available.

What is the easiest way to buy stocks in Canada?

The easiest way to purchase stocks in Canada is to select an online stock broking platform of your choice, choose an investment account, establish an account online, fund the trading account and start buying shares.

Do I need Mortgage Insurance in Canada?

In Canada, mortgage insurance is generally needed when homebuyers have a down payment of less than 20 percent. This insurance protects the lender in case the borrower defaults on their mortgage payments. still, it can add fresh costs to your yearly mortgage payment, so it's important to understand your options and do your exploration before making a decision.

Can a Non-Resident Open an Investment Account in Canada?

No, you cannot open an investment account in Canada while you are a Non-resident, the exemption being - Tax-Free Savings Account (TFSA). Having said that, you can continue to hold the investment accounts that you once opened while you lived in Canada.

How to buy an ETF in Canada?

Are you looking forward to buying an ETF in Canada? You simply have to open an account on the trading platform of your choice that offers ETFs and start investing.

How to buy Vanguard ETF in Canada?

Are you planning to buy Vanguard ETF in Canada? You can open an account with the trading platform of your choice, that offers Vanguard and start investing.

Is there a fee to close a bank account in Canada?

In Canada, a** bank account** can be closed due to numerous reasons and through multiple ways. If your bank does not have a minimum balance, then you have to pay a fee to close the bank account.

Can international students have two Bank accounts in Canada? As a student, which bank is best for me to open an account?

Yes, international Yes, international students can have two or more bank accounts in Canada as per their discretion. There is no cap on the upper limit.

Is CFD trading legal in Canada?

Yes, trading Contract For Difference (CFD) is considered legal in Canada. Read further to know the top CFD brokers in Canada, how to open CFD account, tax implications, other countries where CFD trading is allowed.