Is GIC mandatory for a Canadian student visa? How to apply?
GIC has become more relevant for pursuing higher studies at universities in Canada. It symbolizes guaranteeing the Canadian government that you have sufficient funds to cover your living expenses for the first year in Canada. It is essential for easy and quick Canadian visa/study permit application and processing. To gain a Canadian study permit/visa, students need to submit proof of sufficient funds.The standard amount for the Guaranteed Investment Certificate (GIC) usually covers a year’s living expenses in Canada, which is currently CAD 20,635 (excluding Quebec, which may have different requirements). You also need to provide evidence of your Canadian study permit/visa funds.
From where can you buy GIC?
GIC, or the Guaranteed Investment Certificate, can be purchased from ICICI Bank Canada and Scotiabank.
GIC Application Process
Step 1: Register for a bank-secured email service
The pupil must register online with an authentic Canadian bank by filling up their details. Once registered, you will get a password, through which you can log into your secured email account. The Banks will send GIC Application Form to your confirmed email account.
Step 2: Submit the application form for Student GIC Program
After registering for a secure email account, you will receive an email link to the Student GIC Program application form.
You can submit the Student GIC Program application form either online or offline.
For online mode, you must fill-up the form and submit it with the scanned copy of your offer letter and passport online through their secured email account.
For the offline method, you can download the form from the secure email account, take a print of the same and fill it along with your signature and submit it in-person to the designated bank in India, along with your admission letter from Canada university/SPP College and your passport;
Step 3: Fund your account
After submitting the Student GIC Program Application, you will get an ‘Investment Account Number’ along with funding deets in your secure email.
Fund the ‘Canada Student GIC Program’ account with CAD 20,635 + CAD 150 processing fee from any bank account in India.
Step 4: Apply for Study Permit/Visa
Next, you can apply for the Canadian study permit/visa to the Canadian visa office in India. For this, you need to submit a copy of your ‘Investment Balance Confirmation’ along with your Study Permit/Visa application. The visa processing will be rapid and easy.
Step 5: Finish the documentation formalities in Canada
Upon arriving in Canada, you must visit any of the bank branches to complete the documentation formalities.
The above steps are for starting a GIC account for students who aspire to go to Canada for their higher studies. Now get ready to pursue your studies at a renowned university in Canada.
