Is GIC compulsory for a Canadian student visa?

AHMEDABAD, India - May 13, 2024 - PRLog -- Did you know that in 2023, there were a remarkable 1,040,985 international students in Canada holding active study permits? That's an astonishing number, and it's no surprise. With its prestigious universities, multicultural population, and promising future opportunities, Canada attracts students from all over the world.

Is GIC compulsory for going to Canada?

The answer to this question depends on the application stream you choose to apply for:

Student Direct Stream (SDS): A valid student GIC Canada is mandatory for this process. This steam holds faster processing time for students requiring study permits. This mandate ensures that once you arrive in Canada you have the necessary funds available to cover your living and academic expenses.

Non-SDS Applications: While not required for applications outside of the SDS, a student GIC Canada can considerably help your case. It proves to immigration officials that you have enough money to pay for your first year's living costs in Canada, proving to them that you are financially prepared. This could expedite the processing of your study permit.

How to get a student GIC Canada?

Opening a student GIC Canada account might seem challenging, but it is a rather simple process. However, you can also reach out to overseas education consultants for additional guidance and a seamless application process.

Here are some simple steps you can follow:

• Choose a bank: Select a Canadian participating bank that offers the best interest rates and fees.
• Apply online: A majority of banks offer online GIC account applications. You just need to fill out the online form and submit it after attaching the required documents such as your passport copy, college acceptance letter, identification proof, etc.
• Receive account details: Once your application is approved, you'll receive an email containing account details and steps for transferring the funds.
• Transfer funds: Transfer the required amount to your bank account. Remember, this investment confirmation is necessary for your study permit application.
• Verification:  While some banks do not require this, others might require an in-person verification at a branch once you arrive in Canada. Your account will be activated post-verification.

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Additional things to remember:

• Each month during the duration of your GIC, a percentage of the remaining amount is transferred to your specified personal deposit account.
• After the 12-month GIC period is completed, the leftover balance (which may include some additional accrued interest) will be added to your personal deposit account. This ensures that you have access to the entire investment amount by the end of the first year.

Understanding the application streams, the advantages of being a student at GIC Canada, and the benefits of connecting with an overseas education consultant can help you navigate the study permit process with ease.