How to Secure a GIC for Your Canadian Student Visa
What is a GIC?
✅GIC stands for Guaranteed Investment Certificate.✅ A requirement for Canada’s Student Direct Stream (SDS).✅ It proves you have funds to cover living expenses.
Why is a GIC Needed?
✅Mandatory for SDS visa applicants.✅ Helps demonstrate financial stability. ✅ Ensures you meet immigration requirements.
GIC Amount
✅Minimum CAD $10,000 required. ✅Covers first-year expenses in Canada. ✅ Additional bank fees may apply (approx. CAD $200).
Steps to Get a GIC
✅Choose a participating bank in Canada. ✅Open a GIC account online. ✅Transfer the required amount. ✅ Receive the GIC certificate for your visa application.
Eligible Banks
✅ScotiaBank ✅ICICI Bank Canada ✅SBI Canada Bank ✅ CIBC ✅ HSBC✅ Look for SDS-approved banks.
Required Documents
✅Passport ✅Study permit/Letter of Acceptance✅Proof of identity and address ✅Completed application form (bank-specific).
Transfer Process
✅Transfer CAD $10,000 + fees using wire transfer. ✅Include transaction details correctly. ✅Banks will confirm receipt and issue your GIC.
Using the GIC in Canada
✅Access CAD $2,000 upon arrival.✅Remaining funds are released monthly/quarterly.✅Helps manage living expenses responsibly.