Guaranteed Investment Certificate (GIC) for Canada Student Visa 2022
If you want to study as an international student in Canada, you’ll need to enroll in a designated learning institution (DLI) that has a COVID-19 preparedness plan that has been authorized by the province or territory where the institution is located. DLIs are educational institutions, such as universities and colleges, that have been granted permission to accept overseas students.
Once you have received your letter of acceptance from a DLI, the next step is to obtain a study permit. You have to demonstrate that you have the finances to pay for your tuition fees and living expenses along with other mandatory documents. Your study permit is not a visa. It doesn’t let you enter Canada. You may also need a visitor visa or an electronic travel authorization (eTA). If your study permit is approved, Immigration, Refugees and Citizenship Canada (IRCC) will issue one to you with your study permit.
The fast-track student visa application process
Depending on where you live, you may be able to get your study permit faster through the Student Direct Stream (SDS), usually within 20 calendar days. To apply through the SDS program for faster processing of your study permit, you must have a Guaranteed Investment Certificate (GIC) of CAN$10,000.
What is a Guaranteed Investment Certificate (GIC)?
GIC (Guaranteed Investment Certificate) is a type of savings account that pays out fixed returns to all eligible candidates over a period of time. It’s part of the Student Direct Stream (SDS). This is a mandatory requirement for people who wish to pursue a course under SDS and must deposit one year’s worth of living expenses into a Canadian bank. This type of investment is popular among overseas students who want to study in Canada.
How does GIC work?
Once you purchase a GIC from the bank, they must provide you with a letter of attestation, a GIC certificate, an Investment Directions Confirmation, or an Investment Balance Confirmation as proof of your purchase. The GIC will be held in an investment or student account by the issuing bank, which you will not be able to access until you arrive in Canada. When you arrive, the bank will verify your identity and either release the funds in a bulk sum or in monthly or bi-monthly installments over the course of 10 to 12 months.
How to purchase a GIC for study in Canada?
Many banks offer GICs. The bank that gives you the GIC must:
- confirm that you bought a GIC by giving you 1 of the following:
- a letter of attestation
- a GIC certificate
- an Investment Directions Confirmation or
- an Investment Balance Confirmation
- hold the GIC in an investment account or a student account that you can’t access until you arrive in Canada
- make you confirm your identity before they release any funds to you
- release the funds to you by providing:
- an initial lump sum once you identify yourself upon arrival in Canada
- the remainder of the funds in monthly or bi-monthly installments over 10 to 12 months
If your bank or GIC doesn’t meet these criteria, you won’t be able to apply through the Student Direct Stream.
Which banks offer GICs?
Check to see if the financial institution you chose offers a GIC and if it fits the Student Direct Stream requirements. You can get a GIC from a financial institution listed on the Canadian Deposit Insurance Company website. The following financial institutions* offer GICs that meet the criteria:
- Bank of Beijing
- Bank of China
- Bank of Montreal (BMO)
- Bank of Xian Co. Ltd.
- Canadian Imperial Bank of Commerce (CIBC)
- Habib Canadian Bank
- HSBC Bank of Canada
- ICICI Bank
- Industrial and Commercial Bank of China
- RBC Royal Bank
- SBI Canada Bank
- Simplii Financial
- TD Canada Trust
Canada is a beautiful place to live and study. You will enjoy the multicultural society here and upgrade your career in world-class colleges and universities. Make your journey to Canada stress-free and settle here with exciting experiences by preparing and planning beforehand. Good research and timely preparations are the keys to avoiding unnecessary hassles.