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Worried if you’ll have to deposit a huge amount of money upfront to get your Canadian study visa approved? It’s a real concern, especially when you’re already managing tight budgets for tuition and living expenses. That’s exactly why understanding what is GIC in Canada becomes so important.
Understanding the concept of GIC is crucial before heading to Canada. Let’s explore how this financial instrument plays a vital role in your student visa process and settlement journey.
The GIC or Guaranteed Investment Certificate is a secure investment product where you deposit a lump sum with Canadian banks for a fixed period. Think of it like a savings account that you can’t touch for a while, but it pays you guaranteed interest.
For international students, GIC becomes more than just an investment. It’s a mandatory financial proof that shows immigration officers you can support yourself during your studies.
During the investment period, your money stays safe with the bank while earning interest. This gives both you and your parents peace of mind knowing your funds are secure and growing.
The GIC system works quite simply once you understand the process. You invest the required amount with an approved Canadian bank, and they manage your money in a structured way throughout your first year of studies.
Here’s how your GIC money gets distributed:
These GICs are linked to market performance. You get a minimum guaranteed return plus potential bonuses depending on how the market performs. While not commonly chosen for SDS, they appeal to students interested in returns beyond fixed interest.
Most students go for the non-redeemable option due to SDS requirements.
| Bank | Min GIC Amount | Service Fee | Interest Rate | Monthly Payouts |
|---|---|---|---|---|
| SBI Canada Bank | CAD 20,635 | CAD 150 | 1.5% | CAD 4,135 upfront + 11 equal monthly payments |
| ICICI Bank Canada | CAD 20,635 | CAD 150 + ~25 (wire charges) | 1% | CAD 6,190 upfront + 11 monthly payments of ~CAD 1,313 |
| Scotiabank | CAD 20,635 | CAD 200 | 0.1-1% | CAD 4,127 upfront + 12 equal monthly payments |
Getting your GIC requires careful preparation and following the right steps. Missing any step can delay your application and affect your visa timeline.
Documents You Need:
Incomplete forms or unclear scans can get your GIC rejected. Go through the checklist carefully and make sure everything’s in place.
Being aware of these pitfalls can save you time and prevent unnecessary stress during your application process.
Planning to study in Canada? Then understanding how the GIC system works is one of the first steps toward securing your student visa and managing your finances smoothly. It might look like just another requirement at first, but GIC is actually there to support you. It helps ensure that you have a steady monthly income while you settle in, and it also fulfils key visa conditions.
What matters most is starting early, picking the right bank, and knowing exactly what’s needed. At QCK Loans, we’ve helped thousands of students make informed choices about GIC and education loans. We understand your goals and guide you through the entire process so you can focus on your future, not just the paperwork. Let us help you take that next step with confidence. Contact QCK loans, today!
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