GIC Canada Requirements: Everything You Need to Know

Top 10 FAQs about GIC Canada Requirements

Question Answer
1. What is a GIC and why is it required for studying in Canada? A GIC, or Guaranteed Investment Certificate, is a mandatory requirement for international students in Canada to show that they have sufficient funds to support themselves during their studies. It is a way for the Canadian government to ensure that students can afford living expenses while pursuing their education.
2. How much money do I need to deposit in a GIC for Canada? As of now, international students need to deposit a minimum of $10,000 CAD in a GIC to meet the requirements for studying in Canada. This amount may vary depending on the province and institution, so it`s important to check the specific requirements.
3. Can I use a GIC from any financial institution in Canada? No, international students can only purchase a GIC from participating Canadian financial institutions that have been approved by the Immigration, Refugees and Citizenship Canada (IRCC).
4. Is the GIC refundable if I change my mind about studying in Canada? No, the GIC is non-refundable and must be held for the entire duration of your study period in Canada. It is meant to be a financial guarantee for your living expenses.
5. How do I prove that I have a GIC for my Canadian study permit application? Once you have purchased a GIC from a participating financial institution, you will receive a certificate or letter of attestation which you can include in your study permit application to prove that you have met the financial requirements.
6. Can I use the GIC to pay for tuition and other fees? No, the GIC is specifically for living expenses such as accommodation, food, and transportation. It cannot be used to cover tuition, healthcare, or other study-related expenses.
7. What happens if I withdraw money from my GIC before the end of my study period? Withdrawing money from your GIC before the end of your study period is a serious violation of the immigration regulations. It lead to such as study permit deportation, and entry bans to Canada.
8. Can I use a GIC to bring my family members to Canada? No, the GIC for the international student. It cannot be used to sponsor family members for their living expenses in Canada.
9. Are any to the GIC requirement for students? Currently, there are no exemptions for the GIC requirement. All international students planning to study in Canada must fulfill this financial obligation as part of their study permit application.
10. What I if I trouble a GIC from my home country? If you encounter difficulties in purchasing a GIC from your home country, it`s important to contact the Canadian visa office or seek assistance from a qualified immigration consultant to explore alternative options for meeting the financial requirements.

Unlocking the Mysteries of GIC Canada Requirements

Have ever curious about the for the Guaranteed Certificate (GIC) in Canada? So, in the place! Are an part of the for international who to study in Canada, and the can a bit But not, because here to it for you.

What a GIC?

Before dive the let`s sure on the page about what a GIC is. GIC is investment that a return over fixed of time. International GICs are to financial and to oneself while in Canada.

GIC Canada

Now, let`s into the of – requirements for a GIC in The common is you be student for a permit In you will to that enough to your while in Canada.

Bank GIC Amount Minimum Deposit
Scotiabank $10,000 CAD $10,000 CAD
ICICI Bank $10,000 CAD $10,000 CAD
SBI Canada Bank $10,000 CAD $10,000 CAD

As can see, banks different GIC and deposit It`s to the available and the that fits your needs.

The of GIC

So, bother a GIC in the place? Aside being for GICs a and way your Plus, earn interest your which help the of while in Canada.

Case Success GIC Canada

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GIC Canada

This contract outlines the requirements for obtaining a Guaranteed Investment Certificate (GIC) in Canada.

Clause 1 of GIC
Clause 2 Requirements
Clause 3 Process
Clause 4 Conditions
Clause 5 Compliance
Clause 6 of Contract
Clause 7 Resolution

This is by the of and disputes be through in with the Act.