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What is GIC? Is GIC Compulsory in Canada?

What is GIC - Is GIC Compulsory in Canada

Many students go to Canada for higher education every year to secure a bright future. Those who fall into this category will find the information in this blog to be very helpful.  For international students who plan to study in Canada through Student Direct Stream programs, RemitX strongly suggests GIC. Moreover, all international students who seek to study in Canada need to apply for a Canada GIC. Especially those students studying under the SDS programs recommended by the Canadian government. However, many students are confused about these programs. Let’s learn more.

Canada’s three largest banks offer the Canada GIC program. The three largest banks are Scotia Bank, CIBC, and ICICI Bank Canada. This document outlines the entire process of obtaining a GIC certificate from RemitX’s experts.

Know All Aspects about the GIC

The first step is to understand what exactly a GIC is. Is a GIC required in Canada? Once you understand what a GIC in Canada is, you can complete the application process. You must meet all requirements to be eligible for a student visa to study in Canada. Additionally, all international students must deposit one year’s living expenses in a Canadian bank. GICs, are essentially savings accounts. The bank will pay fixed returns to all qualifying applicants for over a certain period of time. Any student enrolled in a course through the direct student stream must meet this criterion.

What is a GIC Account and How do I get a GIC?

  1. Although opening a GIC account may seem complicated, it is in fact quite simple. As a first step, you have to choose a bank where you will open your GIC account. RemitX suggests you consider a well-established bank, such as ICICI who has a large network of branches and ATMs. 
  2. Most banks offer an online registration process for GIC accounts. An application has to be filled out online and submitted. You need to submit your documents, including a copy of your passport and proof of enrollment. Additionally, you will receive an email with your account details and payment instructions.
  3. Whenever funds are credited to your GIC Account, you will receive an investment balance confirmation via email. By using these documents, you can apply for a Canadian Study Permit very easily.
  4. Finally, once you are in Canada, you must go to your bank branch. But the particular branch where you have a GIC account to have it verified in person. After completion of the verification procedure, your GIC account will be enabled.

Get your GIC Certificate!

The online application for the Student GIC Program takes about 10 minutes to complete. The bank will also send you a secure email confirmation within 48 hours of completing the form. It will include your account information and wire transfer instructions. Your international wire transfer will reach the bank in approximately 5 business days.