Canada is a great place for international students, offering high-quality education, promising job prospects and a multicultural atmosphere. However, starting higher education in Canada requires careful planning and determination.
For a smoother process, it is beneficial to understand the requirements set by the Canadian government. The Canadian Student Visa GIC is one of these conditions. Here is all the essential information to know about this essential document.
What is the GIC for a Canadian study visa?
A Guaranteed Placement Certificate (GIC) earned through the GIC for International Students program is a secure financial investment that supports your studies and living expenses in Canada. It also demonstrates to the Canadian government that you have sufficient funds to support these expenses.
Is the GIC required for a Canadian student visa?
Yes, providing proof of a Guaranteed Placement Certificate (GIC) is mandatory for Indian students apply for a Canadian study visa as part of the Student Direct Stream (SDS) program. The minimum funds required to open a GIC Canada permit is $20,635 CAD. However, having a GIC account for a non-SDS stream is not mandatory. Having a CPG account for your study visa needs would be an added advantage when applying through a non-SDS system. Therefore, the GIC account for the Canadian study visa is mandatory.
Which financial institutions offer eligible SDS CPG account openings to international students?
Financial institutions offering eligible study visas for SDS GICs for Canada must meet certain eligibility criteria. The list of banks that offer GIC account openings is mentioned below:
- Canadian Imperial Bank of Commerce (CIBC)
- ICICI Bank
- Scotiabank
- SBI Bank Canada
- Simplii Financial
- HSBC Bank
- Royal Bank of Canada
What are the eligibility requirements to open a GIC account for a Canadian study visa?
The basic GIC requirements for Canada student visa are listed below:
- The student must be enrolled in a Canadian Designated Educational Institution (DLI).
- The student must have an acceptance letter from the Canadian university or college.
- The student must provide proof of payment of their first year tuition fees.
- They must hold a guaranteed investment certificate (GIC) from a participating Canadian bank.
- The student must prove having CA$20,635 for their living expenses for the first year in Canada, excluding tuition fees.
Students from India, China, Morocco, Pakistan, the Philippines, Senegal or Vietnam can obtain their study permit faster by applying online through Student Direct Stream.
What documents are required to open a CPG account?
The checklist of documents required for opening a GIC account includes:
- Valid passport
- Government-issued proof of identity
- Proof of university enrollment, such as a letter of acceptance (LOA)
- Proof of financial support
- Medical certificate
How much GIC is required for a Canadian student visa in 2024?
GIC funds for Canada Student Visa have been updated effective January 1, 2024 to CA$20,635.
The processing fee for opening a GIC account is 200$CAN.
What are the steps to follow to open a GIC account for a Canadian study visa?
The CPG process for the Canadian study visa has four main steps:
- Choose a bank: Choose a Canadian financial institution that offers GIC account opening.
- Apply online for your GIC account: Most banks offer online applications for opening a GIC account. You will need your passport and your acceptance letter.
- Fund your account: Transfer the minimum amount required to the bank (currently $20,635 CAD).
- Receive confirmation: The bank will send you a confirmation and a CPG certificate.
- To attach to the visa application: Attach the GIC certificate to your study visa application.
How to obtain your CPG account for the Canadian study visa?
An essential mandatory document for your Canadian student visa can be obtained hassle-free. GreenTree Immigration, the best advice for studying abroad can help you simplify the process of obtaining your GIC for a Canadian study visa in several ways:
- Guide you in the selection of banks: They can advise you on banks with good reputations and experience in handling student GIC accounts. We also have a few partnerships with the major banks providing GICs. Know more.
- Simplification of the application process: GreenTree can help you complete online applications or understand any required documentation.
- Ensuring you meet the requirements: Our experience can help you avoid delays by ensuring you meet all investment and GIC application requirements and apply for your Canada study visa.
Make your trip easier with a Canadian study visa! GreenTree Immigration can guide you in obtaining your GIC and ensure a smooth application process. Book a free consultation today to get started!