How to Open a GIC Account for a Canadian Student Visa

Canada is one of the top study destinations for international students, offering high-quality education and excellent career opportunities. To study in Canada, students must show proof of sufficient funds, and one of the key financial requirements is the Guaranteed Investment Certificate (GIC). If you are planning to study in Canada, understanding how to open a GIC Canada account is crucial. This guide will walk you through the step-by-step process of opening a GIC account for your Canadian student visa.

 

What is a GIC?

A Guaranteed Investment Certificate (GIC) is a type of investment account required by Immigration, Refugees, and Citizenship Canada (IRCC) as proof of financial stability. International students must deposit a specific amount into a GIC account before applying for their Canadian student visa. This amount is later released in monthly or bi-monthly installments to cover living expenses.

Step-by-Step Process to Open a GIC Account

1. Choose a Participating Bank

Several banks in Canada offer GIC Canada accounts for international students. Popular options include:

• Scotiabank

• CIBC (Canadian Imperial Bank of Commerce)

• SBI Canada Bank

• ICICI Bank Canada

• RBC (Royal Bank of Canada)

It’s essential to compare banks based on processing time, service fees, and interest rates before selecting one.

2. Check the Bank’s Eligibility Criteria

Each bank may have slightly different eligibility requirements. Generally, you will need:

• A valid passport

• Proof of enrollment in a Designated Learning Institution (DLI) in Canada

• A study permit approval letter

• Personal details (name, address, contact information)

3. Submit an Online Application

Most banks allow you to apply for a GIC Canada account online. You need to fill out an application form, provide the required documents, and agree to the terms and conditions.

4. Transfer the Required Funds

After submitting the application, the bank will provide you with payment instructions. Typically, students must deposit CAD 10,000 (the required minimum amount by IRCC) plus applicable processing fees. The transfer should be made from your home country using an international wire transfer.

5. Receive Your GIC Confirmation Letter

Once the bank receives your funds, they will send a confirmation letter via email. This document serves as proof of financial security, which you must include in your Canadian student visa application.

6. Use the GIC for Your Expenses in Canada

Upon arrival in Canada, you must visit a local branch of your bank to complete the verification process. After verification:

• An initial portion (typically CAD 2,000) is released to your account.

• The remaining amount is distributed in monthly or bi-monthly installments over 10-12 months to cover your living expenses.

Why is a GIC Important for a Canadian Student Visa?

• Mandatory Requirement: A GIC Canada account is required under the Student Direct Stream (SDS) program for faster visa processing.

• Financial Security: It ensures that students have enough funds to support themselves in Canada.

• Faster Processing Times: Having a GIC can speed up your student visa application.

Conclusion

Opening a GIC Canada account is an essential step in your journey to studying in Canada. By following this guide, you can ensure a smooth and hassle-free process. Selecting the right bank, submitting the required documents, and transferring the necessary funds will help you secure your Canadian student visa efficiently. If you’re planning to study in Canada, start your GIC application today to meet the financial requirements set by IRCC.