Canada, the maple country is known for its quality education, multiculturalism, safe environment, and many more. It has gained momentum in recent years amongst international students and also gives tough competition to other study destinations such as the USA, UK, Australia, etc. The admission process is quite simple in Canadian universities and colleges, as most require 50% or 60% (depending on program level and stream) or more academic plus decent band scores in IELTS such as 6.5 or 6 (depending on the program level and stream). As far as the study gap and backlogs are concerned Canadian institutions are lenient on these factors as well, so receiving an offer letter from the institutions is like completion of half a journey, to reach the final destination, students need to receive acceptance for the study visa.
As we are pretty much aware funds play an important role in any study destination. For Canada to show funds, a couple of things are included – The tuition fee and living cost. The living cost in Canada can be covered with the help of GIC. Recently GIC term received lots of attention in the overseas education industry and amongst international students as the Canadian ministry has increased the amount, to more than double. But what is the real meaning of GIC, what is the updated amount plus is it mandatory to have GIC or it can be waived off?
GIC in Canada for international students
The full form of GIC is a Guaranteed Investment Certificate, it is a kind of requisite for international students, who are willing to apply for Canada studies, covering living costs for a year. In short it is an amount international students need to show in front of Ottawa authorities as a survival amount to bear the expenses in Canada. GIC is a mandatory requirement for certain countries that come under the SDS category, Student Direct Stream (SDS) is a type of study permit category, introduced by the Canadian government to streamline the visa application process and receive faster responses from the students. As per the official website, Canadian authorities try to work on most SDS requests within 20 business days. As of 05th Feb 2024, there are 14 countries that come under the SDS category such as
- India
- China
- Philipines
- Vietnam
- Morocco
- Pakistan
- Antigua and Barbados
- Trinidad and Tobago
- Peru
- Senegal
- Brazil
- Colombia
- Costa Rica
- Saint Vincent and The Grenadines
GIC amount as an international students
As per the recent updation, The international students who are applying for study permits after 01st Jan’24 need to show CAD 20,635 in their GIC account. It used to be only CAD 10,000 till 31st Dec’23 but to meet the current inflation rate of Canada, the Ottawa authority has more than double the amount.
Is it mandatory to have GIC while applying for a study permit?
As mentioned above GIC is a mandatory requirement for the students applying under the SDS category. For students applying for study permits under the Non-SDS or general category is also advisable to have a GIC account as it helps to make the profile robust and gives a kind of assurance to the local government that if the student faces any issue or challenge during study abroad journey still he has the funds to cover the living expenses.
