As an international student looking to study in Canada, one of the requirements for a study permit or student visa is to show proof of funds to support yourself while studying in Canada. The minimum amount of funds required varies from year to year, and for Canada Student Visa 2023, a Guaranteed Investment Certificate (GIC) is one of the ways to show proof of financial support.

In this article, we will provide all the information needed to understand the GIC amount for Canada Student Visa 2023, and how to get one.

Key Takeaways:

• GIC is a way to show proof of financial support for international students
• $10,000 CAD is the minimum amount required for a GIC for Canada Student Visa 2023
• The GIC must be purchased from a participating financial institution such as Scotiabank, ICICI Bank Canada or SBI Canada Bank
• The GIC will be released in installments of $2,000 CAD over the course of 10 months

What is a Guaranteed Investment Certificate (GIC)?

A Guaranteed Investment Certificate or GIC is a type of investment account that pays a fixed interest rate over a fixed period of time. It is a low-risk investment that guarantees the original investment amount and a specified rate of return. GICs are offered by most Canadian financial institutions, including banks, credit unions, and trust companies.

How Much GIC Amount is Required for Canada Student Visa 2023?

For Canada Student Visa 2023, the minimum GIC amount required is $10,000 CAD. This amount covers living expenses for one year, and the GIC must be purchased from a participating financial institution such as Scotiabank, ICICI Bank Canada, or SBI Canada Bank. The financial institution will issue a GIC certificate, which must be submitted with the student visa application.

How to Get a GIC for Canada Student Visa 2023?

To get a GIC for Canada Student Visa 2023, you must first be accepted by a Designated Learning Institution (DLI) in Canada. Once you have your acceptance letter, you can apply for a GIC from a participating financial institution. The application process is straightforward, and the financial institution will guide you through it.

How is the GIC Amount Released?

The GIC amount is released in installments of $2,000 CAD over the course of 10 months. This ensures that the student has the necessary funds to meet living expenses during their first year of study in Canada. The first installment is released shortly after the student arrives in Canada, and subsequent installments are released on a monthly basis.

Conclusion:

A Guaranteed Investment Certificate (GIC) is a way to show proof of financial support for international students looking to study in Canada. For Canada Student Visa 2023, the minimum GIC amount required is $10,000 CAD, and it must be purchased from a participating financial institution. The GIC will be released in installments of $2,000 CAD over the course of 10 months, to support the students’ living expenses during the first year of study.

Getting a GIC for Canada Student Visa 2023 is a straightforward process, and the participating financial institutions will guide you through it. It is essential to plan your finances well in advance to avoid any last-minute hurdles.

FAQs:

1. What is the minimum GIC amount required for Canada Student Visa 2023?

The minimum GIC amount required for Canada Student Visa 2023 is $10,000 CAD.

2. Can I get a GIC from any financial institution?

No, you can only get a GIC from a participating financial institution that is recognized by IRCC (Immigration, Refugees and Citizenship Canada). Such institutions include Scotiabank, ICICI Bank Canada, and SBI Canada Bank.

3. Can I use other means to show proof of funds?

Yes, you can use other means to show proof of funds, such as a bank statement or a letter of credit from a financial institution. However, a GIC is a preferred means of showing proof of funds for most international students, as it is straightforward, easy to obtain and gives a guaranteed rate of return.