Hey there, international students with Canadian dreams! Ever heard of a GIC? It’s not a fancy gadget, but a Guaranteed Investment Certificate – your secret weapon in securing your Canadian study permit.
What is a GIC?
Think of it as a special savings plan specifically designed for international students like you. It’s required by the Canadian government as proof that you have enough funds to support yourself during your studies. Basically, it shows them you’re not coming empty-handed and can take care of yourself while you’re there.
Benefits of a GIC:
- Boosts your visa chances: Having a GIC demonstrates financial responsibility, making a positive impression on your visa application.
- Safe investment: Your money is protected by the Canadian government, so you can rest assured it’s safe.
- Earns interest: Your investment grows slowly over time, giving you a little extra when you eventually access the funds.
How to Get Your GIC:
Getting your GIC is simple; just follow these 8 simple steps:
- Choose a trusted player: Pick a Canadian financial institution approved by the government to offer GICs for students. Popular options include Scotiabank, ICICI Bank Canada, and SBI Canada Bank.
- Check the rules: Each institution might have slightly different requirements in terms of the minimum investment amount, investment duration, and fees. Do your research beforehand.
- Gather your documents: Prepare your passport, an acceptance letter from your Canadian school, and any other documents needed by your chosen institution.
- Fill out the application: This is usually straightforward – just be accurate and double-check everything before submitting.
- Fund your GIC: Deposit the required amount based on your chosen institution and study program. It’s typically around $20,635 CAD.
- Wait for confirmation: The institution will review your application and send you a confirmation letter—this is your golden ticket!
- Submit the GIC Confirmation Letter with your Visa Application: Include this confirmation letter with your visa application. It proves you have the financial resources for your Canadian adventure.
- Get ready to arrive: Once you’re in Canada, visit a branch of your chosen institution to access your GIC funds as needed, following the investment terms.
Remember: Starting early is key! Opening your GIC well in advance ensures a smooth application process and lessens the stress of your big move.
So there you have it—your crash course on GICs! Now go forth, conquer your Canadian study goals, and have an incredible experience!
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