How to Open a GIC Account for Study in Canada?
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What is a GIC (Guaranteed Investment Certificate) ?
What is a GIC (Guaranteed Investment Certificate) ?
GIC means Guaranteed Investment Certificate. It is an investment account offered by a Canadian Bank. It is similar to a fixed deposit account in India that offers a guaranteed interest rate over a fixed period of time.
How GIC works?
How GIC works?
The student registers with the required documentation and opens a GIC account in the bank, transferring a minimum of CAD 20,635 to a maximum of CAD 50,000 plus CAD 175 as platform fee.
The bank issues the GIC Certificate, which acts as documentation proof for obtaining a Visa.
The bank pays a guaranteed rate of return, for a specified period of time.
The bank pays a guaranteed rate of return, for a specified period of time.
When you arrive in Canada and visit a branch, you will open a student bank account and have access to $4,127 CAD plus any interest deposited into your account.
Receive a portion of your investment back each month for 12 months - approximately $1,376 CAD each month
Receive a portion of your investment back each month for 12 months - approximately $1,376 CAD each month
Over the 12 month period, you'll have received your $20,365 CAD investment back, plus interest.
Over the 12 month period, you'll have received your $20,365 CAD investment back, plus interest.
The CDIC (Canada Deposit Insurance Corporation) secures the investment.
The CDIC (Canada Deposit Insurance Corporation) secures the investment.
Why is GIC required ?
Why is GIC required ?
  • GIC is mandatory for all the International Students planning to study in Canada under SDS (Student Direct Scheme).
  • It serves as a proof that the student living in Canada has sufficient funds to finance the entire cost of living.
  • As per the CIC (Citizenship and Immigration Canada) guidelines, students who want to study in Canada under the Student Direct Stream (SDS) require C$20,635 per year to cover their living expenses for 1 year in Canada.
  • Students must provide proof of adequate cash in order to get a study permit or visa for Canada. A GIC for C$20,635 CAD from a licensed Canadian bank serves as proof of funds for your study permit or visa to Canada.
  • GIC acts as a guarantee to the Canadian government that you have the resources to cover your living expenses for a year in Canada.
GIC Application Process
GIC Application Process
If you are an international student considering pursuing your studies in Canada under the Student Direct Stream (SDS) , we can help you open a Guaranteed Investment Certificate (GIC) account for free and also aid with the transfer of funds at the best exchange rate available.
How can WSFX Global Pay help you?
How can WSFX Global Pay help you?
  • WSFX Global Pay will help you in opening GIC account in an Authorized Canadian Bank.
  • We will provide you the best exchange rate, to remit CAD into your GIC account.
Documents required for sending money to GIC Account from India
Documents required for sending money to GIC Account from India
  • Indian Passport of the student
  • University Acceptance Letter
  • GIC Account Opening Letter
  • Any Govt. approved Photo ID proof of sender
  • Sender's Pan Card
Note: The sender can be the student, his/her parents or blood relatives.
Frequently Asked Questions
Frequently Asked Questions
You can deposit funds into your Student Account at any time during the year. However, it is your responsibility to ensure that you apply for the program well in advance, so funds are deposited in your investment account before you apply for a study permit. Normally we need around 4 business days to open a Student Account and around 3 business days to credit the money into that account.
Yes, you can still apply even if your educational institution of choice does not participate in the Student Direct Stream.
No. The Student Account can only be opened in the name of the student who is applying for a study permit under the Student Direct Stream.
Yes. The bank account that funds the Student Account should be in your name, your parent(s) name or a spouse joint account (proof of relationship would be required). In the event of a refund, the money will be returned to this bank account where the original remittance was made from.
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