What is GIC?

The Guaranteed Investment Certificate (GIC) is a mandatory requirement for all international students applying to schools in Canada under the Student Direct Stream (SDS) category.

The authorities recommend a minimum investment of CAD 10,000 as the GIC amount for a Canada student visa. Students can deposit anywhere between CAD 10,000 to CAD 50,000 in their respective savings accounts at a time.

This money is treated as proof of funds and would be released to the student every month for 12 months for their study abroad and maintenance expenses along with interest. This account is offered by Canadian Banks.

How much money is required for GIC?
The minimum recommended amount is CAD 10,000. All applicants must deposit this amount to a GIC account while applying for a Canada student visa.

Are GIC paid monthly to the student?
On GICs with terms of one year or longer, interest is calculated daily on the principal amount and can either be paid monthly, annually, or compounded annually and paid at maturity.

What are the extra charges for GIC, if any?
Canadian Banks could charge up to $300 for processing GIC payments.

We strongly recommend you send at least $10,300 to ensure your payment goes through smoothly. Any excess funds paid towards the processing fee will be available in your GIC account.

Also, please note that EbixCash, our regulated partner, charges $30 to process these transfers.