As you may already know, there have been updates to the application policies that have stiffened not just the requirements for an approval but also the rate of approvals, which has now become about 35% lower. One of the essential requirements for obtaining a study permit is demonstrating financial sufficiency, which has now become a 100% higher than the previous required amount. One effective way to establish financial eligibility is by opening a Canada Study GIC (Guaranteed Investment Certificate) account.
A Canada Study GIC account is specifically designed for international students like yourself. It serves as proof that you have sufficient funds to cover your living expenses while studying in Canada. By opening this account with your admission letter, you can significantly enhance the strength of your application.
In this article, we will cover what a GIC account is, the pros and cons of a GIC account. It is highly advisable to open an account to present for your study permit and before you travel to Canada. Thankfully, Flydestinations can help you with that.
What is a Canada GIC for International Students?
A Guaranteed Investment Certificate (GIC) account for international students, often referred to as a Canada Study GIC, is a financial product specifically designed to assist international students studying in Canada in meeting the financial requirements for their study permit application. Here’s how it typically works:
Purpose: The primary purpose of a Canada Study GIC is to demonstrate to Canadian immigration authorities that international students have access to sufficient funds to cover their living expenses while studying in Canada.
Requirement: Many Canadian universities and colleges require international students to open a GIC account as part of their study permit application process. It serves as evidence of financial preparedness.
Deposit Amount: To open a Canada Study GIC account, students must deposit a specific amount of money, typically ranging from CAD $26,000 upwards, depending on the institution and the length of the study program.
Lock-in Period: The funds deposited in a Canada Study GIC are typically locked in for a specified period, usually until the student arrives in Canada and begins their studies. This ensures that the funds are available to cover living expenses during the initial phase of their stay.
Release of Funds: Once the lock-in period expires and the student arrives in Canada, the funds, along with any accrued interest, are released to the student in installments over a predetermined period, usually 10 to 12 months, to assist with living expenses.
Overall, a Canada Study GIC provides international students with a convenient and reliable way to meet the financial requirements for studying in Canada while ensuring that they have access to the funds they need to support themselves during their time in the country.
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Benefits of Having a GIC Account
Investing in a Guaranteed Investment Certificate (GIC) account offers a plethora of benefits that are particularly advantageous for international students:
Financial Sufficiency:
- Demonstrates Financial Stability: Opening a Canada Study GIC account is a tangible way to show immigration authorities that you have access to the necessary financial resources to cover your tuition fees, accommodation costs, living expenses, and other study-related expenditures.
- Ensures Adequate Funds: By depositing a specific amount into your GIC account, you assure immigration authorities that you have sufficient funds readily available to support yourself throughout your academic pursuits in Canada.
- Enhances Confidence: Having a Canada Study GIC account not only fulfills a regulatory requirement but also instills confidence in your ability to manage your finances responsibly during your time as an international student in Canada.
Application Advantage:
- Demonstrates Commitment: Including confirmation of your Canada Study GIC account with your study permit application signals to immigration authorities your seriousness and dedication to pursuing your educational goals in Canada.
- Shows Preparedness: By proactively opening a GIC account, you demonstrate preparedness and readiness for your educational journey, which can positively influence the decision-making process for your study permit application.
- Increases Approval Likelihood: Providing evidence of a Canada Study GIC account can strengthen your application and increase the likelihood of approval by showcasing your financial preparedness and commitment to your academic aspirations in Canada.
Simplified Visa Process:
- Streamlines Documentation: Meeting the GIC requirement simplifies the visa application process by ensuring that you have all the necessary financial documentation in place, reducing the risk of delays or complications.
- Minimizes Application Errors: Having a clear requirement like the Canada Study GIC account helps streamline the application process and reduces the likelihood of errors or misunderstandings in your visa application.
- Facilitates Decision Making: Compliance with the GIC requirement provides immigration authorities with clear evidence of your financial readiness, facilitating their decision-making process and potentially expediting the approval of your study permit.
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Guaranteed Investment Certificate (GIC):
- Secure Investment Option: A GIC account offers a secure investment vehicle, providing peace of mind that your funds are safely deposited and will be available to you upon your arrival in Canada.
- Controlled Release of Funds: The GIC account structure typically involves a controlled release of funds over a predetermined period, ensuring that you have access to financial support throughout your studies without the risk of overspending or financial insecurity.
- Financial Stability: By opting for a GIC account, you ensure financial stability and readiness as you embark on your academic journey in Canada, allowing you to focus on your studies and fully immerse yourself in the university experience.
Access to Various Services and Opportunities:
In addition to meeting visa requirements, having a GIC account opens doors to a range of services and opportunities in Canada. These may include access to banking services, such as opening a checking account or applying for a credit card, as well as eligibility for certain scholarships, grants, or financial aid programs offered specifically to international students.
How to Obtain a GIC Account through FlyDestinations
Flydestinations: Your Trusted Partner
At Flydestinations, we understand the unique needs and challenges faced by international students studying in Canada. As your trusted partner, we are committed to providing comprehensive support and guidance throughout your GIC application process.
Step-by-Step Guide to Getting a GIC Account
Getting a GIC account through Flydestinations is a straightforward process:
- Consultation: Our experienced advisors will assess your financial needs and guide you in selecting the most suitable GIC option based on your preferences and requirements.
- Application Assistance: We’ll assist you in completing the necessary paperwork and documentation required for opening a GIC account, ensuring that all requirements are met accurately and efficiently.
- Coordination with Financial Institutions: Flydestinations will liaise with our partner financial institutions to facilitate the setup of your GIC account, making the process seamless and hassle-free for you.
Additional Support and Services Provided by Flydestinations
In addition to helping you obtain a GIC account, Flydestinations offers a range of supplementary services to enhance your experience as an international student in Canada:
- Orientation and Settlement Support: We provide orientation sessions and resources to help you acclimate to life in Canada, including information on housing, transportation, healthcare, and other essential services.
- Student Support Services: Our dedicated team is available to assist you with any questions or concerns you may have throughout your academic journey, offering guidance on academic matters, cultural adaptation, and more.
- Community Engagement: Flydestinations organizes social events, workshops, and networking opportunities to help you connect with fellow international students and integrate into the Canadian community.
Obtaining a GIC account is not only a regulatory requirement but also a strategic financial decision that offers numerous benefits and opportunities for international students in Canada. From ensuring financial security and simplifying the visa process to accessing essential services and support, a GIC account is a valuable asset that sets the stage for a successful and fulfilling academic experience abroad.
At Flydestinations, we are committed to supporting you every step of the way, from securing your GIC account to providing ongoing assistance and guidance throughout your journey in Canada. Trust us to be your partner in achieving your academic and personal goals in this vibrant and welcoming country.
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