What is a Canada GIC and why is it needed for studying in Canada?

A Canada GIC (Guaranteed Investment Certificate) is a financial instrument that serves as proof of funds required for immigration or study visa applications. It demonstrates your financial stability by allowing you to invest a fixed amount of money with a Canadian financial institution for a set term, typically earning interest and ensuring you have sufficient funds to support your stay in Canada.

What types of Canada GICs are available for international students?

There are two main types of Canada GICs: the Designated Learning GIC, which allows students to access a portion of their funds upon arrival and receive monthly payments during their study period, and the Regular GIC, which provides full access to the funds either at maturity or upon arrival, depending on the investment terms.

What is the process for obtaining a Canada GIC?

The process involves choosing a participating financial institution, depositing the required amount to purchase a GIC, receiving a GIC certificate as proof of investment, and then applying for a study permit or immigrant visa by including the GIC certificate as evidence of funds.

Are there any penalties for early withdrawal from a Canada GIC?

Yes, there may be early withdrawal penalties associated with Canada GICs. Withdrawing funds before maturity could result in fees and a loss of earned interest, so it's important to consider the investment terms carefully before committing.

What are the new GIC requirements for international students in 2025?

As of January 1, 2025, international students applying through the Student Direct Stream must have a minimum of $20,635 in addition to their first year's tuition and travel expenses, as announced in the Canada GIC update on December 7, 2023. This marks an increase from the previous requirement of $10,000.

Ali Nawaz khan, Author at Study Abroad Updates

McMaster University Canada

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Study In Canada McMaster University Canada This is a public research university in Hamilton, Ontario, Canada. The main McMaster university campus is on 121 hectares (300 acres) of land near the residential neighborhoods of Ainslie Wood and Westdale, adjacent to the Royal Botanical Gardens. It operates six academic faculties: the DeGroote School of Business, Engineering, Health Sciences, Humanities, Social Science, and Science. It is a member of the U15 Canadian Public Research […]

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McMaster University

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Study in Canada Hamilton, Ontario, Canada’s McMaster Institution is a public research university. The theological faculty of Woodstock College and Toronto Baptist College combined to become McMaster University in 1887. According to the Times Higher Education World University Rankings 2023, McMaster is rated #105 worldwide in the field of life sciences. In the top global

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McGill University Scholarships

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Study In Canada McGill institution is a public research institution that speaks English Located in Montreal, Quebec, Canada. The institution was named for the Scottish trader James McGill, whose bequest founded the institution of McGill College in 1813. McGill College was founded in 1821 by royal licence. It is ranked #30 in QS World University

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McGill University Canada

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Study In Canada Mcgill University Canada McGill University is one of Canada’s best-known institutions of higher learning and one of the leading universities in the world. International students from more than 150 countries make up nearly 30% of McGill’s student body ‒ the highest proportion of any Canadian research university. The McGill is a public

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MacEwan University

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Study in Canada In the heart of Edmonton, Alberta, Canada’s capital city, is MacEwan University, a public undergraduate institution. It was formerly a two-year college but changed to a university in 2009. In terms of global rankings for 2022, MacEwan University is placed 2082nd overall and 53rd in Canada. In Canada and the world, MacEwan

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Macewan university scholarships

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Study in Canada Canada’s MacEwan University is a public undergraduate institution in the heart of Edmonton, Alberta. It was once a two-year college before becoming Alberta’s sixth University in 2009. MacEwan University has ten bachelor’s degrees, one applied degree, and forty-three diploma and certificate programs. The University placed in the TOP 50% in 35 research

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MacEwan University scholarship graduate

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15 Lowest Tuition Fee Universities in Canada

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Study in Canada Lowest Tuition Fee Universities in Canada Quality of education is the primary reason for international students to pursue higher education abroad. Studying in Canada and getting a work permit and then Permanent Residence (PR) is easier compared to all other countries. However, cheap tuition and affordability are also important considerations when students select a particular

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University of Ottawa | Brandon University| Mennonite University

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Study in Canada University of Ottawa | Brandon University| Mennonite University Canadian Mennonite University It is a Christian university popular in Winnipeg, Manitoba. It is labeled as a leading university for undergraduate programs with affordable tuition fees though it also provides graduate programs. Canadian Mennonite University Application Fee The university has an application fee of

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First Nations University of Canada

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Study in Canada First Nations University of Canada is a post-secondary institution and federated college of the University of Regina in the Canadian province of Saskatchewan. The First Nations University of Canada place in the year1976. Moreover, the First Nations University of Canada was ranked 84th in Canada and 5857th worldwide in 2022. Its ranking

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Foundation Year in Canada

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Study In Canada Foundation Year Program in Canada Foundation Program After the foundation program at a Canadian college or university, an entrant can apply to universities in Canada. As a rule, the International Foundation Program’s duration is 8 months. But students with a higher level of preparation can do an intensive course. Many

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Canada GIC Update

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Study In Canada The word “Canada GIC” may have been a frequent companion for individuals wishing to study or move to Canada. But what precisely is it, and how can it assist you in achieving your Canadian dreams? This writing aims to demystify the Canada GIC update by fully understanding its purpose, method, and all

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