When you plan to study in Canada as an international student, you must show that you are financially capable of supporting yourself while you are in Canada. Along with the cost of tuition, you must also demonstrate that you have assets of at least 10,000 Canadian dollars before arriving in Canada. One way to meet this requirement is to purchase a Guaranteed Investment Certificate (GIC) from an approved Canadian financial institution. RemitX has partnered with ICICI Bank Canada for this purpose.
What is Guaranteed Investment Certificate (GIC)
Guaranteed Investment Certificates are investment accounts that have a guaranteed rate of interest over a predetermined period. GIC holders are required to leave their funds in the account for a specified period of time before they can withdraw the money. During that time, there will be a guaranteed interest rate earned.
Why is GIC needed?
GIC is required for the following purposes
- The money serves as a surety or guarantee to the Canadian government that you will be able to pay your living expenses each month in Canada for a year.
- Application and processing of Canadian visas/study permits are made easier with it. Students must submit proof of sufficient funds to obtain a Canadian study permit. For a Canadian study permit or visa, a GIC of C$10,000 from an approved Canadian bank is required.
