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Embarking on a study journey in Canada is an exciting prospect for many Indian students. Canada has emerged as one of the top study destinations for Indian students, offering world-class education, a multicultural environment, and promising career opportunities. With the discontinuation of the Student Direct Stream (SDS) program on November 8, 2024, students need to provide more documents for financial proof. Let's explore how international students can fulfil this crucial financial requirement—the Guaranteed Investment Certificate (GIC)—even without the streamlined SDS route.

What is GIC Canada?

The Guaranteed Investment Certificate (GIC) is a secure financial investment required by Immigration, Refugees, and Citizenship Canada (IRCC) for international students as part of the financial proof for their study permit application. The primary purpose of this investment is to ensure that students have sufficient funds to cover their living expenses in Canada. The IRCC-mandated amount is CAD 20,635 (approximately INR 12.5 Lakhs). This increase from CAD 10,000 reflects Canada's rising cost of living and inflation.

The GIC (Guaranteed Investment Certificate) is a liquid investment, enabling students to withdraw a fixed amount each month while earning a guaranteed return on the remaining balance. This structured approach allows for easy access to funds for monthly living expenses while ensuring a fixed rate of return on the unused portion. Moreover, it assures the Canadian government that students have sufficient financial resources, promoting economic stability throughout their academic journey.

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Eligibility Criteria for GIC Canada

To qualify for a GIC, students must meet the following criteria:

  • Students must hold permanent residency in one of the following countries: India, China, Morocco, Pakistan, the Philippines, Brazil, Colombia, Senegal, Vietnam, Peru, Costa Rica, Antigua and Barbuda, Saint Vincent and the Grenadines, or Trinidad and Tobago.
  • Hold an acceptance letter from a Designated Learning Institution (DLI) in Canada.
  • Proficiency in English, with an IELTS score of 6.0 or above.

How do you create a GIC account to Study in Canada?

You can purchase a GIC online or offline. One streamlined approach is through authorised financial partners like Unimoni, who can facilitate the process with Canadian banks like CIBC and BMO/Bank of Montreal.

You can also contact /visit any of Unimoni's 300+ branches or over 15,000 agent locations across India to seek help and support in completing the process with the following documents.

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    Required Documents for GIC Application & Remittance

    • Valid passport
    • University offer letter/acceptance letter
    • PAN Card

    Once the application is submitted, an international wire transfer must be made through an authorised financial partner like Unimoni. Multiple transfer options are allowed with T&C from parents, spouses, etc. Students can use their registered email and password to track their application through CIBC's secure ISBO platform.

    Benefits of Guaranteed Investment Certificate

    Opting for a Guaranteed Investment Certificate (GIC) in Canada provides international students with several key advantages. First, it offers guaranteed financial security for the first academic year, ensuring students have the necessary funds for living expenses. Second, students benefit from fixed annual investment returns without requiring active management. Additionally, students receive a debit card specifically designed for their needs, and their investment is protected by the CDIC, offering insurance coverage up to CAD 100,000.

    Unimoni offers additional advantages for students opting for GIC through its services so that applicants will get the GIC Certificate fastly:

    Free Assistance for GIC a/c opening

    Remittance – Same day TT Copy & Fast Credit

    Free Travel Card for convenience.

    Free International Student Identity Card (ISIC) for discounts on global services.

    Extra baggage allowance for air travel

    Unimoni: A Trusted Financial Partner

    Trust and reliability are crucial in financial transactions when studying abroad. Unimoni Financial Services is a globally recognized financial institution with 25+ years of expertise in international remittances, forex services, and student financial solutions. With a strong network of 300+ branches and 15,000+ agent locations across India, students and parents can confidently process their GIC payments without hassle.

    Choose Unimoni for secure and authorized transactions, quick processing, dedicated customer support, and special offers with additional benefits. With a proven track record and a commitment to financial security, Unimoni ensures that your GIC payment is handled professionally and efficiently, making your journey to Canada seamless and stress-free.

    For assistance, contact us at +91 8129922232 or care@remitforex.com.

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