Canada stands as the best destination for education as more than half a million international students fly out from all across the globe. No wonder GIC payments to Canada are so popular making it highly demanding in the industry. High quality of life, best immigration openings, budgeted education fees, a large number of globally-recognized colleges, and the most attractive part is the high opportunity to work once you complete your studies.
Once you have made up your mind for studying in Canada then you have 2 options SPP and non-SPP or general. Students Partnership Program or SPP and non-SPP among which SPP needs detailed proof of funds or GIC payment to Canada proof is required whereas the other one does not. Educational loans, other investments, and savings in the form of deposits in banks are call considered financial assets that could be placed as proof of funds.
Students aspiring to study in Canada have always been confused with GIC payments. Many are looking for mediators and other sources to get it done. It is most essential to gather more information about the Canada GIC and how it works, before diving headlong to go for GIC payments to Canada. Try exploring a bit through all your online resources to learn further and proceed with confidence.
How to start a GIC account in Canada?
Most of the Banks in Canada offer an online process to start GIC accounts, you have to prefer a bank with a wide network especially in your staying area. After the opening of the GIC account bank will provide an account with payment instructions to the GIC account to get your GIC payments to Canada credited.
How much GIC payments to Canada is required?
The minimum amount required to fund a GIC account is CAD 20,635. Effective January 1, 2024, the Canadian government has increased the minimum GIC payment amount from CAD 10,000 to CAD 20,635 per student. This change has been made to reflect the adjusted cost of living better.
How to start a GIC account in Canada?
Guaranteed Investment Certificate popularly known as GIC is an investment scheme that recommends international aspirants of overseas education specially in Canada.
A Guaranteed investment certificate popular as GIC, is an investment account offered by Canadian banks mainly for international students. The Canadian government has started this initiative mainly for students who are pursuing the Study Direct Stream program or SDS program. In this program, the student has to deposit the amount in the account considered to meet their living expense for one year. This account acts more like a saving account that offers a fixed amount to all eligible candidates.
Students deposit a fixed amount, such as $20635, into their Guaranteed Investment Certificate (GIC) account. This money is then released to the student monthly, proportionally covering their study and living expenses, including interest.
