Is a GIC Required for a Canadian Student Visa?

The requirement for a Guaranteed Investment Certificate (GIC) when applying for a Canadian student visa can vary based on the applicant's specific circumstances. This article provides comprehensive guidance on GIC requirements and the process of obtaining one for international students.

Understanding the GIC Requirement

Guaranteed Investment Certificates (GICs) are often required for international students applying for a Canadian study permit, particularly for those coming from countries that need proof of sufficient financial resources. The primary purpose of a GIC is to demonstrate that you have the necessary funds to support yourself financially during your studies in Canada.

Guaranteed Investment Certificate for the Student Direct Stream

For students applying through the Student Direct Stream (SDS), a GIC of CAD 10,000 is mandatory. This GIC amount is intended to cover living expenses for the first year of study. However, it's important to note that specific requirements can vary based on your country of origin and the type of study permit you are applying for. It's essential to check the specific requirements for your unique situation.

Non-SDS Stream

GICs are only mandatory for those applying under the SDS stream. If your application is under the Non-SDS stream, a GIC is not mandatory. However, it is strongly advised for all applicants to secure a GIC to increase their chances of visa approval. The GIC requirement under the SDS stream is a minimum of CAD 20,635, with a maximum of CAD 50,000.

Why Choose CIBC for Your GIC?

Commonwealth Bank of Industrial and Commercial (CIBC) is one of the top banks in Canada and is recommended for obtaining a GIC due to several reasons:

Branch Accessibility

CIBC has the most branches across Canada, making it convenient for students to visit physical locations if needed.

Higher Interest Rates

Compared to other banks, CIBC offers higher interest rates on GICs, which can be advantageous for investors.

Fast Application Processing

When creating a GIC account with CIBC, the average processing time is as short as 2 to 4 days. Other banks often require more than 5-10 days for processing.

No Application Fee

Creating a GIC account at CIBC is free of charge. Other banks often charge around CAD 200-250 as an application fee.

Low Rejection Rate

Students who choose CIBC for their GIC application are less likely to encounter rejections during the visa application process.

Payment Flexibility

In addition to wire transfers, CIBC accepts payments in local currency (INR) for GIC applications. This is a significant advantage over other banks that only accept wire transfers or have complicated payment processes.

How to Create a GIC with CIBC

Visit the CIBC Website: Start by visiting the CIBC website to initiate the process. Click on ‘Apply Now’: Navigate to the page where you can start the application for a GIC. Select Your Payment Method: The most cost-effective method is typically a wire transfer. Ensure you choose the appropriate method. Fill in Your Information: Complete all required information accurately and thoroughly. Enter the Reference Email ID: Enter yashjidps@ as the reference email ID for a free signing bonus of CAD 25. Print/Download Payment Instructions: After completing the application, print or download the payment instructions. Pay the GIC fees using an online transfer or through NEFT/RTGS transfers.

By following these steps, you can easily create a GIC with CIBC and ensure a smooth process for your Canadian student visa application.

Summary

A GIC is an essential component of the Canadian student visa process, particularly for those in the SDS stream. While it is not mandatory, having a GIC can significantly enhance the chances of visa approval. Choosing CIBC for your GIC application offers numerous advantages, including specific benefits such as faster processing and higher interest rates. By adhering to the detailed steps provided, international students can streamline their application process and secure their future in Canada.