What is Canadian GIC ?
If you are planning to move to Canada as an international student then it’s sure that you must have heard about the GIC. But do you know what GIC is? Or what is the purpose of GIC? Or why is it mandatory for every international student to pay GIC before arriving in Canada? If no, then this blog is totally meant for you…
We all know that Canada has always been one of the preferred destinations by Indian students to study. The quality of education, the diversity of culture, the welcoming nature of residents and endless opportunities is what attracts a vast majority of Indian students to Canada. Indian students who have applied to go to Canada are supposed to pay the tuition fees of 1 year of the college or university as well as the GIC.
Guaranteed Investment Certificate
shortly spelt as GIC is a Canadian investment that has a guaranteed rate of return for a fixed period of time. GIC is offered by many banks but the 2 most preferred banks by Indian students for GIC are ICICI bank and Scotiabank.
For the payment of GIC, student’s account is created in either ICICI or Scotiabank and then 10,000 Canadian Dollars are transferred from student’s personal bank account in India to student’s bank account in Canada. The whole amount is to paid in one deposit and if paid from any other account i.e. from parent’s account or from relative’s account then the payment is discarded.
But what is the purpose of GIC and How it works ?
Everyone knows that student life in Canada is very tough in the beginning. With the passage of time, things seem to go your way. In the initial days, there might be a situation when you might not be able to get a job or you lose your job but your expenses won’t stop. In that situation, GIC will help you out. Let us find out how GIC works. You deposit 10,000 CAD(Canadian Dollars) in your account in a Canadian bank. When you arrive in Canada, you are supposed to activate your GIC account. After you
Everyone knows that student life in Canada is very tough in the beginning. With the passage of time, things seem to go your way. In the initial days, there might be a situation when you might not be able to get a job or you lose your job but your expenses won’t stop. In that situation, GIC will help you out. Let us find out how GIC works. You deposit 10,000 CAD(Canadian Dollars) in your account in a Canadian bank. When you arrive in Canada, you are supposed to activate your GIC account. After you activate your GIC
Account, you will on the spot receive 2000 CAD in your bank account. The left amount i.e. approximately 8000 will be transferred to your account on monthly basis for the period of 11 months. GIC will help you out to pay your mandatory expenses such as rent and grocery. If you are lucky enough to find a job easily and early then you can save your GIC to pay the tuition fees of next semester.
But why is it mandatory to be paid ?
Now we know that many of you might be wondering that why is it mandatory. Like there are students from rich households that can easily manage their tuition fees as well as monthly expenses. But the Canadian government has a valid reason for keeping the GIC mandatory. GIC serves as a symbol/guarantee to the Canadian government that you have sufficient funds to take care of your living expenses for a period of one year in Canada. Moreover, you will not be a burden on the Canadian government either. So that is why, GIC is mandatory in Canada…
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