The full form of GIC Canada is Guaranteed Investment Certificate. It is a liquid investment in banks in Canada. It is one of the important parts of required documents to study in Canada. The GIC amount is CAD 22,895 (INR 14.36 Lakhs).
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Most advisors recommend starting the GIC process at least 1 to 2 months before you plan to submit your study permit application. This is to leave room for bank processing delays
An initial lump sum (roughly CAD $2,000-$4,000) is released when you activate your account in person - followed by monthly instalments for the rest of the year, plus the interest your GIC earned.
Most participating banks issue the certificate within roughly 5 to 10 business days after you complete the wire transfer and paperwork.
No. Since the Student Direct Stream ended in 2024, all Indian applicants go through the regular stream - where a GIC is one of several accepted proof-of-funds documents - but not a mandatory one.
The GIC amount to study in quebec is as mentioned below:
- One person under the age of 18: CAD 7,756
- One person aged 18 and over: CAD 15,508
The canadian government is the authority who can change the amount of guaranteed investment certificate.
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