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Importance of GIC for Student

For Indian students planning to study in Canada under the Student Partner Program (SPP) Visa, opening a GIC account is a crucial requirement. Students are required to invest CAD 20,865 in a GIC with a Canadian bank to demonstrate sufficient funds to cover their living expenses. The GIC acts as a support system, ensuring the Canadian government that students have the necessary financial resources to manage their accommodation and expenses throughout their study period.

GIC Account Opening Process

To open a GIC account in Canada, Indian students need to follow a simple four-step process. Firstly, they must choose an authorized bank and register for an email account. Secondly, they submit their GIC program application online, providing necessary documents such as a copy of their passport and the admission letter. Thirdly, a minimum deposit of CAD 20,865 is required, along with a processing fee. Finally, upon completion, students receive an Investment Balance Confirmation and a Certificate of Investment.

GIC Options and Terms

GICs come in a variety of formats, including cashable/redeemable and non-redeemable GICs. Students can withdraw money from cashable GICs without incurring fees, however non-redeemable GICs levy fees for early withdrawal. The deposited amount and the accrued interest are typically returned to the student at the end of the GIC term.

Importance of GIC for Student Visa Application

Opening a GIC account is crucial for Indian students applying for a student visa in Canada, particularly under the SPP Visa category. It serves as a support mechanism, assuring the Canadian government that the student has enough cash to cover their housing expenditures for at least one year. Furthermore, having a GIC account speeds up the visa application process because it meets the financial requirements without requiring additional financial documentation.

Safety and Security

GICs serve as a safe investment option because they are backed by the Canadian government, providing investors with some amount of security. The guaranteed return and the insurance provided by the government make GICs a reliable choice for individuals seeking stability and risk mitigation.

“Secure your financial future with Unipay. Explore our diverse options, invest confidently, and enjoy the stability and tranquillity that comes with guaranteed returns.”

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