Can you explain how the Guaranteed Investment Certificate (GIC) works for living expenses in Canada?
A Guaranteed Investment Certificate (GIC) is a required step for most international students applying to Canada through the Student Direct Stream (SDS). It proves you have enough funds for your first year’s living expenses.
- Deposit required: You deposit a set amount (currently CAD 20,635, subject to change) into a participating Canadian bank before your visa application.
- Get proof: The bank gives you a GIC certificate, which you submit with your study permit application.
- Funds released in Canada: After arrival, the bank releases your money in monthly installments (about CAD 1,600/month) over 11 months to help cover living costs.
A GIC is low-risk, may earn some interest, and is mandatory for SDS applicants. For help with the GIC process, connect with your LeapScholar counsellor.
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