Canada is a promising land with world-class education facilities and attractive job opportunities. The multicultural society and mixed blend of cultures give better exposure to the world of activities!
It takes a lot of preparation and tenacity to arrive in Canada and begin your higher education. It is always a better idea to review the requirements set forth by the Canadian government to make the process run more smoothly. The GIC is one such requirement.
Following the discontinuation of the Student Direct Stream (SDS) program on November 8, 2024, international students are now required to submit additional documents as proof of financial support. Despite the absence of the simplified SDS pathway, students can still meet this essential requirement by securing a Guaranteed Investment Certificate (GIC) through alternative methods.
This blog is all about GIC Accounts.
Guaranteed Investment Certificate is a secure financial investment required by Immigration, Refugees, and Citizenship Canada (IRCC) for international students as part of the financial proof for their study permit application.
Addressing the immigration, refugee, and other issues of students while they are studying in Canada makes it easier to apply for a study visa. It is a low-risk investment that will safeguard you from fluctuating exchange rates. A GIC account represents saving money for a specific purpose, such as a down payment.
GIC is a pledge to the Government of Canada that your account has sufficient money to cover your needs while you are away from home. Additionally, it speeds up the processing of your VISA.
GIC also act as a basic account for the students, as parents can easily transfer the funds. The GIC account application is processed online and delivers funding details promptly.
The students should deposit a minimum amount of CAD 20,635 (approximately INR 12.5 Lakhs) offered by a Canadian Bank. It is proof of funds that will be released to the student every month for twelve months.
Opening a GIC Account is a simple process which is done online. One of the most convenient ways is through authorised financial partners like Unimoni, who assist in setting up GIC accounts with leading Canadian banks such as CIBC and BMO (Bank of Montreal).
Students can also visit or reach out to any of Unimoni’s 300+ branches or 15,000+ agent locations across India for expert guidance and support in completing the GIC process with the required documents.
The documents required to open a GIC account depend upon the service provider.
After submitting the application, an international wire transfer must be initiated through an authorised partner such as Unimoni. Transfers can be made by the student or eligible family members like parents or spouses, subject to specific terms and conditions. Once submitted, students can track their application status via CIBC’s secure ISBO platform using their registered email and password.
Over time, sending and receiving money has become much simpler, and there are now more options than only banks for sending and receiving money internationally.
You must have appropriate knowledge before making any transfer decisions. Always start by looking for a simple, efficient, and economical solution.
Remitforex by Unimoni is an online platform which will assist you in opening a GIC account and getting the certificate right from applying online to obtaining the confirmation message.
You just have to walk into the nearest Unimoni branch after obtaining the offer letter. Submit all the required documents to start the process. With a bunch of trained experts and years of experience, Unimoni is spread over 300+ branches across India!
After the successful completion of necessary procedures and required deposits, the GIC account will take a minimum of 24 hours to obtain the certificate. It can also take also take 3-10 business days depending on the service operator you choose.
The need for GIC payments to Canada is projected to increase even in the upcoming years as they gather high momentum. GIC is a guarantee to the Canadian government that you have sufficient money in your account to enwrap your living expenses for at least one year while you are a resident of Canada. Your GIC enables the speedy processing of your Canadian visa or study permit.
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