Financial guidelines for using a GIC Canada account as a student
For international students planning to study in Canada, managing finances is crucial. One key requirement for obtaining a Canadian Student Visa through the Student Direct Stream (SDS) is opening a GIC Canada account. A GIC, or Guaranteed Investment Certificate, serves as proof that you can cover your living expenses while studying in Canada. But beyond being a visa requirement, it’s also a financial tool that needs to be used wisely. Here are some important financial guidelines for using a GIC Canada account effectively as a student: 1. Understand What a GIC Is A GIC is a secure investment that earns interest over a fixed term. For international students, it acts as a financial assurance to the Canadian government that you can support yourself without relying on outside income. Under the SDS stream, students are generally required to deposit CAD 20,635 (subject to change) into a GIC account before arriving in Canada. This amount helps cover your first year’s living exp...