Guaranteed Investment Certificate (GIC)

GIC Introduction

Guaranteed Investment Certificate (GIC) is a type of investment in Canada that offers a fixed return rate over a specific period of time, issued by trust companies or banks. It is a low-risk, low-return investment option.

Canadian financial institutions issue GICs, simplifying the previously complex financial documentation required for study permits. International students need to purchase a GIC of 10,000 Canadian dollars or more. Compared to previous financial proof requirements for study permits, GICs reduce the financial burden on students and their parents and can increase the visa approval rate. The 10,000 Canadian dollars are held in a Canadian bank, and the bank refunds a fixed amount to the student each month after their arrival in Canada to support their living expenses.

In case the study permit is denied, a full refund can be obtained from the bank.

  • Where to purchase?

Baidu: 加拿大留学GIC; or Google: Student GIC Canada, GIC products are available at most banks.

  • When to purchase?

Firstly, you need to apply and secure admission to your desired school, receive a conditional offer, pay one year's tuition fee, and obtain the tuition fee receipt along with the official offer letter. Then, prepare the personal and financial documents required for the study permit application. At this point, you can contact a bank to purchase a GIC. After that, undergo the required medical examination for the study permit and submit your application with all the necessary documents.

Note: The purchase process typically takes about 10 business days. You will need to bring your passport, identification card, conditional offer letter, and language proficiency scores (optional) when you go to make the purchase.

  • Student Partner Program

Student Partner Program is a simplified study permit application process offered in cooperation with the Association of Canadian Community Colleges for students planning to study at SPP member schools. Students receive a Letter of Acceptance from a qualifying SPP-affiliated Canadian institution, language proficiency certification, and proof of funds (a $10,000 CAD Guaranteed Investment Certificate, or GIC).

  • Post-secondary Program

Post-secondary Program is a simplified application process provided for students applying to any eligible Canadian post-secondary institution who have obtained a Guaranteed Investment Certificate (GIC) for $10,000 CAD, along with an acceptance letter from a designated Canadian higher education institution and completed a medical examination.

  • Student Direct Program

Student Direct Program is a simplified study permit application process provided for students with strong English language skills (IELTS 6 or above) who plan to directly enroll in eligible Canadian colleges or universities for their studies. Students obtain an acceptance letter from the Canadian college/university, submit language proficiency certification, proof of funds (a $10,000 CAD Guaranteed Investment Certificate or GIC), and undergo a medical examination.

  • Primary and Secondary Program

Application for Public and Private Elementary and Secondary Schools. Students receive an acceptance letter from Canadian elementary/secondary schools, provide proof of funds (a $10,000 CAD Guaranteed Investment Certificate or GIC), and undergo a medical examination.

  • Regular Student Program

If students do not wish to purchase a $10,000 CAD GIC and have an IELTS score below 6, they can opt for the Regular Student Program. The required documents for this program are generally similar to those for the previous application and include:

Passport, Passport-sized photos, Identification card, Application fees, Medical examination form, Study plan, Academic transcripts, Graduation certificates, Household registration, Guardian's notarized statement (for those under 18), Letter of acceptance from a Designated Learning, Institution (DLI), Police clearance certificate, Proof of funds of at least $10,000 CAD for the past year, Property deed, Vehicle registration certificate, and Parent's income statement.

Official website for Student Direct Stream (SDS)