Money
GIC
Also called Guaranteed Investment Certificate
What is a GIC?
A Guaranteed Investment Certificate is a Canadian bank product used to evidence living costs for a study permit: you transfer a set sum before applying, and the bank releases it to you in instalments after arrival. The required amount is set by the immigration department and has been revised upward more than once, so check the current figure rather than an older one.
Reviewed
Who needs a GIC?
Canadian study permit applicants using it as proof of funds, and it is the usual route for applicants from Kerala.
Common mistakes
- Working from a figure quoted in an old article or by an agent
- Leaving the transfer until the week of the application