In this blog we will discuss the GIC amount for Canada student visa 2023. Read the complete blog to know everything.
Canada has become a top destination for emigrants from around the globe. In 2019, 1.39 Lakh of study permits were given to Indian scholars.
Canada undisputedly has one of the most promising education systems in the world. There is also a plenitude of openings for scholars to earn as they study.
However, you’re more likely to land a well-paying job in the country and settle permanently in Canada with your family as an endless occupant, If you study in Canada.
GIC AMOUNT FOR CANADA STUDENT VISA 2023
Most students have the same question: “Is GIC mandatory for Canada student visas?” Yes, it is required by the government as a safety that you have one year living expenses.
A GIC (Guaranteed Investment Certificate ) is mandatory for all international students to pursue their studies in Canada.
The Students should deposit a minimum of CAD 10,000 as a GIC amount in any recognized Canadian bank.
There is no change in the deposit GIC amount. This remains the same as in the previous years.
Cost of studying in Canada (approximate figures)
| Course | Fees |
| Undergraduate program | CAD 13,000 to CAD 20,000 |
| Postgraduate master’s degree | CAD 17,000 to CAD 25,000 |
| Doctoral degree | CAD 7,000 to CAD 15,000 |
| MBA | CAD 30,000 to CAD 40,000 |
PROCESS OF APPLYING FOR STUDENT VISA
Let’s discuss the process of applying for student visa once you know the GIC amount for Canada student visa 2023.
- Apply for admission
- Pay admission fees
- Purchase GIC
- Medical examination
- Apply for visa
- Get your student visa
APPLY FOR ADMISSION TO A COLLEGE
The first step to applying for a Canadian student visa in 2023 is getting approval from recognized universities/colleges for your wish to apply.
Many recognized universities in Canada offer a good educational system. So you can apply for an undergraduate or postgraduate program which you want to apply to those universities.
PAY FEES TO UNIVERSITY/COLLEGE
If the Canadian university selects you, you will receive an offer letter from the university. After getting the offer letter, you should pay the fees to the university.
The fees may vary from one study program to another. You may pay your fees through the International Wire Transfer.
The university will process your fee payment then you will receive a receipt for the fee payment. Save this receipt, this will require for the student visa application in the future.
PURCHASE GIC
The next most important step is purchasing GIC (Guaranteed Investment Certificate). It is common for all international students to take care of their living expenses in Canada.
The GIC amount for an international student is CAD 10,200 with a service charge. The student should deposit CAD 10,000 in any recognized bank in Canada, and CAD 200 is taken by the bank as service fees.
It may vary from bank to bank. Once you land in Canada, you will receive CAD $ 2000 immediately. And the remaining CAD 8000 will be given to you in 12 months to spend on your living expenses.
GET MEDICAL CERTIFICATE
After purchasing GIC, you must undergo a medical examination recognized by the Canadian government.
You will receive a receipt, which will be asked for during the application for a student visa.
APPLY FOR A STUDENT VISA
After finishing all these formalities, you can apply for a student visa. You need to submit a few documents which they require at the time of visa application.
Your academic certificates, Guaranteed Investment Certificate, and Medical Certificates are the most mandatory documents. Please make sure that you have these documents with proper details.
DOCUMENTS NEED TO BE SUBMITTED DURING STUDENT VISA APPLICATION
- Valid Passport
- Approval letter from a Designated Learning Institute (DLI)
- Proof of Funds
- Immigration Medical Examination
- Education transcripts, diplomas, degrees, or certificates
- Language Proficiency Score
- Statement of Purpose
- Travel Documents
- Passport size photographs
- scorecards for various test scores like GMAT, GRE, IELTS, etc
- Guaranteed Investment Certificate (GIC) of CAD 10,000
- Proof of payment for a visa application fee
- Proof of work experience with payslips
IMPORTANT THINGS NEEDED TO GET A STUDENT VISA IN CANADA 2023
After knowing the GIC amount for Canada student visa 2023, it’s time to learn about important things you must have for getting a student visa in 2023.
DLI Acceptance letter: As an international student, You should have acceptance from a Designated Learning Institute( DLI).
The university or college you wish to apply to in Canada must have a COVID- 19 readiness plan approved by its fiefdom or home that’s on the approved list as evidence of finances.
Proof of funds: You have to prove that you have sufficient finances for their education freights, living charges, and return transportation charges for themselves and a family member who accompanies them to Canada.
No Felonious record: You must have a clean felonious record to prove that you’re a law-abiding citizen of your native country.
The applicants have to give a police instrument to prove that they aren’t trouble to Canada’s security.
Immigration Medical Examination( IME): You must also be in good health and not prove a threat to the natives of maple country.
You bear a valid medical instrument from an honored croaker taken one week before you begin your Visa Application.
Intention to leave: You must prove to the immigration officer that you’ll leave the country once your education is complete.
English Language Proficiency Test: (not obligatory, but recommended) IELTS score distance with a score band of 6 for undergraduate courses and an overall band of 6.5 for postgraduate programs.
Statement of Purpose: A good bribe goes a long way and can explosively affect your chances of acceptance.
Canada Study Visa Processing Time!
The time it takes to get a Canada study visa depends on several things, such as the type of visa you want, your nationality, and how many other people are asking for visas simultaneously. But generally, the working time will take between 8 and 12 weeks.
Here are some things that can slow down or speed up the time it takes to get your Canada study visa:
What kind of visa you want to get: A study visa will take longer to process than a work visa or a guest visa.
Where you come from, Processing times may be slower for citizens of some countries than for citizens of other countries.
The time to get a Canada study visa can change based on how many visas are being processed. If there are a lot of visa requests, it may take longer to handle them.
If you want to study in Canada, you should start the process of getting a study visa as soon as possible. This will give you much time to complete all the necessary paperwork and submit your application. You should also be ready to give more information if the visa officer asks.
CONCLUSION
In this blog we have discussed about GIC amount for Canada student visa 2023.
The maple country offers a lot of growth openings along with global career prospects in a fleetly growing frugality.
Indian scholars can look forward to Canada for advanced education. Canada attracts multitudinous people worldwide to move and produce a good life for themselves and their families.
We hope we have cleared all your queries about GIC amount for Canada student visa 2023. For more content like this, keep visiting CourseMentor™.
FAQs
What is the process once you get your application approved?
If your application is approved, you will receive a message from the Canadian government requesting your passport. You can submit your passport through VFS. After the process, you will receive a temporary resident visa and a letter of introduction.
Which are the top 4 Canadian universities?
University of Toronto
University of British Columbia
McGill University
McMaster University
