The Canadian Government runs the Student Direct Stream Program under which International Students come to Canada for Study Purpose. Now, one of the eligibility conditions for the Visa is that students must have a GIC (Guaranteed Income Certificate). Canada Student GIC is received by the Canadian Government and is disbursed to the student during this time of inflation for their basic necessities or students can withdraw it by themselves. On 8th December 2023, Canadian Immigration Minister announced that GIC Increase Canada will be passed as per which it will be increased from $10,000 CAD to $20,635 CAD.
This change in rule will impact many students who were about to start their studies in Canada for the January 2024 Session. However, you should check the Canada Student GIC Rate Increase Table below to know complete information regarding it. After that, you need to read the Pros & Cons of Guaranteed Income Certificate or GIC so that you can know how it helps you or impacts you in Canada. If you are planning to move to Canada for the next year or in the upcoming admissions then you must use the Student GIC Calculator 2024 to know about the amount payable in your currency.
GIC Increase Canada
As we all know, Canada keeps changing the Immigration Rules from time to time so that controlled immigration can be done. In this series, they have made the new announcement which is GIC Increase Canada. All the students from various parts of the World study in Canada and as per the Immigration Laws for students, all of them have to Pay for Guaranteed Income Certificate also known as GIC as their Insurance in Canada. This GIC is the amount which is paid to the students during his time of course. He or She can withdraw the GIC Amount after reaching Canada for their Needs such as Housing, Transport or Fees. If you are interested in Immigration Laws then you must be aware that the earlier GIC Rate was $10,000 CAD.
However, as per new rule all the students have to secure a GIC (Guaranteed Income Certificate) of $20,635 CAD. This rule will impact millions of students who try to get the Canadian Study Visa. As per the Minister of Immigration, Canada, it is confirmed that this increase has been done so that students can cope up with increasing inflation.
Canada Student GIC Rate Increase
|Canada Student GIC Rate Increase
|What is GIC
|Canadian Investment which is returned on Arrival
|To Cope up with Cost of Living of Canada
|GIC Full Form
|Guaranteed Income Certificate (Student GIC)
|GIC Rate (Earlier)
|Increased Student GIC Rate
|GIC Reference Website
Student GIC Calculator 2024
- Read the points below to use the Student GIC Calculator 2024.
- First of all, you need to check the current rate of CAD in your currency.
- Now, multiply the currency amount with 20,635.
- The Total you get now is the GIC Amount in your Country.
- You should collect this amount and then open your GIC Account through any bank.
- Once you have reached Canada, you can withdraw the Lump Sum Amount from your Account.
Guaranteed Income Certificate (GIC) : Pros & Cons
Pros of GIC (Guaranteed Income Certificate)
- First of all, the GIC Certificate helps the students after landing in Canada as they can withdraw the amount from it for their Housing and Transport purposes.
- Secondly, it lowers the burden on your parents for your studies because every month you will get the payment in your account for your monthly expenses.
- It helps as a security so that you do not face any kind of hardships in Canada.
Cons of GIC (Guaranteed Income Certificate)
- Many students believe that this compulsion makes it harder for them to pay such a huge amount for studying abroad.
- Various countries provide class education without GIC or any such investment.
- Payment method of 12 Months is not considered too good by the students.
How to Open Student GIC Account
- You can Open a Student GIC Account with any Bank who fulfills the following conditions.
- First of all, Bank must have an Overseas branch and be registered with the Canadian Government.
- Secondly, it must be liable for verification during payout of GIC after the Students land in Canada.
- Thirdly, you should have a GIC Amount as per your Currency so that it can be deposited in the bank.
- After that, the GIC Canada Amount will be deposited and you can withdraw it from the nearest branch.
GIC Canada Amount
- The GIC Canada Amount has increased to $20,635 CAD.
- Earlier Guaranteed Income Certificate Cost was $10,000 CAD.
- The GIC Canada Increase Rule is imposed from 1st January 2024.
- As per this rule, all the international students have to secure the investment of $20,635 CAD.
Frequently Asked Questions On GIC Increase Canada
GIC Increase Canada is announced on 8th December as per which the GIC Amount is increased from $10,000 to $20,635 CAD.
GIC Increase is Applicable from 1st January 2024.
You can withdraw a Lump Sum amount from GIC after landing in Canada and the rest of the amount will be paid in 12 Months payment.