You got an admission offer letter and transferred the tuition fee. The very next thing which prevents you from starting your visa application might be arranging the funds for living expenses in Canada. In order to make your stay in Canada hassle free, a total of 10,000 CAD, estimated as the average living expense for a year must be shown in the form of a GIC aka Guaranteed Investment Certificate.
Once you have purchased a guaranteed investment certificate for 10,000 CAD, it can be used as a proof of financial support for visa application. A total sum of 2,000 CAD can be availed once you land in Canada to contribute to your initial expenditures. The rest of that money 8000 CAD will be divided equally into 12 portions and you will receive approximately 667 CAD each month for the next one year. Please note that this amount cannot be withdrawn all at once.
Even though there are many financial institutions such as Scotiabank, CIBC, ICICI Canada, SBI Canada etc providing student GIC, the most common among international students, especially among Indian students is Scotiabank student GIC program. In an upcoming post, we will see a detailed description on how to successfully open a Scotiabank student GIC.
NB: If you are planning to get yourself a GIC for Canada education, please keep in mind that this could help you earn a significant interest. So if you have enough funds, purchasing a GIC as earlier as possible is advised.