The Student Direct Stream Program, administered by the Canadian Government, facilitates the entry of international students to Canada for educational purposes. A prerequisite for obtaining the visa is possession of a Guaranteed Income Certificate (GIC), known as the Canada Student GIC. This fund is provided by the Canadian Government, disbursed to students during periods of inflation to cover essential expenses, or students can choose to withdraw it themselves.
On December 8, 2023, the Canadian Immigration Minister announced a forthcoming GIC Increase in Canada, elevating the amount from $10,000 CAD to $20,635 CAD. This adjustment will impact numerous students intending to commence their studies in Canada for the January 2024 session. To gain a comprehensive understanding, refer to the Canada Student GIC Rate Increase Table provided below.
Subsequently, it is crucial to examine the Pros and Cons of the Guaranteed Income Certificate (GIC) to gauge its implications and benefits while in Canada. For those contemplating a move to Canada in the next year or upcoming admissions, utilizing the Student GIC Calculator 2024 is advisable to ascertain the payable amount in their respective currencies.