{"id":4740,"date":"2024-01-09T15:19:08","date_gmt":"2024-01-09T15:19:08","guid":{"rendered":"https:\/\/www.extravelmoney.com\/blog\/?p=4740"},"modified":"2025-04-08T06:41:40","modified_gmt":"2025-04-08T06:41:40","slug":"canada-gic-2024-increased-to-cad-20635","status":"publish","type":"post","link":"https:\/\/www.extravelmoney.com\/blog\/canada-gic-2024-increased-to-cad-20635\/","title":{"rendered":"Canada Doubles GIC Amount in 2024 To $20,635: Indian Students Impacted"},"content":{"rendered":"\n
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Starting from January 1 2024, the GIC amount required for international students in 2024, including those from India, will be CA$ 20,635 (\u20b9 12.83 lakhs) which is 2x the previous amount of CA$ 10,000 (\u20b9 6.22 lakhs). <\/p>\n\n\n\n

Here is a communication ExTravelMoney received from one of our Canadian GIC partners;<\/p>\n\n\n\n

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This change has already been implemented and new students to Canada are now sending the increased GIC amount.<\/p>\n\n\n\n

So what is GIC in Canada for students?<\/strong><\/p>\n\n\n\n

GIC stands for Guaranteed Investment Certificate. With respect to students, it is an account where they deposit money for their stay in Canada for a year and every month they'll get money from that account to meet their living expenses. The money deposited in the GIC account is treated as proof of funds.<\/pre>\n\n\n\n
Also Read:<\/strong> <\/p>\n\n\n\n
All you need to know about GIC account in Canada for Indian Students<\/a><\/p>\n\n\n\n
GIC Account FAQ<\/a><\/p>\n\n\n\n
Below is a sample of a student payment for a CIBC GIC Account made in January 2024;<\/p>\n\n\n\n
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$ 20,635 (GIC Amount) + 196.03 (CIBC\u2019c Program Fee) = CA $20, 831.03 (Total Payable Amount)<\/p>\n\n\n\n
Take a look at how the new GIC amount of $20,635 works per year in the image below (CIBC) <\/p>\n\n\n\n
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Initial deposit in your Canadian bank account = $6190.50<\/p>\n\n\n\n
12 monthly payments = ~ $1204 per month.<\/p>\n\n\n\n
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If you\u2019d like to open a GIC Account, ExTravleMoney can help you with that;<\/p>\n\n\n\n
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OPEN GIC ACCOUNT<\/a><\/div>\n<\/div>\n\n\n\n
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(compare & choose from Canada\u2019s top banks)<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n
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Why GIC Amount Increased in 2024 To $20,635?<\/h2>\n\n\n\n
The old minimum GIC amount of CAD 10,000 was fixed in the early 2000\u2019s. During those times, $10,000 was sufficient for a student for a year. <\/p>\n\n\n\n
Since then the cost of living in Canada has risen quite a lot.<\/p>\n\n\n\n
In 2023, as per the Government of Canada, the Low Income Cut-Off (LICO) was $27,514. <\/p>\n\n\n\n
This figure is considered as the poverty line in the urban areas of Canada. The new GIC amount is actually 75% of the 2023 LICO figure.   <\/p>\n\n\n\n
Thus taking into account the rising cost of living and considering 75% of the LICO figure, the GIC amount was increased in 2024 from $10,000 to $20,635.<\/p>\n\n\n\n
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When the GIC amount was $10,000;<\/p>\n\n\n\n