In a strategic move aimed at enhancing the overall experience for international students, the Canadian government recently announced a significant adjustment to the Guaranteed Investment Certificate (GIC) limit. Effective January 1, 2024, the new GIC limit has been raised from 10,000 Canadian dollars to 20,635 Canadian dollars.
The GIC serves as a crucial component for international students studying in Canada, covering living expenses for a year. This financial requirement has been pivotal for study permit applicants, particularly affecting Indian students who, prior to this change, had to deposit Rs 6 lakh as GIC. With the revised limit, Indian students will now need to allocate approximately Rs 13 lakh.
While this adjustment might seem like an increased financial burden at first glance, it should be recognized as a strategic step by the Canadian government. The move aims to reduce the necessity for students to engage in menial jobs solely to cover fees and the cost of living.
Importantly, students still have over 15 days to submit their visa applications, allowing them to adhere to the old GIC amount until December 31, 2023. This grace period facilitates a smooth transition for students adjusting to the new financial requirement.
The decision to raise the GIC limit aligns with the Canadian government’s response to the rising living costs in the country. Factors such as the annual inflation rate increase from 3.3% in July to 4% in August, attributed to higher petrol prices, have influenced this strategic move. Additionally, the current unemployment rate of 5.8% in Canada, connected to real estate job cuts and inflation, has prompted the government to address the financial needs of international students.
Despite these economic challenges, Canada remains a magnet for students from Punjab, as confirmed by visits to various immigration centers. Unlike some other countries, international students in Canada have the opportunity to secure permanent residency (PR) within three years, making it an attractive destination for those seeking a long-term commitment.
At Neelaruns Institute of Confidence, we provide detailed sessions on financial preparedness, including understanding GICs, opening a Canadian bank account, and managing expenses in Canada.
Being based in Coimbatore, we incorporate local insights that prepare our students for global transitions. This local-global approach ensures that our students are not just ready academically but are also well-versed in logistical and financial preparations needed for studying in Canada.
In light of the evolving scenario, there is a call for the government to focus on capacity building. This strategic move aims to ensure that Indians abroad are not compelled to resort to menial jobs but rather have access to higher-paying opportunities, aligning with the overarching goal of providing a strategic and enriching experience for international students in Canada.
The Canadian Government’s strategic adjustment in GIC limits is a commendable move that supports international students profoundly. At Neelaruns Institute of Confidence, Coimbatore, we are committed to preparing our students thoroughly for these changes, ensuring they embark on their educational journey with confidence and proper financial backing.
Embrace this opportunity and let Neelaruns Institute guide you towards achieving your dream of studying in Canada with financial security and peace of mind.
