Study in Canada: Raise In The Price For GIC, See How It Will Be Impacting The Indian Students

The maximum amount for Guaranteed Investment Certificates (GICs) has increased from CAD 10,000 to 20,635, as declared by the Canadian government. It is anticipated that thousands of Indian students who intended to study abroad will suffer as a result of this shift. This is being discussed in relation to Canada’s potential 2024 cap on international students.

For overseas students wishing to study in Canada, the GIC is a requirement that covers living expenses for a full year. The study permit applicants from India will now have to pay around INR 13 lacs in addition to the INR 6 lacs GIC deposit that they were previously required to pay due to the rise in the cost of living requirements.

The jump in GIC, which takes effect on January 1, 2024, may put an end to Punjabi students’ hopes of studying abroad, as Canada is their top choice.

Great Dreams, High Price

The move by the Canadian government to increase the GIC limit seems to be a reaction to the nation’s growing cost of living. Higher gasoline prices caused the annual inflation rate to rise from 3.3% in July to 4% in August. Canada’s 5.8% unemployment rate is being caused by inflation and job losses in the real estate industry.

Punjabi Students Still Interested To Study In Canada

However, visits to different immigration agencies have shown that Punjabi students are still interested in studying in Canada. In contrast to Australia or the US, international students studying in Canada have three years to get permanent residency (PR).

The decision to raise the GIC cap is anticipated to have an adverse effect on diploma candidates enrolled in one-year programs, making it more difficult for them to find full-time jobs. Immigration officials estimate that applications for diploma courses account for 70% of student visas to Canada.

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