Business News | GIC Canada Explained: How to Juggle Study, Work, and Finances as an International Student
Get latest articles and stories on Business at LatestLY. New Delhi [India], December 23: As an international student in Canada, you must keep a Guaranteed Investment Certificate (GIC) to cover your living costs. This might look like a significant commitment, but GIC Canada lets you manage your expenses. On top of that, Canada offers students the flexibility to work part-time while they study, which helps them pay for these costs. If you're not sure how to juggle your studies with making money, don't worry. This guide will tell you all you need to know about working and studying in Canada at the same time.
ATK
New Delhi [India], December 23: As an international student in Canada, you must keep a Guaranteed Investment Certificate (GIC) to cover your living costs. This might look like a significant commitment, but GIC Canada lets you manage your expenses. On top of that, Canada offers students the flexibility to work part-time while they study, which helps them pay for these costs. If you're not sure how to juggle your studies with making money, don't worry. This guide will tell you all you need to know about working and studying in Canada at the same time.
What is a GIC? Understanding the basics
A Guaranteed Investment Certificate (GIC) plays a crucial role for students seeking a study permit through the Student Direct Stream (SDS). This financial tool significantly impacts international students in Canada, providing them with sufficient funds to cover their living costs of around CAD 10,000 for one year. The GIC is disbursed in monthly installments, which helps students manage their finances during their studies in Canada.
The GIC Canada requirement aims to provide financial stability, but many students try to balance this by taking on part-time jobs. These jobs can be on or off-campus, giving students a chance to earn money and gain useful work experience.
Work opportunities for international students in Canada
1. On-campus work
Students often find on-campus work appealing because it's close by and fits well with their schedules. Working on campus gives students a great opportunity to earn money while staying close to their classes. It offers convenience and flexibility. If you're an international student with a valid study permit, you don't need a work permit for these jobs. On-campus jobs often include working in the library, cafeteria, student union, or an office on campus, providing proximity to classes and income.
2. Off-campus work
Students who want more choices can look for off-campus job opportunities if they have a valid study permit. You can work up to 20 hours a week and full-time during scheduled breaks during academic terms. Many students choose jobs in shops, hotels, or customer service. These jobs often pay better, helping you save money and use less of your GIC Canada funds.
Eligibility requirements for working while studying
To work while studying in Canada, you must meet certain eligibility criteria:
* Hold a valid study permit.
* Be enrolled full-time at a Designated Learning Institution (DLI).
* Maintain good academic standing while you study in Canada.
Ensure you meet these eligibility requirements to avoid any issues with your work permit or study status.
How to earn enough to offset your GIC Canada
1. Part-time jobs and earnings
A part-time job can help you cover your living costs and save some of your GIC Canada money. Most part-time jobs pay between CAD 13 and CAD 20 an hour, depending on where you work and what you do. If you work the full 20 hours per week during the semester, you could make about CAD 1,200 to CAD 1,600 each month. This money can help pay for your rent, food, and transportation, so you don't have to use as much of your GIC funds.
2. Internships and co-op programs
There are numerous paid internship or co-op programs available in Canadian academic programs where you can make good money while gaining practical experience in your area of specialization. These opportunities can be beneficial not only to compensate for your GIC Canada but also to gain more experience in a particular field and develop professional connections for your later employment.
3. Freelancing and remote work
A second way of generating additional money while having control over your GIC Canada is through freelancing. Many students proficient in certain fields, such as graphic design, writing, or tutoring, can look for freelance work on platforms like Upwork or Fiverr. Working as a freelancer has flexibility on the time of work to complete and therefore allows students to earn an income as they study in Canada.
Tips for balancing work and studies
Balancing part-time work with studies is essential to ensure you succeed academically. Here are a few tips:
* Prioritize academics: It is important to always keep in mind that the main reason for your stay in Canada is education. Ensure that your job does not affect your academics in a negative way.
* Time management: Work out a weekly timetable with your study time, your working time or any other time of the week.
* Stay organized: Such sites as Google Calendar can be used to schedule your assignments, working shifts, and deadlines as well.
How your earnings can help with GIC Canada and living expenses
Your part-time earnings can greatly ease the burden of living expenses. For instance, if you earn around CAD 1,500 per month from part-time work, you can allocate this income toward rent, groceries, and transportation. This allows you to save your GIC Canada funds for other essential expenses like textbooks or unforeseen costs.
A simple student budget could include:
* Rent: CAD 600-CAD 800
* Groceries: CAD 200
* Transportation: CAD 100
* Miscellaneous: CAD 100
With part-time earnings, you can effectively manage your living expenses and reduce the amount you need to withdraw from your GIC Canada account each month.
Taxation and benefits for student workers
Working as a student in Canada, you are required to file taxes on any income received. The good news is that depending on the situation, you might qualify for tax benefits such as tuition fees. By tracking your income and your tuition payments, the tax filing process is made easier, and you are also in a better place to maximize your benefits when it comes to GIC Canada.
Conclusion
Earning while studying in Canada presents an effective method of meeting your living expenses or partially providing for your GIC Canada. By balancing the time that you spend in class with the time you spend working, you are able to financially benefit from your time in Canada as much as you are able to professionally benefit.
Therefore, to facilitate the process and provide the best experience in studying as an international student, collaborating with consultants is crucial. MSM Unify, known for being one of the best study abroad consultants, offers full services to assist you in studying abroad. MSM Unify offers assistance in obtaining visas all the way to choosing the right courses and ensures students have the resources required to be successful in Canada and other countries. Offering tailored services and connections with the world's best universities, MSM Unify is your ally on the path towards studying abroad.
In search of other suggestions for handling your GIC Canada and making money while studying in Canada? Learn about the tools available on MSM Unify that will help you improve your student experience.
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