GIC for Canada: Complete Guide for Indian Students –Amount, Process and Requirements

For Indian students planning to study in Canada, arranging proof of funds is one of the most important

parts of the study permit application. A Guaranteed Investment Certificate (GIC) is one of the accepted

ways to demonstrate that you have money available to support yourself while studying in Canada. It is

particularly useful for students who want to manage their living expenses in a structured way after arrival.

However, there is an important change to understand: Canada ended the Student Direct Stream (SDS) in

November 2024, so students applying from India now generally apply through the regular study permit

stream. A GIC can still be used as proof of financial support, but buying one does not guarantee study

permit approval.

What Is a GIC?

A Guaranteed Investment Certificate (GIC) is a secure investment offered by a Canadian financial

institution for a fixed period. In the case of international students, a student GIC can help them keep

funds in a Canadian account and access the money gradually after arriving in Canada.

For a student-focused GIC arrangement, the financial institution may provide an initial amount after the

student completes identity verification in Canada, followed by regular monthly or bi-monthly payments

over a period of around 10 to 12 months, depending on the product and institution.

How Much GIC Amount Is Required for Canada?

There is no single mandatory GIC amount for every regular study permit application. Students must show

that they have enough money to cover:

Tuition fees

Living expenses

Transportation to and from Canada

For applications submitted on or after September 1, 2025, a single student studying outside Quebec

must show CAN$22,895 for one year of living expenses, excluding tuition and transportation costs. This

amount is updated periodically by the Canadian government.

Important Note

The commonly mentioned CAN$20,635 GIC was linked to the previous SDS financial requirement for

applications submitted from January 1, 2024. Since SDS ended on November 8, 2024, students should

not assume that simply purchasing a CAN$20,635 GIC is the current requirement for every new

application.

Step-by-Step Process to Get a GIC for Canada

1. Choose a Suitable Canadian Financial Institution

First, research Canadian banks or participating financial institutions that offer student GIC products

suitable for international students. Make sure to carefully check the bank's eligibility requirements,

account-opening process, fees and fund-release conditions.

2. Apply for the GIC

You will usually need to complete an online application and provide personal and identification details.

Depending on the institution, you may need documents such as:

Valid passport

Letter of Acceptance (LOA) from a Canadian Designated Learning Institution (DLI)

Personal contact details

Address information

Other documents requested by the financial institution

3. Receive Payment Instructions

After your application is accepted, the financial institution will provide instructions for transferring the

required funds from India to Canada. Students should use approved banking channels and retain all

payment records.

4. Transfer the Required Funds

Transfer the required amount according to the instructions provided by the financial institution. Apart from

the principal GIC amount, additional charges such as bank or wire-transfer fees may apply.

5. Receive Your GIC Confirmation

Once the funds are received and processed, the institution may issue documents such as:

GIC certificate

Letter of attestation

Investment Balance Confirmation

Investment Directions Confirmation

These documents can be used as supporting evidence of your financial resources for your Canadian

study permit application.

What Happens to the GIC After You Reach Canada?

After arriving in Canada, you generally need to complete your identity verification with the financial

institution and activate the required banking arrangements.

Depending on the terms of the student GIC, you may receive:

An initial lump-sum amount after completing identification requirements.

The remaining funds through regular monthly or bi-monthly instalments.

This structured system is designed to help students access their funds for living expenses throughout the

year. The exact release schedule can vary depending on the bank and GIC product.

Requirements for Indian Students

To use a GIC as part of your Canadian study permit application, students should generally ensure that

they have:

A valid passport

Admission to an eligible Canadian institution

A valid Letter of Acceptance

Sufficient funds for tuition, living expenses and transportation

GIC documentation, if using a GIC as proof of funds

Provincial or Territorial Attestation Letter, where required

Other documents required for the regular study permit application

The GIC is only one possible form of financial evidence. Canada also accepts other forms of proof of

funds, including Canadian bank accounts, education loans, bank statements, proof of tuition payments,

scholarships and financial support from other sources.

Is a GIC Compulsory for Indian Students Going to Canada?

No, a GIC is not automatically compulsory for every Indian student applying for a Canadian study permit.

Under the regular study permit process, students can demonstrate financial support through various

acceptable documents.

However, a GIC can be useful because it shows that a portion of your funds has already been transferred

to a Canadian financial institution and is available for your living expenses. Your complete financial

profile, including tuition payment and other funds, is still important.

Things to Check Before Buying a GIC

Before transferring a large amount of money, students should carefully check:

Whether the institution and product meet their study permit needs

The exact amount required based on current IRCC rules

How and when funds will be released

Whether interest is paid

Transfer and processing fees

Refund rules if the study permit is refused

Required documents for cancellation or refunds

It is also important to remember that Canadian financial institutions must disclose key information about a

GIC, including its term, repayment conditions, interest and relevant risks or charges.

Final Thoughts

A GIC can be a useful financial planning tool for Indian students preparing to study in Canada. It provides

a structured way to keep funds available for living expenses after arrival and can also be used as part of

the proof of financial support for a study permit application.

However, students should always check the latest IRCC financial requirements before purchasing a GIC,

as Canadian immigration rules and required living-expense amounts can change. For new applicants, the

focus should be on meeting the regular study permit financial requirements rather than relying on

outdated SDS rules.

With proper financial planning, correct documentation and a strong study permit application, Indian

students can make their journey to Canada much smoother and more organised.