GIC for Canada Student Visa — 2026 Guide
How the GIC works, how much you need, participating banks, and how the money is released
The GIC, Explained Simply
A Guaranteed Investment Certificate (GIC) is the cleanest way to prove you can pay for your first year in Canada. You park your living funds with a Canadian institution before you travel, show the certificate to IRCC as proof of funds, and get the money back — in instalments — after you arrive. Officers trust it because it's easy to verify.
Since the SDS ended in November 2024 the GIC is no longer mandatory, but it remains one of the strongest proof-of-funds options under the regular stream.
How a Student GIC Works
1. Buy the GIC (before you travel)
Open a student GIC online with a participating Canadian institution and transfer the required living funds from India.
2. Get your GIC certificate
The institution issues a certificate confirming the funds — you include this in your study permit application as proof of funds.
3. Activate after you arrive
Once in Canada, verify your identity and activate the account to unlock the funds.
4. Receive your money
You get an initial lump sum, then the balance in monthly instalments over roughly 10–12 months.
The GIC covers living costs only — you must separately show first-year tuition and travel funds. Proof-of-funds amounts are updated periodically by IRCC, so confirm the current figure for your intake before you buy.
Frequently Asked Questions
Set Up Your GIC the Right Way
Get RCIC-authorized (R506940) help choosing a reputable GIC provider, transferring funds from India correctly, and building a proof-of-funds package that satisfies IRCC the first time.