What is Guaranteed Investment Certificate (GIC)?

A GIC is a financial investment required for international students applying for a Canadian Study Permit, proving they have the funds to cover their living costs.

For 2026, the required GIC amount is $20,635 CAD for a single applicant, which reflects the updated IRCC cost of living guidelines.

Approved banks include major Canadian financial institutions like Scotiabank, CIBC, Simplii Financial, ICICI Bank Canada, and SBI Canada.

Upon arrival, the bank will release an initial lump sum (about $4,000 to $5,000 CAD), with the remaining balance paid out in equal monthly installments over 12 months.

While not strictly mandatory for the general path (unlike SDS), a GIC is highly recommended as it represents the strongest possible proof of living cost coverage.

Once the bank receives the funds, it typically takes 3 to 10 working days to issue the official GIC confirmation certificate.

The bank will refund the full deposit amount, minus any administrative setup fees. You must submit your official visa refusal letter to request the refund.

Yes. The payment must be sent via wire transfer or international money transfer platforms, and the sender's account should ideally be in the name of the applicant or their parents.

Yes. Most approved banks charge an administrative fee of around $150 to $200 CAD to set up and manage the GIC.

Yes. If you secure a study loan, you can request the lending bank to transfer the GIC portion directly to your Canadian GIC bank account.

Yes. The funds accrue interest at the bank's standard GIC rates, and the accrued interest is paid out to you throughout the year.

Yes. The entire GIC application, account setup, and fund transfer process are completed online before you apply for your visa.