Canada GIC and Proof of Funds for Your Study Permit (2026)
If you are applying for a Canadian study permit from India, you must show the Canadian government that you can pay for your studies and living costs. Many applicants hear about the GIC (Guaranteed Investment Certificate) and are not sure what it is or whether they need one. This guide explains what proof of funds means in 2026, the new living-cost amount, and what to do next.
What proof of funds means
For a study permit, you show that you have enough money for:
- Tuition: the first year of tuition fees, shown on your offer letter.
- Living costs: the federal minimum for one year of living expenses. Quebec sets its own amounts.
- Travel: return travel to Canada, for new applicants.
Tuition is usually paid to the college or university directly, so the living-cost amount is the one that changes the most.
The living-cost amount from 1 September 2026
Several 2026 guides report that the federal living-cost minimum for a single applicant studying outside Quebec rose to CAD 23,448 for applications made on or after 1 September 2026. The previous amount was CAD 22,895. Applications received before 1 September are assessed on the amount in force when they were received. The amount is reviewed each year, so check it on the day you apply.
We could not open the official IRCC page while checking this article, so please confirm the current amount and family-size table on the Government of Canada website before you rely on it.
What a GIC is
A GIC is a term deposit you buy from a participating bank. It is one way to show funds, usually held in your name or in a family member's name, and it is released in instalments after you arrive in Canada. A GIC is not a loan. Not every bank offers the same product, and the rules for which accounts count as proof can change, so check with the bank and with the official guidance before you open one.
Other ways to show funds
- Bank statements in your name or a sponsor's name, showing the funds were held for the required period.
- Education loan sanction letters from an approved bank.
- A scholarship or sponsorship letter, where it covers the amount.
Recent deposits can be questioned. Be ready to explain where the money came from, and keep the records.
Common mistakes
- Showing a balance that is below the amount for the day you apply.
- Using money that was added just before the application without explaining the source.
- Using last year's amount.
- Forgetting the first year of tuition, or the travel costs.
How Ethicaledu can help
Our team in Hyderabad checks your funds, your bank statements and your offer letter before you apply, and tells you what to fix first. The review is free. See our Canada study service or book a free consultation.
Checked on 14 November 2026 against published 2026 guidance. Amounts and rules change, so always confirm on the official Government of Canada website before you apply.
