Is a GIC compulsory for a Canada study permit?

No. IRCC lists a GIC as one way to prove your funds, alongside bank statements, an education loan or a scholarship. Most Indian students still use a GIC because it is simple for the visa officer to check.

How much money do I put in a GIC in 2026?

For applications received on or after 1 September 2026, a single applicant outside Quebec must show CAD 23,448 for living costs, plus first-year tuition and travel. Most students put the living-cost amount in the GIC.

When do I get my GIC money back?

After you arrive in Canada and verify your identity at the bank. Part is usually released at once and the rest is paid monthly, often over 12 months, with interest. Each bank sets its own schedule.

What happens to my GIC if my study permit is refused?

You send the refusal letter to the bank and it refunds the money to your Indian account, minus any cancellation charges it states when you open the GIC.

Can an education loan pay for the GIC?

Yes. Many lenders release the GIC amount directly to the Canadian bank. Your loan sanction letter then also shows IRCC where the money came from.

GIC for Canada Student Visa

Open and Fund Your GIC from India

A Guaranteed Investment Certificate (GIC) is the most common way Indian students show IRCC they have money to live in Canada. You deposit your first year's living costs with a Canadian bank before you apply, and the bank pays it back to you in Canada after you arrive.

We help you choose a participating bank, open the GIC online, send the money from India under the Liberalised Remittance Scheme, and get the GIC certificate your study permit file needs.

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How much you need for a Canada study permit

For study permit applications received on or after 1 September 2026, IRCC asks single applicants outside Quebec to show CAD 23,448 for one year of living costs. This is on top of your first year's tuition and your travel. Most students put the living-cost amount into a GIC and show the tuition paid or ready separately.

Applying with family members? The amount goes up with each person. Quebec sets its own amounts.

People in your application	Living costs to show (CAD, one year)
1 (you alone)	23,448
2	29,192
3	35,888
4	43,572
5	49,419
Each extra person after 7	6,318

How a GIC works

Choose a bank in the student GIC program, such as Scotiabank, CIBC, ICICI Bank Canada, SBI Canada, RBC, BMO or TD.

Open the GIC online with your passport and letter of acceptance, and get the bank's payment details.

Send the money from your Indian bank account to the Canadian bank by wire transfer.

The bank issues a GIC certificate or confirmation letter. You upload it with your study permit application.

After you arrive, you verify your identity at the bank. Part of the money is released at once and the rest is paid into your account in monthly instalments, usually over 12 months, with interest.

If your study permit is refused, you send the refusal letter to the bank and it returns the money, minus any charges it states.

Ask about opening a GIC

How we help

Choosing the bankWe compare the banks' processing fees, interest and how they release the money, so you pick the one that suits you.

Opening the accountWe guide you through the online form and check your details before you submit.

Sending the money from IndiaWe help with the bank transfer form (A2), purpose code and Liberalised Remittance Scheme declaration, at a good exchange rate.

Tax at source (TCS)Large remittances can attract TCS. Your bank shows it before you pay, and you can claim it back in your income-tax return. We explain how it applies to you.

The documents IRCC checksYour GIC certificate, tuition receipt and proof of where the money came from, put together in one file.

Study permit applicationOur counselors prepare and check your full Canada study permit application.

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