Guaranteed Investment Certificate (GIC)

Guaranteed Investment Certificate (GIC)

What is a Guaranteed Investment Certificate (GIC)?

A Guaranteed Investment Certificate (GIC) is a secure investment product offered by Canadian banks and financial institutions. International students can use a GIC to demonstrate that they have sufficient funds to support their living expenses while studying in Canada.

The money deposited into a GIC earns interest and is generally released to the student in instalments after arriving in Canada, depending on the bank's terms and conditions.

Is a GIC Mandatory for a Canadian Student Visa?

No. A GIC is no longer mandatory for international students applying for a Canadian study permit.

Previously, students applying through the Student Direct Stream (SDS) were required to purchase a GIC from an eligible Canadian financial institution.

However, Immigration, Refugees and Citizenship Canada (IRCC) discontinued the SDS programme on 8 November 2024.

Students from India and other countries now apply through the regular study permit process, where a GIC is one of several accepted ways to demonstrate financial capacity.

How Much Money Do Students Need?

International students must demonstrate sufficient funds to cover:

• Tuition fees for their studies.
• Living expenses in Canada.
• Transportation costs to and from Canada.

For applications submitted from 1 September 2026, a single student studying outside Quebec must demonstrate at least CAD $23,448 for first-year living expenses, in addition to tuition fees and transportation costs.

Students must also explain how they intend to finance the remaining duration of their studies.

How Does a GIC Work?

1. Choose a Canadian financial institution: Select a bank offering GIC products for international students.
2. Open an account: Complete the bank's application and identity verification requirements.
3. Transfer funds: Deposit the required amount through an authorised banking channel.
4. Receive confirmation: The bank issues a GIC certificate or investment confirmation that may be submitted with the study permit application.
5. Access funds in Canada: After arriving and completing the bank's verification process, students receive funds according to the agreed payment schedule.

Can Students Apply Without a GIC?

Yes. Students may demonstrate financial capacity using other acceptable documents, including:

• Bank statements showing available funds.
• Education loan approval or disbursement documentation from a bank.
• Proof of tuition and accommodation payments.
• Scholarship or financial sponsorship documents.
• Canadian bank account statements.

IRCC may request additional evidence to establish the availability and source of funds.

Important Information for Students

A GIC does not guarantee study permit approval. Canadian immigration authorities assess financial capacity alongside academic background, study plans, supporting documentation and other eligibility requirements.

Students should use legitimate financial institutions and ensure that all funds and financial documents are genuine and verifiable.

How Can Uni2Go Help?

At Uni2Go, our experienced education counsellors help students understand Canadian study permit requirements, estimate tuition and living expenses, explore education funding options and prepare the financial documents required for their applications.

Plan your Canadian education journey with confidence. Talk to a Uni2Go counsellor today.