Student GIC in Canada 2026: What It Is, How Much You Need and How to Open One

What Is a GIC for Canada?

A student GIC is an investment you buy from a participating Canadian bank before you travel. The bank holds the money, and after you arrive and verify your identity it pays it back to you in instalments over the year, usually after an initial lump sum. The bank also gives you a certificate that you can upload with your study permit application as proof of funds.

Is a GIC Mandatory in 2026?

No. A GIC is one accepted way of showing proof of funds, alongside bank statements, a Canadian bank account in your name, an education loan, scholarships and sponsor documents. The Student Direct Stream, which required a GIC, ended on 8 November 2024 (Go Far Global). Do not follow older guides that call the SDS the “new” fast route.

How Much Do You Need to Show in 2026?

These are the figures for applications submitted on or after 1 September 2026. Earlier applications fall under the earlier requirement. Tuition and travel costs are separate: you must also show that first-year tuition is paid or can be paid, plus travel costs for yourself and any family members who accompany you (Moving2Canada). Quebec sets its own figure through the CAQ process: as of 1 January 2026, CAD 24,617 for a single applicant.

A GIC usually covers only the living-cost portion, so plan for tuition separately. Always confirm the current figures on the IRCC financial-support page, because the amounts are updated periodically. Convert to rupees at the current CAD rate when you plan your budget.

Also Read: What counts as proof of funds for a student visa

Also Read: Why Indian students should study a master’s in Canada

Who Should Consider a GIC?

• Students who want a simple, bank-backed proof of funds: it is a clear document that shows the money is available and set aside.
• Students who cannot easily document other funds: a GIC avoids long explanations for large deposits.
• Not everyone needs one: if you can show enough funds through bank statements, a loan or a sponsor, a GIC is optional.

Whatever you choose, officers look closely at the source of funds and whether they are liquid, so keep documents for any large deposit.

Documents for a Canadian GIC Account

• Valid passport and a second government ID
• Letter of acceptance from a designated learning institution
• Proof of how you are funding the deposit, such as a loan sanction letter or bank statements
• Any extra documents your chosen bank asks for during ID verification

Each bank sets its own list, so use the checklist on its student GIC page.

Also Read: Scholarships in Canada

Banks That Offer Student GICs

Major Canadian banks, including RBC, TD, Scotiabank, CIBC and HSBC Bank Canada, offer international student GIC programmes, and some Indian banks’ Canadian arms do as well. Compare these before choosing:

• Whether the bank is a participating institution that issues the study permit-ready certificate
• Processing fee, wire fee and monthly account charges, which differ by bank
• How the money is paid out: the initial lump sum and the monthly instalments
• How quickly you can open the account from India and when it is activated in Canada

We have not listed fees in this guide, because banks change them. Check each bank’s page before you pay.

How to Open a GIC Account

• Step 1: choose a bank and apply online for the student chequing account and the student GIC.
• Step 2: complete ID verification and receive account and wire details.
• Step 3: send the required amount by wire transfer within the time the bank gives you. Check the conversion and wire charges first.
• Step 4: the bank places the amount in the GIC and issues a confirmation or certificate.
• Step 5: upload the certificate with your study permit application.
• Step 6: after you land, visit a branch or follow the bank’s steps to verify your ID and activate the account, and the bank starts paying you back.

If you need a loan for the deposit, see education loan for study in Canada.

Things to Remember

• You generally cannot use the GIC money until you arrive in Canada and complete the bank’s verification.
• Early withdrawal and cancellation terms differ by bank, so read them before you buy.
• Apply early, because the bank must issue the certificate before you submit the study permit.
• A GIC does not guarantee study permit approval.

Related Articles

• What Qualifies as Proof of Funds for a Student Visa
• Student Visa for Canada: Documents and Requirements
• Canada Ends Fast-Track Study Visa Program
• Education Loan to Study in Canada

Need funds for your Canada deposit? Talk to a GradRight counsellor about an education loan that covers tuition and living costs.