GIC for Canada 2026: What It Is, How to Open One & How Much You Need
A simple guide to the Guaranteed Investment Certificate (GIC) for Canadian study-permit applicants — the amount, which banks to use, the step-by-step process, and how you get the money back.
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A Guaranteed Investment Certificate is a Canadian savings instrument where you deposit a fixed amount before you travel, and the bank releases it back to you in instalments after you arrive. It is the standard way international students prove they can cover their first-year living costs for a study permit.
How much you need in 2026
The GIC amount matches IRCC's living-cost benchmark — currently CAD 20,635 (outside Quebec). You transfer this plus the bank's small processing fee. This is separate from your tuition, which you usually pay directly to the institution.
Which banks to use
The common GIC providers for Indian students are Scotiabank, ICICI Bank Canada, CIBC and Simplii Financial. ICICI is popular because Indian students can open it from India. Compare processing fees, how fast they issue the Investment Directions/GIC certificate, and the disbursement schedule before choosing.
Step-by-step process
1) Choose a bank and open the GIC/student account online. 2) Transfer the CAD 20,635 from your Indian bank (you will need a Form A2 / LRS remittance). 3) Receive the Investment Confirmation letter. 4) Attach it to your study-permit application as proof of funds. Start early — the transfer and paperwork can take 1–2 weeks.
How you get the money back
After you land and activate your Canadian account, you typically receive an initial lump sum (around CAD 2,000–2,600) and then the balance in monthly instalments over 10–12 months. This gives you a steady living stipend through your first year.
Plan the rest of your application
A GIC covers living funds, but a clean study-permit file also needs a strong SOP and a solid English score. Practise IELTS/PTE free on LandingPrep and use the free SOP builder to make your application airtight. Always confirm the latest GIC amount on the official IRCC site before you remit.