As of 2024, the GIC requirement is CAD 10,000 minimum (covering approximately 10 months of living expenses). This amount is in addition to your first-year tuition fees.
What is a GIC (Guaranteed Investment Certificate)?
A GIC is a Canadian bank deposit that international students must open as part of their study permit application. It proves to the Canadian government that you have sufficient funds to support yourself during your studies.
How Much GIC Do You Need for Canada?
As of 2024, the GIC requirement is CAD 10,000 minimum (covering approximately 10 months of living expenses). This amount is in addition to your first-year tuition fees.
Which Banks Offer GIC for International Students?
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| Bank | GIC Amount | Processing Fee | Processing Time |
|---|---|---|---|
| Scotiabank | CAD 10,000 | CAD 150 | 3–5 business days |
| CIBC | CAD 10,000 | CAD 200 | 5–7 business days |
| SBI Canada | CAD 10,000 | CAD 200 | 5–7 business days |
| ICICI Bank Canada | CAD 10,000 | CAD 150 | 3–5 business days |
How to Open a GIC from Your Home Country
- Choose a bank: Scotiabank and CIBC are most popular with Indian students
- Apply online: Visit the bank's international student GIC portal
- Transfer funds: Send CAD 10,000 + fee from your home country via Wise or bank wire
- Receive GIC certificate: Uploaded document for your study permit application
- Access funds on arrival: Funds released monthly after you arrive in Canada
Sending Money from India to Open a GIC
Use Wise to transfer INR to CAD for the GIC — the mid-market rate saves you significantly vs bank wire.
LRS rules: GIC funding falls under education remittance (purpose code S0305). 5% TCS applies if amount exceeds ₹7 lakh from own funds.
When to Open Your GIC
Open your GIC before submitting your study permit application — you'll need the GIC certificate as part of your application documents.
After Arrival: Accessing Your GIC Funds
Once in Canada with your study permit:
- Visit the bank branch with your passport, study permit, and enrollment letter
- Open a local student chequing account
- GIC funds are released monthly (typically ~CAD 833/month over 12 months)
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