How much GIC is required for a Canada Student Visa ?

Students applying for a study visa for Canada require a GIC Certificate, i.e., a Guaranteed Investment Certificate of CA$10,000, a minimum amount set by IRCC for all International students. This guideline is compulsory to follow for all the banks of Canada. All Canadian Banks give CA$2000 on activating the account on arrival in Canada and the remaining CA$8000 in twelve monthly installments, except for BMO, which releases bi-monthly installments. The installment is released in advance of each month, so you don’t have to worry about expenses.

If you open your GIC account in RBC Bank through Abroad Cube, you will get up to CA$457 extra as interest and get your GIC Certificate within 1 day. I loved their service.

For a Canada Student Visa under the Student Direct Stream (SDS), you are required to purchase a Guaranteed Investment Certificate (GIC) of CAD 10,000. This amount helps demonstrate that you have sufficient funds to cover your living expenses during your first year in Canada.

Purpose of the GIC it ensures you have funds readily available for living expenses in Canada. The CAD 10,000 is released to you in installments after your arrival.

Eligible Banks and Institutions

Only specific banks and financial institutions in Canada issue GICs for student visa purposes. Examples include Scotiabank, ICICI Bank Canada, CIBC, SBI Canada, HSBC Canada

How the GIC Works

After purchasing the GIC, the bank will provide you with a confirmation receipt required for your visa application.

Upon your arrival in Canada, the bank releases a portion (usually CAD 2,000) upfront, and the remaining amount is provided in monthly installments over 10-12 months.

Steps to Purchase a GIC

1. Open an account with an eligible Canadian financial institution.

2. Transfer CAD 10,000 (plus service fees, if any) to the account.

3. Obtain a GIC confirmation document to include in your visa application.