GIC for a Canada Study Permit: How Much, and Is It Required?

A GIC has not been required for a Canada study permit since the Student Direct Stream ended on November 8, 2024. It is one accepted proof of living-cost funds. It can hold part or all of IRCC's single-applicant amount: $23,448 for applications from September 1, 2026, outside Quebec. Tuition is shown separately. An officer decides whether your proof is enough.

Check the living-cost amount with the Funds Calculator

Last verified: November 2026

$23,448
Living costs IRCC sets for one applicant outside Quebec, for applications from September 1, 2026
$22,895
The figure for applications from January 1, 2025 to August 31, 2026
November 8, 2024
The Student Direct Stream ended, and the GIC became optional

These amounts cover living costs only. Tuition is shown separately, and Quebec sets its own financial thresholds.

Is a GIC required for a study permit?

No. The GIC used to be mandatory under the Student Direct Stream (SDS), but it became optional for everyone when IRCC closed SDS on November 8, 2024. Under SDS, applicants from certain countries had to buy a GIC and submit language results to qualify for faster processing.

With SDS gone, all study permit applications now go through the regular stream. The GIC is one of several accepted ways to show your living-cost funds, and an officer decides whether your proof is sufficient.

What does a GIC prove, and how much must you show?

A Guaranteed Investment Certificate is a Canadian investment that has a guaranteed rate of return for a fixed period of time. For study permit purposes, IRCC lists a GIC from a Canadian financial institution as one proof of funds. You submit proof of the GIC to show that you have living-cost money available in Canada.

The GIC proves the cost-of-living portion of your financial requirement only. As an applicant outside Quebec, you must show that you can cover living expenses for your first year. For applications made on or after September 1, 2026, that single-applicant figure is CAD $23,448, up from $22,895 for applications from January 1, 2025 to August 31, 2026.

A GIC can hold part or all of this living-cost amount: IRCC sets the amount you must show, not the GIC's size. You still need to show that your tuition is paid or that you can pay it, on top of the GIC. Quebec sets its own financial thresholds, so the amount differs if you plan to study there.

IRCC updates the cost-of-living amount each year. It set the 2024 amount at 75% of the low income cut-off and said it would adjust it when Statistics Canada updates that measure.

The rule

A GIC is one accepted way to show living-cost funds, but it is optional.

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How does a GIC work?

Buy the GIC before you apply
You buy a GIC from a Canadian financial institution before you apply. Each institution sets its own application steps and any fee it charges on top of the deposit.
Include the proof in your application
You include proof of the GIC in your study permit application as proof of financial support. Proof of tuition goes in the same application, as separate proof.
Receive the funds in Canada
IRCC’s page today sets no terms for a GIC. Each institution sets its fee, release schedule and any interest, so how and when you get the money after you arrive depends on the institution, not on IRCC.

Under the Student Direct Stream, IRCC required the institution to release the funds as an initial lump sum once you identified yourself on arrival in Canada, then the rest in monthly or bi-monthly instalments over 10 to 12 months (IRCC's SDS page as archived on 1 November 2024). That stream ended on November 8, 2024.

Which financial institutions offer a student GIC?

Several Canadian financial institutions offer student GIC programs, and the list can change. IRCC's page today names no GIC providers. Each institution runs its own program, with its own application process, fee, release schedule and any interest on the balance.

IRCC lists a GIC from a Canadian financial institution and does not require you to use any particular intermediary. No institution or agent can guarantee that an officer will approve your application.

What other proof of funds does IRCC accept?

Other accepted proof of financial support can include:

Bank statements for the past 6 months, with documents that show the source of the money
A Canadian bank account with transferred funds
Proof of a student or education loan from a bank
A scholarship or funding letter
Evidence of paid tuition

Whatever you submit, the funds should be real, available and verifiable, in money you can access in Canada. An officer makes the final decision on whether your proof is sufficient.

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What do people ask?

Is a GIC compulsory for a Canada student visa?

No. A GIC has been optional since IRCC closed the Student Direct Stream (SDS) on November 8, 2024. SDS required a GIC and language results for faster processing. All study permit applications now go through the regular stream, where a GIC is one accepted proof of living-cost funds among several. An officer decides whether your proof is enough. Our Study Permit Guide explains the rest of the application.

How much GIC is needed for a Canada student visa?

IRCC sets the amount you must show, not the GIC's size. Its single-applicant cost-of-living figure is $23,448 for applications made on or after September 1, 2026, outside Quebec, and a GIC can hold part or all of it. For applications from January 1, 2025 to August 31, 2026, the figure was $22,895. Quebec sets its own amounts. Tuition and any institution fee come on top. Our Study Permit Proof of Funds guide shows the amounts for larger families.

What is a GIC for a student visa?

A GIC (Guaranteed Investment Certificate) is a Canadian investment, bought from a Canadian financial institution, that has a guaranteed rate of return for a fixed period of time. Students buy one before they apply, for part or all of the living-cost amount. Proof of the GIC goes into the study permit application as proof of financial support. The institution sets when and how it releases the money. Our Student Cost of Living guide covers budgeting once you land.

Does the GIC cover my tuition?

No. A GIC covers only the cost-of-living part of the financial requirement. You must also show that your tuition is paid or that you can pay it, as separate proof in the same study permit application. Proof of paid tuition, bank statements, a loan or a scholarship letter can do that. Our Study Permit Proof of Funds guide lists the documents IRCC accepts for each part.

How is the GIC money released to me?

IRCC's page today sets no release terms: each institution sets its own schedule, any fee and any interest. Under the Student Direct Stream, the institution had to release an initial lump sum once you identified yourself on arrival and the rest in monthly or bi-monthly instalments over 10 to 12 months. That stream ended on November 8, 2024. Our Student Cost of Living guide helps plan the months ahead.

Which banks offer a student GIC?

IRCC's page today names no GIC providers; it lists a GIC from a Canadian financial institution. Each institution runs its own program, with its own fee, release schedule and application process, and the offers can change. IRCC does not require any agent. Our Fee Calculator covers the separate government fees.

What other proof of funds can I use instead of a GIC?

You can use bank statements for the past 6 months with the source of the money, a Canadian bank account with transferred funds, a student or education loan from a bank, a scholarship or funding letter, or proof of paid tuition. The funds must be real, available and verifiable, in money you can reach in Canada. An officer decides whether your proof is enough. Our Study Permit Proof of Funds guide explains each document and the amount it must cover.

What are the GIC requirements for international students?

IRCC has no rule that you must buy a GIC, and its page today sets no terms for one. If you use a GIC, it comes from a Canadian financial institution, which sets its own steps, any fee, the release schedule and any interest. You include proof of the GIC in your application. The institution sets how you get the funds after you arrive. Our Study Permit Guide covers the other documents you need.

Part of:Studying in Canada Study permits

Official sources

This page is based on law and policy published by the Government of Canada.