Comprehensive Guide to GIC for Canada Study Visa (2025)

Last Updated On : May 07 , 2025

Embarking on an academic journey in Canada requires meticulous financial planning. A pivotal component of this planning is the Guaranteed Investment Certificate (GIC), especially for applicants under the Student Direct Stream (SDS) program. This guide delves deep into the nuances of GIC, ensuring you're well-equipped for your Canadian study visa application.

What is a GIC?

A Guaranteed Investment Certificate (GIC) is a secure investment product offered by Canadian financial institutions. For international students, it's a testament to their financial preparedness, assuring the Canadian government of their ability to cover living expenses during their initial year of study.

Eligibility Criteria

To be eligible for a GIC:

1. Enrollment: Secure admission in a Designated Learning Institution (DLI) in Canada.
2. Documentation: Possess a valid passport and an acceptance letter from the Canadian institution.
3. Financial Proof: Demonstrate the ability to invest CAD 20,635 in a GIC.

Required Documents

When applying for a GIC, ensure you have:

• Valid Passport
• Letter of Acceptance from a Canadian DLI
• Proof of Tuition Payment for the first year (if applicable)
• Recent Passport-sized Photographs
• Completed GIC Application Form

Why is GIC Essential for SDS Applicants?

The Student Direct Stream (SDS) is a streamlined visa application process for students from specific countries, including India, China, the Philippines, and Vietnam. A mandatory requirement under SDS is the purchase of a GIC worth CAD 20,635, reflecting the estimated annual living expenses in Canada.

Participating Financial Institutions

Several Canadian banks and financial institutions offer GIC programs tailored for international students:

Each institution has its own application procedures, fees, and interest rates. It's advisable to review each bank's offerings to determine the best fit for your needs.

GIC Amount Breakdown

As of 2025, the required GIC amount is CAD 20,635. This amount is disbursed in the following manner:

• Initial Disbursement: Upon arrival in Canada, students receive an initial amount (varies by bank).
• Monthly Installments: The remaining funds are provided in equal monthly installments over 10-12 months.

This structured disbursement ensures students have a steady flow of funds to cover living expenses.

GIC Refund Policy

In cases where a study permit is denied or the student decides not to pursue studies in Canada, most banks offer a refund of the GIC amount. However, administrative fees (typically around CAD 200) may be non-refundable. It's crucial to review the refund policies of the chosen financial institution.

Benefits of GIC

• Proof of Financial Stability: Demonstrates to immigration authorities that the student can support themselves.
• Simplified Visa Process: Essential for SDS applicants, leading to faster visa processing times.
• Structured Financial Planning: Monthly disbursements aid in budgeting and financial management.

Frequently Asked Questions (FAQs)