This blog breaks down whether a GIC is mandatory for a Canada Study Visa for applicants applying in 2025. And also it will ignite the application process regarding the Student Direct Stream (SDS) or the regular route.
What is a GIC and Why Does It Matter?
A Guaranteed Investment Certificate (GIC) is a product offered by the banks in Canada to the foreign Nationals. International students purchase a GIC to establish their ability cover all the financial aspects like the accommodation, food, travel and living expenses while studying in Canada. This is the documentation to prove and ensure whether they have enough funds to cover their living expenses.Purpose of the GIC
- Financial Proof: The GIC is given to act as a financial proof to show the sufficiet funds in the banks, which is required for your Canada Study Visa.
- Living Expenses: Applicants who are applying the in the year of 2025, the Canada GIC amount is set at CAD 20,635. This amount is required to cover the one year of the estimated expenses during your permit.
- Visa Processing Simplification: If the applicant is applying under Student Direct Stream (SDS), and have secured a GIC account, then they can enjoy the faster and more efficient visa processing.
The GIC is important for the students applying under the SDS stream. Then what about the other applicants?
Yes, not everyone needs to apply acquire a GIC account; there are many other alternatives.
Is a GIC Mandatory for a Canada Study Visa?
No, GIC is not mandatory for all applicants. The answer depends on the streams chosen by the applicants, it may be through Student Direct Stream or non-SDS, that is the regular study permit.For Student Direct Stream (SDS) Applicants
Yes, a GIC is mandatory for applicants applying under the SDS program. The SDS is required for applicants from countries like India, China, the Philippines, Vietnam, and several other Nations.
- Requirement: Students must purchase a GIC of CAD 20,635 from a participating Canadian financial institution.
- Participating Banks: The most commonly used by the applicants include ScotiaBank, ICICI Bank Canada, and SBI Canada Bank.
For Regular Study Permit Applicants (Non-SDS)
No, a GIC is not mandatory for applicants who are applying outside the SDS route. Instead of the GIC account requirement you can submit the following which are the equivalent of the GIC.
- Applicant’s recent bank statements reflecting sufficient funds to support their stay.
- Education loan approval letters from recognised financial institutions.
- Sponsor letters, along with financial documentation.
Important Update on GIC Amount in Canada
What is GIC amount in Canada for international students? The GIC amount in Canada was revised from CAD 10,000 to CAD 20,635 in January 2024, due to the rising demand and global changes reflecting to the rising living costs in Canada. The Good news to the applicants is as of May 2025, no further changes have been announced by the IRCC.
Benefits of Using a GIC for Your Study Visa Application
There are multiple benefits of the GIC, even if it is not mandatory for non-SDS applicants. Let’s see the multiple benefits of GIC:1. Streamlined Application Process
- Applicants have GIC are free of complicated process in showing their financial stability in multiple proofs as the GIC reflects the SDS financial proof requirement in a single document.
- It significantly decreases the burden of organising multiple financial documents.
- After the holder’s post-arrival in Canada,they receive an initial disbursement with CAD 2,000 in their account and also will receive the remaining balance in monthly instalments.
- This ensures and manages the students' living expenses on a monthly basis with a safety net.
Student Direct Stream applications with GICs are generally processed in 20 days or lesser than.
4. Potential for Interest Earnings
Most of the banks offer a 1–2% annual interest rate on GICs, by giving a small financial benefit to the students.
How to Get a GIC for Your Canada Study Visa
Step 1: Choose a Participating Bank- Canadian banks like ScotiaBank, ICICI Bank Canada, and SBI Canada Bank are well-known for offering student GICs, and most of the applicants apply among these banks. Hence, the first step is to choose a desired bank.
Step 2: Start Your GIC Application
- The applicant can apply online or at an appropriate bank branch.
- While applying for the GICs, the documentation demonstrating your proof of identity and your Letter of Acceptance from a Designated Learning Institution (DLI) in Canada must also be submitted.
- The applicants should deposit CAD 20,635, plus the bank processing fees, which are usually around CAD 200.
- The amount deposited should be transferred from the student’s bank account in their home country.
- After all these steps, the applicant will receive their GIC certificate or confirmation document to include in the Canada Study Visa application.
- Most banks take 2–5 business days to process and the issuance of GIC certificate is done after receiving the deposit amount from the applicant.
Alternatives to a GIC for Non-SDS Applicants
If the applicants are not applying under the SDS, here are acceptable alternatives to a GIC by the visa officials of IRCC:1. Personal Bank Statements
- The applicant must show consistent and substantial account balances to cover tuition fees and support their living expenses.
- The statements for the past 4 - 6 months must be provided.
- The educational loans undertaken by the applicants must be from recognised financial institutions. They should document the clear indication about the approved amount and disbursement terms.
- These letters are often provided by the parents or guardians.
- Applicants must include their bank statements and income proof to check their financial stability.
Final Thoughts: Should You Get a GIC?
To summarise the blog,- A GIC should be acquired by the SDS applicants.
- The non-SDS applicants need not take this one, but it is highly recommended.
- The GIC Canada amount required is CAD 20,635 to be deposited by the applicants as of 2025.
