The GIC for a Canada Student Visa, Explained
What a Guaranteed Investment Certificate is, how much it typically is, and how it proves your living funds.
What a GIC actually is
A Guaranteed Investment Certificate (GIC) is a simple financial product offered by Canadian banks in which you deposit a fixed sum for a set period. For international students, its real value is as proof of funds: it shows an immigration officer that you have a genuine, ring-fenced amount of money set aside for living costs in Canada. You typically deposit about CAD 20,000 or more, and the bank holds it, releasing it back to you in instalments once you land and activate your account in Canada.
For Indian students, the GIC is popular precisely because it is clean and predictable. Rather than asking an officer to interpret a patchwork of bank balances, a GIC presents one clear, recognised figure that maps directly onto your living-cost requirement. It is important to understand, though, that the GIC is not itself a visa or a fast-track — the Student Direct Stream (SDS) that once paired with a GIC was discontinued in late 2024, so a GIC is now simply a strong way to evidence funds within the standard process.
How a GIC works, step by step
| Stage | What happens | Why it matters |
|---|---|---|
| Open the GIC | You deposit about CAD 20,000+ with a participating Canadian bank. | Creates a clear, single proof-of-funds figure for your file. |
| Get the certificate | The bank issues a GIC certificate or investment confirmation. | This is the document you include in your application. |
| Apply for the permit | You submit the GIC alongside your other funds and documents. | Demonstrates you can cover living costs on arrival. |
| Arrive and activate | You confirm your identity and activate the account in Canada. | Unlocks access to your money after you land. |
| Receive instalments | The bank releases the funds to you over the year. | Gives you steady living-expense money during your studies. |
GIC or bank statements?
Getting the GIC right
Open your GIC with a bank that participates in the student GIC program, keep the certificate and all confirmations, and make sure the amount is consistent with the living-cost figure you must show. Because the required living-cost amount is reviewed periodically and currently sits at CAD 22,895 for a single applicant, a GIC of about CAD 20,000 usually forms the core of your living funds, supplemented by other proof.
A GIC proves living funds — it is not a visa, and it does not by itself cover tuition or travel. The SDS stream that once relied on it ended in late 2024, so treat the GIC as one strong document within the standard process, and confirm the current required amount before you deposit.
Frequently Asked Questions
Set up your GIC the right way
Future Link Consultants (RCIC R506940) helps Indian students choose and document a GIC so it clearly supports your living-cost funds within the current standard process. Honest guidance, never a guarantee.