GIC Canada –Complete Guide for International Students (2025)

Are you planning to study in Canada and apply through the Student Direct Stream (SDS)? One of the most important requirements you need to fulfill is a GIC – Guaranteed Investment Certificate.

A GIC acts as proof of funds for your visa application and ensures you can manage your living expenses in Canada during your first year. In this blog post, we will cover everything you need to know about GIC Canada, including what it is, why it’s important, how to open it, top banks, and refund policies.

What is GIC in Canada?

GIC (Guaranteed Investment Certificate) is a secure investment product offered by Canadian banks to international students.

• It is mandatory for students applying through SDS (Student Direct Stream).
• As per current rules, CAD 20,635 must be deposited into a Canadian bank GIC account (updated as of 2024).
• This amount covers your living expenses for the first year while you focus on your studies.

Essentially, a GIC shows the Canadian government that you are financially prepared to study and live in Canada.

Why GIC is Important for Canada Student Visa?

When you apply for a Canadian study permit, Immigration, Refugees and Citizenship Canada (IRCC) wants to ensure you can support yourself financially.
Here’s why a GIC is required:

• 💰 Proof of Funds – Shows you can afford accommodation, food, transportation, etc.
• ⚡ Faster Visa Processing – Required for SDS applications for quicker approval.
• 🔒 Safe Investment – Your money is protected by Canadian banks.
• 🛡 Structured Release of Funds – Helps students budget their monthly expenses.

Latest GIC Requirement for SDS (2025)

Requirement Details                                       (2025)
Minimum GIC Amount                                    CAD 20,635
Type of Account                                     GIC (Guaranteed Investment Certificate)
Visa Category                                           SDS (Student Direct Stream)
Release of Funds                                    Monthly / Quarterly basis after arrival

Note:
The amount is separate from tuition fees, which must also be paid to your college/university before applying for the visa.

Top Banks for GIC in Canada

Here are some trusted Canadian banks where you can open a GIC account:

Bank Name            Processing Time            Special Features
Scotiabank                 10 – 15 days                 One of the most popular choices for Indian students
ICICI Bank Canada  7 – 12 days                    Simple online application
SBI Canada Bank    10 – 14 days                   Affordable fees
CIBC (Canadian Imperial Bank of Commerce) 8 – 12 days Fast digital process
HSBC Canada            10 – 15 days                  Global presence

Step-by-Step Process to Open a GIC Account

Follow these steps to open a GIC account smoothly:

Step 1: Choose a Bank

Select a Designated Canadian Bank such as Scotiabank, ICICI Bank Canada, or CIBC.

Step 2: Apply Online

Fill out the GIC application form on the bank’s website and upload the required documents:

• Passport copy
• Admission letter from Canadian institution
• Email ID and contact number

Step 3: Transfer Funds

Transfer CAD 20,635 (or the current required amount) from your bank in India to the Canadian GIC account.

💡 Remember to include wire transfer fees.

Step 4: Receive Confirmation

The bank will send you a GIC certificate or confirmation letter, which is required for your SDS visa application.

Step 5: Access Your Funds in Canada

• Upon arriving in Canada, visit the bank branch to verify your identity and activate the account.
• A portion of the GIC (around CAD 2,000) will be released immediately.
• The rest will be given in monthly or quarterly installments.

GIC Refund Process (If Visa is Refused)

If your visa is refused, you can get a full refund of your GIC amount by following these steps:

• Submit the visa refusal letter from IRCC to the bank.
• Fill out the refund request form online.
• The bank will process your refund in 4 – 8 weeks.

GIC Fees and Charges
Bank                                                                GIC Processing Fee
Scotiabank                                                   CAD 200
ICICI Bank Canada                                    CAD 150
CIBC                                                              CAD 150
SBI Canada Bank                                       CAD 150

💡 These fees are non-refundable.

Documents Required for GIC Canada

Here’s the checklist of documents you need:

• Valid Passport (first and last page scanned copy)
• Letter of Admission from a Canadian institution
• Bank statement for fund transfer
• Visa refusal letter (if applying for refund)
• Email ID and active phone number

Tips for a Smooth GIC Process

• ✅ Start the GIC process at least 2-3 months before your visa application.
• ✅ Double-check the bank details before transferring funds.
• ✅ Always keep a soft copy of your GIC certificate for visa filing.
• ✅ Use a trusted bank to avoid delays or rejection.
• ✅ Stay updated with the latest IRCC rules.

How RKIMT Can Help You

At RKIMT, we provide complete guidance for students applying to Canada:

• Assistance with GIC account opening
• College/University admission support
• SDS visa filing guidance
• WES / IQAS verification support

📞 Contact RKIMT today to make your Canadian study journey stress-free!

Conclusion

A GIC Canada account is a mandatory requirement for students applying through SDS. It acts as proof of funds, ensures you have a secure financial start, and helps you manage your expenses while studying in Canada.

By following the correct process and choosing the right bank, you can complete your GIC process smoothly and quickly, increasing your chances of visa approval.