Canada
GIC (Guaranteed Investment Certificate)
A GIC (Guaranteed Investment Certificate) is a mandatory financial investment (CAD $20,635) deposited into a designated Canadian bank (e.g. Scotiabank, CIBC) by international students applying for a Canadian Study Permit under the Student Direct Stream (SDS).
Why GIC (Guaranteed Investment Certificate) Matters
The GIC serves as indisputable proof to Immigration, Refugees and Citizenship Canada (IRCC) that you have adequate living expense funds for your first year in Canada. Upon arrival, CAD $2,000+ is released immediately, with monthly installments paid over 12 months.
Common Mistakes Students Make
- Depositing funds into an unapproved non-Canadian financial institution
- Failing to upload the official GIC Attestation Letter to IRCC
- Transferring funds from a third-party unverified bank account
Connected Entities & Guides
Frequently Asked Questions
Can GIC funds be refunded if my Canada visa is rejected?
Yes! If your Study Permit is refused, the Canadian bank will refund the full GIC amount back to your original bank account minus minor wire fees.