Search student GIC Canada right now and you will find three different dollar amounts, two conflicting opinions on whether you even need one, and no consistent date attached to any of it. None of that confusion is your fault. It is the fault of pages that stopped updating a while ago. The current, dated answer follows. As of September 1, 2025, a single study permit applicant outside Quebec must show IRCC proof of at least CAD 22,895 in living costs. That is up from the CAD 20,635 threshold that had applied since January 1, 2024. And the Student GIC itself, the document most people assume is mandatory, has not been required for every applicant since IRCC closed the SDS in November 2024.
The rest of this page walks through what changed, what you actually need to open, and what to confirm directly with your bank before you wire a cent.
What a Student GIC Is (and Whether You Still Need One)
A Student GIC is a locked investment account you open at a participating Canadian bank before you arrive. You deposit a lump sum and the bank issues a letter confirming the deposit. You submit that letter to IRCC as proof you can support yourself financially once you land. For years it was tied to a specific pathway called the Student Direct Stream. That pathway promised faster processing for applicants from a short list of countries who used a GIC plus a few other set documents.
That pathway does not exist anymore. IRCC closed the Student Direct Stream effective November 8, 2024, and folded its applicants back into the regular study permit process. That single change is why so many older articles still call the GIC mandatory. It was, for SDS applicants specifically. It is not, for anyone applying today. A Student GIC is now one accepted way to prove funds among several, not a checkbox every applicant must tick.
That does not mean skip it without thinking. A GIC still gives you a clean, single document that satisfies the funds requirement on its own. It also doubles as a head start on your Canadian banking history once you land. If your other options are messy, a mix of scattered savings accounts, a co-signed loan letter, and a parent’s bank statement, a GIC can genuinely simplify your application. The point is that it is a choice now, not an obligation.
Student GIC Canada: How Much Money You Currently Need
The number that matters is the one IRCC uses to check whether you can cover a year of living costs, and it moves more often than most students expect. For a single applicant applying to a school outside Quebec, the current minimum is CAD 22,895, effective for applications submitted on or after September 1, 2025. Before that date, the threshold had sat at CAD 20,635 since January 1, 2024.
Picture a student who priced out a GIC in early 2025, saw CAD 20,635, and assumed that number was settled. By the time they were ready to wire the money in late 2025, the requirement had already moved past what they had budgeted. That gap is exactly why checking the current, dated figure before you commit funds matters more than checking it once and trusting it forever.
Two things drive the increase. IRCC reviews the cost-of-living threshold periodically so it keeps pace with actual living expenses in Canada, and each review has landed on a higher number than the last. Nothing suggests the figure is done moving, so treat whatever you read, including this page, as accurate as of its stated date rather than permanent.
Quebec and Regional Differences
If your designated learning institution is in Quebec, do not assume the national figure above applies to you without checking. Quebec has historically set its own proof-of-funds amount separate from the rest of the country, tied to its own provincial application process. Confirm the current Quebec-specific figure directly with IRCC and Quebec’s immigration ministry rather than budgeting off a number meant for applicants outside the province. If you are still weighing whether Quebec makes sense for your program at all, our Quebec versus Ontario cost breakdown covers what changed after the province’s fast-track pathway ended.
Which Banks Offer a Student GIC
A handful of Canadian banks run dedicated international student GIC programs. Most applicants choose based on how easily they can open an account from their home country before landing. The names you will see most often include:
- Scotiabank’s StartRight program, one of the longest-running and most widely used options for international students
- CIBC’s international student GIC offering
- ICICI Bank Canada, frequently used by applicants from India who already bank with ICICI at home
- SBI Canada, another common choice for applicants coming from India
Each bank sets its own minimum deposit, fee structure, and release schedule, and those details change often enough that quoting a specific figure here would go stale within months. Before you choose a bank, open its current program page directly and confirm the numbers yourself. For a side-by-side look at fees and speed across providers, see our comparison of the best bank for a Student GIC.
Opening a GIC: Minimums, Fees, and What to Confirm Before You Wire Money
Every Student GIC program follows roughly the same shape. You open the account and deposit a minimum amount that the bank sets and periodically adjusts. The bank charges a program fee, sometimes partially refundable once you activate your Canadian bank account after arrival. Beyond that shared structure, the specifics genuinely differ by bank and change on their own timeline, separate from the IRCC funds threshold above.
Before you wire anything, confirm three things directly on the bank’s official page:
- The current minimum deposit, which should meet or exceed the IRCC threshold that applies to your application date
- The exact program fee and whether any portion of it is refundable
- Whether the bank accepts a wire transfer from your home country’s banking system without complications
Scotiabank’s StartRight Student GIC page and CIBC’s international student GIC page both publish their current minimums and fees directly. Check the source, not a third-party summary like this one, for the exact figures on the day you apply.
How and When Your GIC Money Is Released
Most Student GIC programs release your money in two stages rather than handing it all back at once. A portion typically becomes available before you leave your home country, or shortly after you open a Canadian bank account. The remainder is released in monthly installments over the months after you arrive and activate your account. The idea behind the structure is straightforward. It proves you can cover a year of living costs gradually, the same way a monthly budget works. That beats proving you can access a lump sum on day one and then run out.
The exact split, timing, and number of installments vary by bank and are worth confirming on the same official page where you check the minimum deposit and fees. Build your first-few-months budget around the release schedule your specific bank publishes, not around a generic timeline you read somewhere else.
Refunds and What Happens If Your Permit Is Refused
A refused study permit does not mean your GIC money disappears. Picture an applicant who opened a GIC, wired the full deposit, and then received a refusal letter for reasons unrelated to their finances. The path forward is the same for almost everyone in that position. Contact the bank that issued the GIC directly, provide proof of the refusal decision, and follow that bank’s specific refund process.
What differs is the timeline. Refund processing speed genuinely varies from bank to bank, sometimes by a matter of weeks. If a fast refund matters to you, factor that into which bank you choose before you open the account, not after you need the money back. Our GIC refund comparison by bank lays out how the major providers differ once a refund is triggered.
Real-World Considerations and Alternatives
A GIC covers the IRCC minimum, but the minimum and a comfortable year in an expensive city are not the same thing. Students who land in Toronto, Vancouver, or another high cost-of-living city often find that the required amount covers survival and not much beyond it. Many plan a part-time income or a tighter budget to fill the gap. Treat the threshold as a floor IRCC will check, not a full budget to stop planning at.
A GIC is also not your only path to proving funds. Bank statements showing a sustained, adequate balance, documented proof of a student or education loan, and other evidenced sources of money can satisfy the same requirement. Check the official IRCC list of accepted proof-of-funds documents before you decide which route fits your situation, especially if opening a GIC from your home country is logistically difficult.
That logistics point matters more than it sounds. Applicants from certain countries run into banking restrictions that make wiring money directly into a Canadian GIC account genuinely hard. That is part of why forums like r/ImmigrationCanada regularly fill up with workaround threads. Common fixes include routing through an intermediary account, using a specific bank’s international transfer partner, or choosing a bank statement path instead. If you are further along in your Canada plans and want a document checklist mapped to your specific study permit stream, our post-study work permit guide connects back to the study permit you are applying for now.
Frequently Asked Questions
Is a Student GIC still mandatory for a Canada study permit now that the Student Direct Stream has closed?
No. IRCC closed the Student Direct Stream effective November 8, 2024. A Student GIC is no longer a mandatory document for any study permit stream. It is now one of several accepted proof-of-funds options, alongside documents like bank statements and loan sanction letters.
How much money is currently required to prove financial support for a Canada study permit?
For a single applicant outside Quebec, the minimum cost-of-living proof of funds is CAD 22,895. This figure took effect for applications submitted on or after September 1, 2025, replacing the CAD 20,635 threshold that had been in effect since January 1, 2024.
Does Quebec require a different proof-of-funds amount than the rest of Canada?
Quebec has historically set its own proof-of-funds figure separate from the rest of Canada. If you are applying to a designated learning institution in Quebec, confirm the current Quebec-specific amount directly with IRCC and Quebec’s immigration ministry rather than assuming the national figure applies to you.
How do students get their GIC refunded if their study permit application is refused?
You contact the bank that issued your GIC directly and provide proof of the refusal decision. Refund steps and processing timelines vary by bank, so confirm the exact process with your specific institution as soon as you receive a refusal.
What other documents can be used instead of a GIC to prove financial support for a study permit?
A Student GIC is not your only option. Bank statements, proof of a student or education loan, and other documented sources of funds can also satisfy the proof-of-funds requirement. Check IRCC’s current accepted list before deciding which document to prepare.
What to Do With This Before You Apply
You now have the current figure, the reason it moved, and the questions to confirm directly with your bank before you wire anything. The one thing this page cannot do is tell you which proof-of-funds path fits your specific application, your country, and your timeline. That is exactly the kind of question worth working through properly rather than guessing at. Answer a few quick questions about your situation and get a clearer next step for your own application.
This article is for general information and is not immigration, legal, or financial advice. Consult a licensed professional for advice specific to your situation.