Short answer. For Canada study permit applications made from 1 September 2026, a single student must show CAD 23,448 for living costs, about ₹15 lakh at ₹64. A GIC is the usual way to show it, but it has not been mandatory since November 2024. An education loan can fund it if you ask at sanction.
Two things most GIC advice still gets wrong. The amount is not CAD 10,000, and it has not been for some time. And the GIC is no longer compulsory: since the Student Direct Stream closed in November 2024, it is one way to prove your living funds, not the only way.
It is still the way most Indian students choose, for good reasons covered below. This page sets out the 2026 amount in rupees, how the money comes back to you, what happens if your permit is refused, and how to make your education loan pay for it without a cash crunch before you fly.
For the rest of the Canada picture, see the cost of studying in Canada, the Canada student visa guide and the education loan for Canada guide.
What a GIC is
A guaranteed investment certificate is a fixed term deposit with a Canadian bank. For students, banks run a special version: you open it from India, wire the money before you apply for your study permit, and the bank gives you a certificate to upload with the application. Once you arrive and activate the account, the bank pays the money back to you in instalments to live on.
It is not a fee. The deposit is your money throughout. What you lose is the use of it for a while, plus the bank’s charges and the cost of converting rupees to dollars.
How much the GIC is in 2026
IRCC sets the living cost amount you must show, and it updates the figure every year. The amount depends on the date you apply, not the date you travel.
| When you apply | Single student | Roughly in INR, at ₹64 |
|---|---|---|
| 1 January 2025 to 31 August 2026 | CAD 22,895 | ₹14.7 lakh |
| On or after 1 September 2026 | CAD 23,448 | ₹15 lakh |
That figure covers living costs only, for applications outside Quebec. Tuition and travel are on top, and family members coming with you raise it: CAD 29,192 for two people and CAD 35,888 for three. Banks size their student GIC to match, which is why one large bank’s student GIC is now exactly CAD 23,448.
Our Canada student visa fee calculator works out the amount for your family size along with the IRCC fees, and the proof of funds calculator adds your tuition and travel.
Is a GIC mandatory?
No. It was mandatory under the Student Direct Stream, the fast track that asked for a GIC and full first year tuition up front. IRCC closed that stream on 8 November 2024, and every Indian applicant now uses the regular study permit process.
On the regular process, IRCC accepts a range of evidence for living funds, including:
- a GIC from a Canadian financial institution
- a student or education loan from a bank
- bank statements for the last six months that show the source of the money
- proof that you have paid tuition and housing, or a scholarship
- a letter from the person supporting you, with their identification and income proof
So why do most students still buy one? Because a GIC answers the questions an officer would otherwise ask. Six months of statements invite questions about where a large balance came from and whether it will really be available. A GIC shows the full amount already sitting in Canada, in your name, released to you only once you arrive.
Faz's ruleChoose the GIC for the evidence it gives, not because someone told you it is compulsory.
If your family’s money is in fixed deposits and a property loan, showing it through statements is possible, but every large credit in the last six months needs an explanation. A GIC removes that work. If you already have a sanctioned education loan that covers living costs, ask whether the sanction letter alone is enough evidence for your case before you lock ₹15 lakh away for months.
How the money comes back to you
Each bank sets its own payout, so read its terms before you choose. The pattern is the same: part of the money on arrival, the rest in monthly instalments over your first year.
One large Canadian bank’s current student GIC shows how it works. You wire CAD 23,448. When you visit a branch in Canada to activate the account, it releases CAD 8,448 into your chequing account, then pays CAD 1,500 a month for the next 10 months, plus interest. That first payment covers a rent deposit and setting up; the monthly amount is a floor for living costs, not the whole budget in an expensive city.
Charges vary too. Some banks charge a programme or processing fee they never refund. Others charge no application fee but take wire fees on the way in and on any refund. Compare the total charges, not just the interest rate.
If your study permit is refused
You can usually get the deposit back. Banks return the money if your permit is refused or you decide not to come, once you send proof such as the refusal letter, minus their charges. Expect to lose any programme fee, the wire fees in both directions and some exchange rate movement, and expect the refund to take weeks.
If you plan to apply again, ask the bank before you request a refund. Some let you reuse the same GIC for a new application, as long as it still meets the amount IRCC requires on the date you reapply.
Can your education loan pay for the GIC?
Usually yes, but only if you ask for it at sanction. Lenders build the disbursement schedule around tuition, and the GIC has to be paid before the visa, earlier than any tuition instalment. If the GIC is not written into the sanction, the bank may only release money for tuition, leaving you to find ₹15 lakh from savings.
Ask your lender, in writing, three things: whether the GIC is included in the sanctioned amount, whether it will be the first disbursement, and whether the money can be wired to the Canadian bank directly. Interest usually starts from the day each amount is disbursed, so a GIC paid out early starts costing you early. Read what an education loan covers before the sanction meeting, and the unsecured loan guide if you are borrowing without collateral.
The cash crunch before you fly
Three payments land in the same few weeks, and two of them come before your loan disburses for tuition:
- The GIC, about ₹15 lakh, before you apply.
- Margin money, your family’s share of the cost, which banks often expect before or with the first disbursement. Our margin money guide explains how it is calculated.
- The tuition deposit to confirm your seat, which many colleges ask for before they issue documents.
A family that has planned for the margin money can be caught out when the GIC lands on top. Map all three dates before you accept an offer. If the GIC is self funded, check the tax collected at source on the remittance too; our TCS guide explains when it applies and how to get it back.
A realistic timeline
Week 1. Choose a bank and open the student GIC online. The bank checks your passport and letter of acceptance, which can take a few working days.
Weeks 2 to 3. Arrange the money. If the loan pays, the lender has to disburse first; if you pay, your bank needs the remittance paperwork. The wire itself takes a few working days, and the Canadian bank then confirms receipt.
Week 4. Receive the GIC certificate and apply for your study permit.
Plan three to four weeks from deciding to buy the GIC to holding the certificate, and longer if your lender is slow to disburse.
Frequently asked questions
What is the GIC amount for Canada in 2026?
CAD 23,448 for a single student applying on or after 1 September 2026, for study outside Quebec. Applications made between 1 January 2025 and 31 August 2026 needed CAD 22,895.
How much is the GIC in Indian rupees?
About ₹15 lakh at ₹64 to the Canadian dollar. Add the bank’s charges and a buffer for exchange rate movement between the day you plan and the day you wire.
Is a GIC mandatory for Indian students in 2026?
No. It was mandatory under the Student Direct Stream, which closed on 8 November 2024. It is now one accepted proof of living funds, alongside bank statements, an education loan, a scholarship or a sponsor’s letter.
Can I get my GIC money back if my visa is refused?
Usually yes, minus the bank’s charges. Send the bank your refusal letter and expect the refund to take several weeks. Check its refund terms before you buy, because programme fees are often not refunded.
Does an education loan cover the GIC?
It can, if the GIC is written into your sanction and scheduled as the first disbursement. Ask your lender in writing before you sign, because some disburse for tuition only unless told otherwise.
How is the GIC paid back to me in Canada?
Part on arrival and the rest monthly. One large bank releases CAD 8,448 when you activate the account and CAD 1,500 a month for 10 months; other banks use different splits.
The honest closing
The GIC has become a bigger number and a softer rule at the same time. It is more than double the CAD 10,000 that older guides still quote, and it is no longer compulsory. For most Indian families it is still the cleanest way to prove living funds, as long as the loan sanction is built around it and the cash flow before departure is planned week by week.
If Canada is one of several options, compare the full cost before the GIC decision even comes up. The USA vs Canada and UK vs Canada comparisons set them side by side, and the cost and funding guide covers the money across every country.
Where these figures come from
- IRCC, proof of financial support for a study permit
- IRCC, end of the Student Direct Stream and Nigeria Student Express
- TD, International Student GIC Program: amount, payout schedule and refunds
- IRCC, fee list
Checked in October 2026. IRCC updates the living cost amount every year, and each bank sets its own GIC terms; check both before you wire money.
