GIC Process in Canada: How to Secure Your Funds Easily

 

What is a GIC and Why Is It Important?

If you're planning to study in Canada, securing a Guaranteed Investment Certificate (GIC) is an essential part of your financial preparation. It is a key requirement for international students applying for a study permit under Canada’s Student Direct Stream (SDS), which accelerates visa processing. A GIC is a way to demonstrate to the Canadian government that you have enough funds to support yourself during your studies.

In simple terms, a GIC is a type of investment offered by Canadian banks that allows you to deposit a lump sum amount into an account, which will be released to you in monthly installments once you arrive in Canada. This system ensures that you will have a steady stream of funds for your living expenses.


How Much Money Do You Need for a GIC?

In 2025, the minimum amount required for a GIC is CAD 20,635. This amount covers your living expenses for the first year of study in Canada, which typically includes accommodation, food, transportation, and other personal costs. This sum is mandatory for international students applying through the Student Direct Stream from countries like India, China, the Philippines, and several others.

The amount is fixed and regulated by Immigration, Refugees and Citizenship Canada (IRCC). Although it may seem like a large sum, it ensures that students can focus on their education without worrying about their basic financial needs.

The Step-by-Step GIC Process

Step 1: Choose a Participating Bank

Not all banks in Canada offer GICs for international students, so it’s important to choose a bank that participates in the program. Some of the most well-known Canadian banks offering GICs include:

  • Scotiabank

  • CIBC

  • ICICI Bank Canada

  • SBI Canada

  • HSBC Canada

These banks are approved by the Canadian government to facilitate the GIC process for international students.

Step 2: Open a GIC Account Online

Once you’ve selected a participating bank, the next step is to open a GIC account online. Most banks have a simple online application process. You’ll need to provide the following:

  • A copy of your admission letter from a Canadian university or college.

  • Passport details and a study permit application.

  • Proof of your financial ability to cover the GIC amount (usually by transferring the funds to the bank).

You’ll also need to pay a processing fee (which typically ranges between CAD 100 to CAD 200).

Step 3: Transfer the Funds

Once your GIC account is open, you need to transfer the required funds (usually CAD 20,635) to the bank. This transfer is made from your home country, so you’ll need to arrange an international transfer to the bank account provided. Be sure to check for any additional charges or fees associated with international transfers from your local bank.

Step 4: Receive Your GIC Confirmation

After your funds have been transferred, the bank will issue a GIC confirmation certificate. This certificate confirms that you have completed the deposit and are ready to submit it as part of your study permit application.

It’s crucial to keep this confirmation certificate safe, as it will be required by the Canadian authorities when processing your study permit.

Step 5: Arriving in Canada and Accessing Your Funds

Once you arrive in Canada, you will need to visit the same bank to complete the final verification process. After this, the bank will release the initial installment (typically CAD 2,000) for immediate use, and the remaining balance will be provided in monthly installments, typically spread over a 10- or 12-month period.

This ensures that you have a steady source of funds throughout your stay in Canada.

Advantages of the GIC Process

The GIC process offers several benefits to international students:

  1. Financial Assurance: It provides assurance to the Canadian government that you can financially support yourself during your studies. This is a major advantage when applying for a study permit.

  2. Budgeting Support: The monthly installments help you manage your finances more effectively and avoid the temptation of spending all your funds at once.

  3. Access to Banking Services: Upon your arrival in Canada, you will already have an active bank account, which makes it easier to manage your finances, pay for tuition, and make purchases.

MSM Unify: Simplifying the GIC Process

Navigating the GIC process can be overwhelming, especially for students who are new to Canada’s financial systems. This is where platforms like MSM Unify come in. MSM Unify helps guide international students through the entire application process, from choosing the right bank to understanding the details of the GIC. They also assist in the visa application process, making your journey from application to arrival as seamless as possible.

Final Thoughts

Securing a GIC is an important step in preparing for your study abroad experience in Canada. It not only helps meet Canadian immigration requirements but also provides financial peace of mind. By following the steps outlined above and using trusted platforms like MSM Unify, you can navigate the GIC process easily and confidently. Remember, this financial preparation will help ensure that you can focus on what matters most—your studies and the exciting opportunities awaiting you in Canada.

Also read: Top Careers for International Graduates in Canada

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