How to Apply for GIC in Canada: Step-by-Step Guide for Indian Students
Are you planning to study in Canada in 2025? For Indian students, understanding the GIC (Guaranteed Investment Certificate) process is essential, as it directly impacts your chances of securing a Canadian student visa. This guide clarifies what GIC is, its eligibility, benefits, top banks, and how to apply for the 2025 intake.
What is GIC Canada & Why is it Important for Indian Students?
A Guaranteed Investment Certificate (GIC) is a special investment account required by the Canadian government as proof of funds for international students, especially those applying through the Student Direct Stream (SDS) from India. The GIC proves you have enough money to cover your living expenses for the first year in Canada.
For 2025 admissions, the GIC is crucial for obtaining your Canadian study permit. Without it, your student visa application through the SDS pathway will not be considered complete, affecting your chances of admission to top Canadian universities.
GIC Account Highlights – 2025
| Parameter | Details |
|---|---|
| Minimum GIC Amount (2025) | CAD 20,635 (approx. ₹12.53 lakhs) |
| Validity | 12 Months (first year of study) |
| Purpose | Proof of Funds for Canada Study Permit (SDS) |
| Refundable? | Yes, as per bank's refund policy |
| Top Banks for GIC | Scotiabank, CIBC, ICICI Bank Canada, SBI, Simplii Financial, Oaken Financial |
Top Canadian Universities & GIC Requirement for 2025
Most of the best universities in Canada accept students under the SDS route, which mandates the GIC as financial proof. Here's a snapshot of leading institutions and their estimated 2025 financial requirements:
| University | GIC Amount (2025) | SDS Required? |
|---|---|---|
| University of Toronto | CAD 20,635 | Yes |
| University of British Columbia | CAD 20,635 | Yes |
| McGill University | CAD 20,635 | Yes |
| McMaster University | CAD 20,635 | Yes |
Remember, besides GIC, you must pay your first-year tuition fees to your selected institution separately.
Eligibility Criteria for GIC Canada in 2025
To open a GIC account as an Indian student, ensure you meet the following requirements:
- Unconditional offer from a Designated Learning Institution (DLI) in Canada
- Valid Indian passport
- Minimum age: 18 years
- Proof of proficiency in English (IELTS, TOEFL, or equivalent)
- Valid PAN card and government ID
- Proof of admission/enrollment letter
Most universities require a minimum IELTS score (e.g., 6.0 overall with no band less than 6.0) under the SDS scheme, but check each university's criteria. For further details, explore the IELTS eligibility criteria.
How Much Do You Need? – GIC Amount in INR & Fee Breakup (2025)
The minimum required GIC amount for 2025 is CAD 20,635. At a conversion rate of INR 60.7 per CAD, your total deposit is approximately ₹12,53,000. Besides this, factor in transfer charges and minor bank fees.
| Component | Amount (2025) |
|---|---|
| GIC Deposit | CAD 20,635 (approx. ₹12,53,000) |
| Application/Processing Fees | CAD 100–200 |
| Wire Transfer Charges | INR 1,000–2,000 (as per your Indian bank) |
The deposited amount is released in monthly installments after your arrival in Canada, allowing you to manage your living expenses throughout your first year.
Popular Banks Offering GIC Accounts for Indian Students
- Scotiabank
- CIBC (Canadian Imperial Bank of Commerce)
- ICICI Bank Canada
- State Bank of India (Canada)
- Simplii Financial
- Oaken Financial
Consider factors such as processing speed, refund policies, and online application options when choosing your GIC provider.
How to Apply for GIC Account in Canada: Step-by-Step Guide (2025)
- Visit the official website of your chosen Canadian bank (e.g., Scotiabank, ICICI Bank Canada).
- Register as a “New User” and fill in all application details.
- Provide required documents (passport, proof of admission, PAN card, etc.).
- Receive application confirmation and activation link to your email.
- Log in, complete your KYC, and receive bank account details for the wire transfer.
- Wire transfer the GIC amount (CAD 20,635) from your Indian account.
- Bank verifies funds and issues a GIC Certificate (Proof of Investment), required for your visa application.
If your visa is rejected, banks usually process GIC refunds within 4–8 weeks after submitting refusal documents.
Benefits of GIC for Indian Students in Canada
- Ensures faster SDS study permit processing
- Establishes proof of adequate funds
- Monthly payout for easy cost-of-living management
- Secure, refundable investment
- Improves your study visa application strength
- Access to Canadian banking facilities (debit card, online banking, etc.)
The GIC account not only fulfills visa requirements but also smoothens your transition to life in Canada, helping you manage living costs effectively. For more insights on financial planning, see our guide to scholarships for Indian students.
Scholarships & Financial Assistance for Study in Canada – 2025
In addition to the GIC, Indian students can apply for a variety of merit-based and need-based scholarships for undergraduate and postgraduate studies in Canada.
- Vanier Canada Graduate Scholarships
- Lester B. Pearson International Scholarships (University of Toronto)
- University-Specific International Student Awards
- Provincial & private scholarships
Explore more support options to reduce your overall financial burden. Refer to top fully funded scholarships for Indian students for comprehensive guidance.
Career Prospects: Part-Time Jobs & Post-Study Work Opportunities
While studying in Canada, you can work part-time for up to 20 hours per week during academic sessions and full-time during scheduled breaks. Common jobs include on-campus roles, retail, and internships relevant to your field.
After graduation, you may apply for a Post-Graduation Work Permit (PGWP), granting up to 3 years to work in Canada. Gaining Canadian work experience enhances your long-term immigration prospects and helps recover your educational investment.
If you're comparing Canada to other global study destinations, check out our guide on highest-paying jobs after graduation.
Key Takeaways: GIC Canada for Indian Students 2025
- GIC is mandatory for SDS visa applicants from India; deposit minimum CAD 20,635
- Apply through trusted Canadian banks with online or in-person support
- Use the GIC certificate as financial proof in your visa file
- Funds are released post-arrival, supporting monthly expenses
- Refunds are available in case of visa rejection (refer to your bank's policy)
A successful GIC application is your gateway to Canada's world-class education and vibrant student life. With careful planning, you can ensure compliance, strengthen your visa file, and enjoy a secure start to your international journey. Explore university options, check exam requirements, and secure your finances early for the best outcomes.
FAQs on GIC Requirements and Benefits for Indian Students in Canada (2025-26)
1. What is GIC in Canada for students?
GIC stands for Guaranteed Investment Certificate, a special Canadian investment account required for international students, including from India, applying under the Student Direct Stream (SDS). It shows proof of sufficient funds to support living expenses while studying in Canada.
2. Is GIC mandatory for a Canada student visa?
Yes, GIC is mandatory for students applying through the Student Direct Stream (SDS) pathway. Indian students must show evidence of purchasing a qualifying GIC to meet visa requirements for expedited processing.
3. What is the GIC amount for Canadian student visas in 2025?
The required GIC amount for Canada student visas (SDS) in 2025 is CAD 20,635. This is an update from the previous CAD 10,000, reflecting increased living cost requirements by IRCC as of 2024 onwards.
4. What is the GIC amount in Canada for international students?
International students applying through SDS must deposit at least CAD 20,635 in a GIC account as proof of funds to cover 12 months of living expenses in Canada.
5. What are the requirements for GIC Canada?
GIC Canada requirements for Indian (and international) students include:
• Opening a GIC account with a participating Canadian bank (e.g., Scotiabank, CIBC, ICICI Canada)
• Depositing the minimum required amount (CAD 20,635 in 2025)
• Obtaining a GIC certificate/Investment Confirmation
• Providing this proof for your student visa application under the SDS stream.
6. How do I apply for a GIC in Canada?
To apply for a GIC in Canada, follow these steps:
1. Choose a participating bank (like Scotiabank, CIBC, ICICI Canada).
2. Register online and open a GIC account.
3. Transfer the required funds (CAD 20,635) from your Indian bank.
4. Receive an Investment Confirmation Certificate.
5. Submit this certificate as proof when applying for your Canadian student visa.
7. How do I get my GIC money back?
GIC funds are refunded in monthly installments after you arrive in Canada. Typically, you:
• Receive an initial portion (usually CAD 2,000) upon arrival
• The rest is paid in equal monthly installments over 10–12 months
If your visa is refused, you can apply for a full GIC refund from the bank by submitting the required documents.
8. Can I withdraw my GIC amount before arriving in Canada?
You can only withdraw GIC funds before arrival if your visa is refused. In this case, submit your refusal letter and refund request to the bank for processing. Otherwise, GIC funds become accessible only after you land in Canada.
9. What are the benefits of a GIC for Indian students?
Benefits of a GIC for Indian students include:
• Satisfying IRCC student visa proof-of-funds requirements
• Ensuring smoother, faster application under SDS
• Receiving living expense payouts upon arrival
• Earning interest on deposited funds
10. How do I log in to my GIC account?
You can log in to your GIC account via your chosen bank’s online portal using the credentials provided after account creation. Check your email for verification and access instructions from the bank (e.g., Scotiabank Secure Email Service).
11. How can I get a GIC refund from Scotiabank or CIBC?
For a Scotiabank or CIBC GIC refund, submit:
• Your visa refusal letter
• Proof of identity
• Refund request form (as per the bank’s process)
Refunds are usually processed within 4–6 weeks after verification.
12. What is 20,635 CAD in INR?
As of June 2024, 20,635 CAD is approximately INR 12–13 lakh, depending on the current exchange rate. Always check with your bank for the latest conversion rates before making a transaction.
