Study Master Canada

Proof of funds

The student GIC, explained simply

A GIC is a bank deposit that some students use as part of their proof of funds. Here is how it works, what to ask your bank, and where to check the current rule.

Pair this page with the study permit guide, the cost guide and banking guide.
Book free counsellingCheck the IRCC page
A woman and a man sit and stand around a white table with a laptop, talking with a second woman in a bright, window-lit room
  • Independent counselling
  • Free first consultation
  • Walk-in office, Brampton ON

The amount is set by IRCC. Read it on their page, on the day you pay.

We do not print a dollar figure here. Amounts and accepted banks change, and an old number can cost you time and money. Official source: IRCC study permit page, last checked October 2026.

Open the IRCC page (opens in a new tab)

What a GIC is

What a GIC is

What a GIC is

A Guaranteed Investment Certificate is a deposit held by a Canadian bank. For a student, the money is usually paid back in stages after you arrive, not all on day one.

Some students use a GIC as one part of their proof of funds when they apply for a study permit. Banks word their student products differently, so read each bank's own instructions.

What it is not

It is not your tuition payment, and it is not a spending budget. Tuition goes to the college. Living costs are yours to plan, using real rent and food costs for your city.

Whether a GIC applies to you, and what it must show, is an immigration question. We are not RCICs. Read the IRCC page, and speak to a licensed professional if you are unsure.

One document among several

A GIC does not replace a clear study plan, an offer from the college or the other documents IRCC asks for.

The usual order of steps

Banks word these differently. Follow your bank's instructions and the IRCC page.

The usual order of steps

The usual order of steps

Banks word these differently. Follow your bank's instructions and the IRCC page.

  1. Step 1

    Read the current IRCC rule

    Confirm the amount and the list of accepted banks on the official page.

    Three young women sit on outdoor steps looking at laptops together, one holding a coffee cup
  2. Step 2

    Choose a bank on that list

    Ask for its student GIC instructions and its fee in writing.

    Student browsing an open book beside tall shelves in a sunlit library with a long row of tall windows and two students working at a desk in the background
  3. Step 3

    Send the money as instructed

    Use the bank's own transfer details. Reference codes and names must be exact.

    A woman and a man talk across a wooden table with an open laptop, folder and small plant in a bright room
  4. Step 4

    Keep the certificate

    Your bank gives you a document to use with your study permit application, which you or your licensed representative submit.

    Two smiling students talk across an outdoor wooden table with a laptop, notebooks and a takeaway coffee, with autumn foliage behind them
  5. Step 5

    Activate your account after you arrive

    Banks ask you to confirm your identity in Canada before they release funds.

    Four smiling students with backpacks and books laughing as they walk together past a glass-fronted campus building in bright sunlight
  6. Step 6

    Learn the release schedule

    Ask how much is paid first and how often the rest follows.

    Three students carrying books and backpacks walk across a green lawn on a sunny day under a clear blue sky

Questions to ask the bank

Ask every bank the same six things, and write the answers down side by side.

Questions to ask the bank

Questions to ask the bank

Ask every bank the same six things, and write the answers down side by side.

Questions to ask a bank about a student GIC
AskWhy it mattersWhere to check
Is this exact product on the current IRCC list?Only certain products count. A look-alike product may not.IRCC study permit page, then the bank's product name.
What is your fee, and what is the full amount I send?The total you transfer is more than the deposit alone.Ask for it in writing from the bank.
How and when is the money paid out?Your first weeks in Canada depend on the release schedule.The bank's student GIC terms.
What do I need to activate my account?Identity checks in Canada can need documents you carry from home.The bank's instructions for new arrivals.
Can I activate online, or must I visit a branch?Branch visits need a free afternoon in your first week.The bank's website or a phone call.
Who do I contact if the transfer is delayed?A delayed transfer can push back your plans.The bank's international student desk.
Sort it out with your family, not alone
Three young women sit on outdoor steps looking at laptops together, one holding a coffee cupAgree who does what

Sort it out with your family, not alone

A GIC transfer involves money, deadlines and several documents. Sit down together and agree who sends the money, who talks to the bank, and who keeps the receipts.

Compare it with your wider budget in the cost guide and in financial planning.

See the cost guide

Four mistakes that are easy to avoid

None of these are rare.

Four mistakes that are easy to avoid

Four mistakes that are easy to avoid

None of these are rare.

Using an old amount

Rules change. Read the IRCC page on the day you transfer, not a screenshot someone sent you.

A product that is not on IRCC's list

Only certain bank products count. Check the product name against the IRCC page before you send money.

Leaving it to the last week

Bank holidays and international transfers can add days. Start early.

Names that do not match

The account name should match your passport exactly.

After you transfer, keep one folder

After you transfer, keep one folder

After you transfer, keep one folder

Bank emails, receipts and the certificate belong together. Your licensed representative, or you, will need them.
  • The bank's confirmation email
  • A screenshot of the transfer receipt
  • The certificate or letter the bank issues
  • The release schedule in writing
  • The bank's fee receipt
  • A note of who you spoke to and when

Words you will see

Words you will see

Words you will see
GIC
Guaranteed Investment Certificate, a deposit held by a bank for a set period.
Proof of funds
Documents that show you can pay for tuition and living costs. IRCC sets the rules.
Release schedule
When the bank pays your money back to you after you arrive.
IRCC
Immigration, Refugees and Citizenship Canada, the government department that handles study permits.

Immigration questions go to IRCC or a licensed professional

Visa Master Canada is an RCIC partner you can retain directly. We do not give immigration advice.

GIC questions

For rules and amounts, the IRCC page is the source.

Keep reading

Independent advice

Study Master Canada provides education counselling and, with your approval, prepares and submits your college applications. We do not give immigration advice or prepare immigration applications. Regulated immigration work, including study permit applications, appeals, spouse work permits and PR pathways, is handled only by a licensed RCIC partner, Visa Master Canada, when you retain them directly. We are not affiliated with any government.

Talk to a counsellor before you decide

A free first conversation about programs, costs and next steps. No obligation, and you make every application yourself.

Book free counselling

Mon–Fri, 9:30am–6:30pm ET. Walk-in office: Unit 1805, 83 Kennedy Road South, Brampton, ON L6W 3N7.

Enquire

Enquire on WhatsApp (opens in a new tab)Call +1 (905) 660-6957Email sales@studymaster.caBook free counselling