GIC: what it means for students
Guaranteed investment certificate. What it means, who decides it and where to check the official source.
A GIC is a deposit product from a bank; some students buy one as part of showing they can cover living costs when applying for a study permit.
In more detail
In everyday banking, a guaranteed investment certificate is a deposit placed with a bank for a set arrangement. In the study permit context, the term usually refers to a program where an international student places funds with a participating bank, which are then paid out to the student in instalments after arrival.
A GIC is one way of presenting funds. Whether it is needed for your application, and which route to showing funds applies to you, depends on your country, your study level and the rules in force when you apply.
Banks differ in how they package these products and what documents they issue. Because the requirements and the list of participating banks change, rely on the official pages rather than on a friend's experience from a previous year.
Who decides
IRCC sets what it accepts as proof of funds; each bank decides how its own product works.
Where to check
- Government of Canada
Find current guidance on proof of financial support for a study permit.
What to ask a counsellor
- How do I find out whether a GIC applies to my situation and where to read the current rules?
- What documents should I expect to receive from the bank, and what should I keep?
Questions about a term?
Bring it to a free counselling session. We explain how schools and programs work and help you prepare questions. We do not give immigration advice.
Independent advice
- Study Master Canada is an independent education counselling firm. We are an authorized agent of certain colleges and universities, directly and through recruitment partners, and the institutions compensate us. Our counselling is free to you.
- We help you choose a program and connect you with the college.
- We do not determine eligibility or funding, and we are not affiliated with any government.
- Regulated immigration work is done only by Visa Master Canada, a licensed RCIC partner, and only when you retain them directly.