{"id":250988,"date":"2025-08-29T10:54:40","date_gmt":"2025-08-29T14:54:40","guid":{"rendered":"https:\/\/prepareforcanada.com\/?p=250988"},"modified":"2026-03-19T16:44:30","modified_gmt":"2026-03-19T20:44:30","slug":"gic-amount-in-canada-for-international-students","status":"publish","type":"post","link":"https:\/\/prepareforcanada.com\/blog\/managing-money\/financial-first-steps\/gic-amount-in-canada-for-international-students","title":{"rendered":"What is the GIC Amount for Canada for International Students?"},"content":{"rendered":"\n\n
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If you’re planning to study in Canada, a Guaranteed Investment Certificate (GIC) is vital. Discover the GIC amount in Canada for international students so you easily show proof of funds and confidently begin your study journey!<\/p>\n\n\n\n

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How Much Money Do You Need to Study in Canada?<\/h2>\n\n\n\n
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To study in Canada, you must meet the Government of Canada’s proof of financial support requirement of $22,895 (if you apply on or after September 1, 2025<\/strong>). You must prove you have the minimum amount to support yourself and any family members coming to Canada.<\/p>\n\n\n\n

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International students applying to study in Canada must prove they have enough money, without<\/strong> working to cover the cost of tuition fees, living expenses, and transportation costs. <\/p>\n\n\n\n

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Effective September 1, 2025, Immigration, Refugees and Citizenship Canada (IRCC) has increased the financial requirements for international students to CAD$22,895 (up from CAD$20,635) to align with inflation. <\/p>\n\n\n\n

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The following amounts show how much money you need to support yourself and your family members for the first year of study. These amounts are updated each year. These amounts do not include tuition and transportation costs. <\/p>\n\n\n\n

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NUMBER OF FAMILY MEMBERS (including the applicant)<\/th>CANADIAN FUNDS
REQUIRED PER YEAR
(not including tuition)<\/th><\/tr><\/thead>
1<\/td>$22,895<\/td><\/tr>
2<\/td>$28,502<\/td><\/tr>
3<\/td>$35,040<\/td><\/tr>
4<\/td>$42,543<\/td><\/tr>
5<\/td>$48,252<\/td><\/tr>
6<\/td>$54,420<\/td><\/tr>
7<\/td>$60,589<\/td><\/tr>
If more than 7 people, each additional family member<\/td>$6,170<\/td><\/tr><\/tbody><\/table>
Source: Immigration, Refugees and Citizenship Canada<\/a><\/figcaption><\/figure>\n\n<\/div>\n <\/div>\n<\/section>\n\n\n\n
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A GIC makes it easier to apply for a study permit and show proof of funds. <\/em><\/strong><\/figcaption><\/figure>\n\n\n\n
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Why Do International Students Need a GIC?<\/h3>\n\n\n\n
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To study in Canada at a designated learning institution<\/a>, you need to apply for a Study Permit. Among other study permit requirements, you need a police certificate, a medical exam, and proof of funds<\/a>. <\/p>\n\n\n\n

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A GIC makes applying for a study permit easier to show “proof of funds” and comply with immigration rules.<\/p>\n\n\n\n

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The standard GIC amount for international students is typically $10,000 at Canadian banks. However, you may not need that amount to open a GIC account. For example, the minimum deposit at Scotiabank<\/a> is only $5,000.<\/p>\n\n\n\n

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A lower deposit makes it much easier for students to invest. While you can open a GIC account with a minimum of $5,000, you must still meet the IRCC’s proof of financial support.<\/p>\n\n\n\n

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Banks charge a $200 fee to set up and maintain the account. Be sure to include any fees in the total investment amount.<\/p>\n\n<\/div>\n <\/div>\n<\/section>\n<\/div>\n <\/div>\n<\/section>\n\n\n\n

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Understanding GIC Requirements<\/h2>\n\n\n\n
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What is a GIC?<\/h3>\n\n\n\n
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A GIC is a secured investment, and you earn interest on your deposit to ensure financial growth. With a guaranteed investment, you get the amount you invest back at the end of your term. It’s also a safe and convenient way to show you have enough money to cover living expenses and other costs while studying in Canada.<\/p>\n\n\n\n

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For international students, a GIC is a vital financial tool, making it easy to manage your money. You can quickly access funds when you arrive in Canada, avoid financial stress, and focus on your studies!<\/p>\n\n\n\n

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Arrive in Canada Financially Prepared<\/h3>\n

Join us for an eye-opening session on how to build your financial future in Canada with confidence. This free webinar is hosted in partnership with Scotiabank, a trusted leader in newcomer banking.\r\n\r\nTogether, we\u2019ll guide you through how the Canadian banking system works and share free tools and strategies to help you plan, save, and invest wisely as a newcomer.<\/p>\n REGISTER FOR THE WEBINAR \n \n <\/svg>\n <\/a>\n <\/article>\n

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Benefits of a GIC for International Students<\/h2>\n\n\n\n
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Simplifies the Study Permit Process<\/h3>\n\n\n\n
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A GIC makes it easier to apply for a study permit because it clearly shows your funds. It’s one of many ways to show proof of funds when it comes from a “Big Five” bank in Canada: Scotiabank, TD, CIBC, RBC, or BMO.<\/p>\n\n\n\n

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Provides Financial Peace of Mind<\/h3>\n\n\n\n
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A GIC provides guaranteed money for living expenses. And, it prevents you from travelling to Canada with a large amount of money for greater safety and ease.<\/p>\n\n\n\n

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When you arrive in Canada, you can get your money in monthly installments, making it easier to manage your budget.<\/p>\n\n<\/div>\n <\/div>\n<\/section>\n\n\n\n

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Key Things to Know <\/h2>\n\n\n\n
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GIC Amount Doesn’t Cover Tuition <\/h3>\n\n\n\n
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A GIC is not a substitute for tuition fees. You must arrange to cover tuition payments and ensure you have sufficient funds.<\/p>\n\n\n\n

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GIC Amount for Canada Covers Living Costs<\/h3>\n\n\n\n
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The GIC amount covers basic living costs, including food, groceries, entertainment, and clothing. It is not intended to cover expenses like tuition, housing<\/a>, and travel. It’s vital to manage your finances<\/a> responsibly when you’re new to Canada for a smooth transition and greater comfort.<\/p>\n\n<\/div>\n <\/div>\n<\/section>\n\n\n\n

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How to Set Up a GIC Account<\/h2>\n\n\n\n
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Choose the Right Bank<\/h4>\n\n\n\n
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The big five banks in Canada offer Guaranteed Investment Certificates for international students. Choose a bank that aligns with your financial needs and study plans.<\/p>\n\n\n\n

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Each bank has specific requirements for opening an account. It’s vital to know what they require and follow the process to avoid delays or problems with your study permit application.<\/p>\n\n\n\n

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Research and Compare<\/h4>\n\n\n\n
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Research and compare GIC offers. Pay attention to interest rates, minimum deposits, access to funds, and options.<\/p>\n\n\n\n

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Apply for GIC Account<\/h4>\n\n\n\n
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This usually involves submitting an application form along with proof of identity and acceptance into a Canadian school.<\/p>\n\n\n\n

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Transfer GIC Amount<\/h4>\n\n\n\n
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When your application is approved, you must transfer the GIC amount from a bank account in your home country.<\/p>\n\n\n\n

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Receive a Guaranteed Investment Certificate<\/h4>\n\n\n\n
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When the transfer is complete, the bank gives you a certificate. You need to include this with your study permit.<\/p>\n\n\n\n

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Access the GIC Amount in Canada<\/h4>\n\n\n\n
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When you arrive in Canada, you can access a portion of the GIC amount to cover initial expenses. The remaining amount is usually paid monthly to help you manage living costs throughout the year.<\/p>\n\n<\/div>\n <\/div>\n<\/section>\n\n\n\n

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Summary<\/h2>\n\n\n\n
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A Guaranteed Investment Certificate is a pillar for international students planning to study in Canada. Knowing the GIC amounts and how to set up an account helps to comply with proof of funds requirements. Careful planning can also help your chances of a successful study permit application. With secure finances, you’ll avoid financial stress, focus on your studies, and enjoy your experience in Canada!<\/p>\n\n<\/div>\n <\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"","protected":false},"author":6,"featured_media":251005,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[312],"tags":[349],"class_list":["post-250988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-first-steps","tag-student-gic"],"acf":[],"yoast_head":"\nWhat is the GIC Amount for Canada for International Students? -<\/title>\n<meta name=\"description\" content=\"A GIC makes it easier to apply for a study permit for Canada. 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