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Written By
Corinna Frattini
Aug 29, 2025
•Financial First Steps
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!
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). You must prove you have the minimum amount to support yourself and any family members coming to Canada.
International students applying to study in Canada must prove they have enough money, without working to cover the cost of tuition fees, living expenses, and transportation costs.
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.
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.
| NUMBER OF FAMILY MEMBERS (including the applicant) | CANADIAN FUNDS REQUIRED PER YEAR (not including tuition) |
|---|---|
| 1 | $22,895 |
| 2 | $28,502 |
| 3 | $35,040 |
| 4 | $42,543 |
| 5 | $48,252 |
| 6 | $54,420 |
| 7 | $60,589 |
| If more than 7 people, each additional family member | $6,170 |
To study in Canada at a designated learning institution, 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 GIC makes applying for a study permit easier to show “proof of funds” and comply with immigration rules.
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 is only $5,000.
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.
Banks charge a $200 fee to set up and maintain the account. Be sure to include any fees in the total investment amount.
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.
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!
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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.
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.
When you arrive in Canada, you can get your money in monthly installments, making it easier to manage your budget.
A GIC is not a substitute for tuition fees. You must arrange to cover tuition payments and ensure you have sufficient funds.
The GIC amount covers basic living costs, including food, groceries, entertainment, and clothing. It is not intended to cover expenses like tuition, housing, and travel. It’s vital to manage your finances responsibly when you’re new to Canada for a smooth transition and greater comfort.
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.
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.
Research and compare GIC offers. Pay attention to interest rates, minimum deposits, access to funds, and options.
This usually involves submitting an application form along with proof of identity and acceptance into a Canadian school.
When your application is approved, you must transfer the GIC amount from a bank account in your home country.
When the transfer is complete, the bank gives you a certificate. You need to include this with your study permit.
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.
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!
WRITTEN BY
Corinna Frattini
Senior Editor, Prepare for Canada
Corinna Frattini is the Senior Editor and Content Director for Prepare for Canada. She contributes articles to help newcomers achieve their goals in key areas related to living, working, and settling in Canada. With an extensive background in human resources and leadership development, her articles focus on what Canadian employers seek and how newcomers can continue their careers in Canada.
© Prepare for Canada 2025
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