If you're planning to study in Canada as an international student—especially under the Student Direct Stream (SDS)—you’ll likely need to open a GIC (Guaranteed Investment Certificate) account. The GIC Canada account is a vital requirement that proves you have enough funds to cover living expenses for your first year in Canada.
Let’s break down everything you need to know about GICs, including the setup process, required amount, and helpful tips to get it done smoothly.
What is a GIC Account in Canada?
A Guaranteed Investment Certificate (GIC) is a secure investment offered by Canadian banks that holds your funds for a fixed term. For international students, a GIC demonstrates financial stability and is a requirement when applying for a student visa through the SDS route.
The Canadian government requires proof of CAD 10,000 (or more) to support your living expenses during your first year of study.
GIC Canada Account Setup: Step-by-Step Process
✅ Step 1: Choose an Eligible Bank
Start by selecting a Canadian financial institution that is approved by IRCC (Immigration, Refugees and Citizenship Canada). Popular options include:
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Scotiabank
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ICICI Bank Canada
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HSBC Canada
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CIBC
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Bank of Montreal (BMO)
Make sure to check their current GIC plans and processing times.
✅ Step 2: Register Online
Visit the selected bank’s official website and create a GIC account. You’ll be asked to provide:
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Passport details
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Letter of Admission from a Canadian institution
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Email address and contact information
✅ Step 3: Transfer Funds
You’ll need to wire transfer the required amount—usually CAD 10,000 plus a small processing fee (CAD 150–200, depending on the bank).
The funds must be transferred from an account held in your name.
✅ Step 4: Get Your GIC Certificate
Once the bank receives your funds, they will issue a GIC confirmation or certificate. This document is crucial and must be submitted with your SDS visa application.
✅ Step 5: Access Funds After Arrival
After arriving in Canada, you’ll need to visit the bank in person to activate your account. The bank will:
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Verify your identity
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Open a local checking account
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Deposit a portion (around CAD 2,000) for immediate use
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Transfer the remaining funds monthly over 10–12 months
Total Amount Required for GIC
Here’s a typical breakdown:
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GIC Principal Amount: CAD 10,000
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Processing Fee: CAD 150–200
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Total Transfer: CAD 10,150 to CAD 10,200 (depending on the bank)
Also, note that currency conversion and international transfer fees may apply from your local bank.
Tips for a Smooth GIC Setup
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Apply Early: Start your GIC application at least 4–6 weeks before your visa submission.
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Avoid Errors: Double-check your name and passport details before transferring funds.
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Use Trusted Channels: Always transfer money directly to the bank’s official account.
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Keep All Receipts: Save copies of transfer confirmations and emails from the bank.
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Check for Refund Policies: In case of visa rejection, most banks offer full or partial refunds.
Final Thoughts: Plan Your Study in Canada with MSM Unify
Setting up your GIC Canada account is a key step in securing your study permit and preparing for life in Canada. With proper planning and the right guidance, it’s a smooth and straightforward process.
Need help choosing the right bank or preparing your visa documents? Get expert assistance and explore top Canadian institutions with MSM Unify—your trusted platform for international education, admissions, and student support.
Also read: Career Opportunities in Canada After Graduation: Fields in Demand