Planning to study in Canada involves more than just securing admission—it's about proving you're financially prepared for life abroad. One of the key requirements for international students, especially those applying for a study permit, is the Guaranteed Investment Certificate (GIC). Mandated by Immigration, Refugees and Citizenship Canada (IRCC), the GIC ensures that students have sufficient funds to cover their living expenses during their first year in Canada.
With the Student Direct Stream (SDS) program discontinued as of November 8, 2024, students are now required to submit additional documentation to demonstrate financial readiness to study in Canada. In this context, it's important to know how international students can still meet the essential financial requirement—the Guaranteed Investment Certificate (GIC)—even without the benefits of the SDS pathway.
The Guaranteed Investment Certificate (GIC) is a secure investment required by IRCC as proof of funds for international students applying for a Canadian study permit. It ensures students have enough to cover living expenses, with the required amount now CAD 20,635 (approx. ₹12.5 lakhs), up from CAD 10,000 due to inflation. GICs offer monthly withdrawals for expenses while earning a guaranteed return on the remaining balance, ensuring both financial access and stability during the student’s stay in Canada.
To open a GIC account, visit any of Unimoni's 300+ branches or 15,000+ agent locations across India, where you will get free assistance from our experts. We have tie-ups with banks such as CIBC and BMO (Bank of Montreal), so you can compare and choose the one that matches your preference. We will guide and advise you to choose the bank that is suitable for you.
To apply for a GIC and initiate the remittance process, students must provide the following:
After submitting the application, students must complete an international wire transfer through an authorised financial partner such as Unimoni. Transfers can be made by the student or on their behalf by parents, spouses, or others, subject to terms and conditions. Once submitted, students can monitor their application status using their registered email and password via CIBC’s secure ISBO platform.
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Choosing a Guaranteed Investment Certificate (GIC) in Canada comes with several important benefits for international students. It provides financial stability for the first academic year by ensuring access to funds for living expenses. Students also enjoy fixed annual returns on their investment without the need for active management. Plus, they receive a student-friendly debit card, and their investment is safeguarded by CDIC, covering up to CAD 100,000.
Opting for GIC through Unimoni brings added value and speed to the process. Here’s what students can expect:
When it comes to sending money abroad or managing international education payments, remitforex by Unimoni stands out as a trusted, efficient, and customer-centric platform. Backed by Unimoni Financial Services Ltd., one of India’s leading financial service providers, remitforex offers a seamless and secure experience for all your cross-border needs.
Here’s why you choose remitforex:
Yes. Even though the Student Direct Stream (SDS) program was discontinued on November 8, 2024, GIC remains a mandatory financial proof for most international student visa applications.
As per the latest IRCC update, international students must now deposit CAD 20,635 into a GIC account to demonstrate sufficient funds for their first year of living expenses in Canada. This replaces the previous requirement of CAD 10,000.
The GIC amount was increased to reflect the rising cost of living and inflation in Canada. The update ensures students have adequate financial support during their stay.
You can apply for a GIC with the help from authorised partners like Unimoni, who assist with account opening, document submission, and remittance.
After the successful transfer of funds, most banks issue the GIC certificate within 3–5 business days, which students can use for their visa application.
The withdrawal amount differs from bank to bank. Different banks offer various GIC options. Some require an initial transfer of CAD 20,835, releasing funds in 12-month installments, while others credit CAD 4,135 upfront and hold CAD 16,500 in a Non- Redeemable GIC, disbursing CAD 1,375 plus interest monthly.
Yes, your GIC earns a fixed interest during the investment period. The interest rate varies slightly by bank and is applied to the remaining balance after each monthly withdrawal.
Yes, once your bank account is set up, you’ll receive a debit card to access the funds, pay bills, and make purchases in Canada.
In case of a visa refusal, you are eligible for a full refund of your GIC amount. Submit the official visa refusal letter to your bank and retain all related GIC and visa documents for the refund process.
remitforex offers free guidance for opening a GIC account, giving you access to multiple options and helping you choose the most suitable one. With fast and reliable remittance services, expert support, and a professional approach, the process becomes quicker, error-free, and more efficient—leading to faster GIC certificate issuance and smoother visa approval.
