Canada

GIC (Guaranteed Investment Certificate)

Updated June 2026

A Canadian bank investment product many study permit applicants use to prove they can support themselves. You deposit the required cost-of-living amount (CAD 23,448 for a single applicant applying on or after September 1, 2026, outside Quebec) with a participating Canadian bank before applying; the bank releases a first instalment before travel and pays the rest in monthly amounts after arrival. IRCC accepts a GIC alongside other proof of funds such as bank statements, a loan, or a sponsor's affidavit — it is not the only route, but it is the one visa officers recognise fastest because the funds are locked and verifiable.

Related terms

TermProof of FundsDocumentary evidence that you can pay for your trip or studies and your living costs, usually shown through bank statements, sponsorship letters or instruments like a GIC. The amount and the holding period are often specified by the visa.TermSponsorA person or organisation that takes financial or legal responsibility for an applicant — a relative funding a trip, an employer offering a job, or an institution issuing study documents.

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