GIC account for studying in Canada
A Guaranteed Investment Certificate (GIC) shows the study-permit officer that you can pay your living costs in Canada. You open it online with a participating Canadian bank; we send the money from India.
How much
From 1 September 2026, a single student must show at least CAD 23,448 for living costs (up from CAD 22,895), on top of the first year's tuition and travel. Most students put this amount in a GIC. Check the figure on the IRCC website before you pay — it changes each year.
Opening the GIC
- Choose a Canadian bank that offers the student GIC programme — for example Scotiabank, CIBC, ICICI Bank Canada or SBI Canada Bank.
- Apply on the bank's website with your passport and letter of acceptance. The bank gives you a GIC account number and payment instructions.
- Send the money from India (below). The bank issues the GIC confirmation letter you upload with the study-permit application.
GoRemit does not open the GIC; the Canadian bank does. We arrange the transfer and the paperwork in India.
After you arrive
The bank usually releases part of the GIC when you arrive and verify your identity, and the rest in monthly or periodic instalments for living costs. Use a student forex card or a Canadian bank account for daily spending.
Common questions
Is a GIC compulsory?
Proof of funds is compulsory for the study permit; a GIC is the most common and accepted way to show it.
Who can pay for the GIC?
The student, or a parent or close relative from their own account in India.
Is TCS charged?
A GIC payment is an education-related remittance. TCS is nil from an eligible education loan; from own funds, 2% above ₹10 lakh of LRS in the year.
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Talk to a person
Call +91 83569 24029, message us on WhatsApp, or ask us to call you back at a time that suits you. Please don't share PAN, passport or bank details in an open message.