The Doubled GIC Financial Requirement: How to Secure the $20,635 CAD Proof of Funds
By Muntasir • Published Dec 20, 2025 • Updated Sep 20, 2026 • Guides
Canada increased its study permit living expense requirement to 20,635 CAD on January 1, 2024, and subsequently updated it to 22,895 CAD for applications starting September 1, 2025. International students must purchase a Guaranteed Investment Certificate from an approved Canadian bank to satisfy these guidelines. The Student Direct Stream program was officially discontinued on November 8, 2024.
Historical and Current GIC Requirements
The Minister of Immigration, Refugees and Citizenship, Marc Miller, announced a major update to the financial requirements on December 7, 2023. This change doubled the old 10,000 CAD requirement, which remained unchanged for over two decades. The government adjusted the figure again in late 2025 to reflect updated cost-of-living data.
| Effective Period | Required GIC Amount (CAD) | Legal Basis | Official Resource |
|---|---|---|---|
| Before January 1, 2024 | 10,000 | Legacy cost of living index | IRCC Study Permit Guide |
| January 1, 2024 to August 31, 2025 | 20,635 | 75% of Low-Income Cut-Off (LICO) | IRCC Policy Archives |
| September 1, 2025 to Present | 22,895 | Updated annual cost of living index | IRCC Financial Requirements |
Proof of Funds for Accompanying Dependents
You must show extra financial resources if family members join you in Canada. These resources are separate from your tuition fees. The government requires additional liquid savings per dependent according to an established scale.
| Number of Accompanying Dependents | Additional Required Savings (CAD) | Total Cost of Living Proof (CAD) |
|---|---|---|
| 0 (Single Student) | 0 | 22,895 |
| 1 (Two People Total) | 5,607 | 28,502 |
| 2 (Three People Total) | 12,145 | 35,040 |
| 3 (Four People Total) | 19,648 | 42,543 |
| Each Additional Dependent | 6,170 | Add 6,170 per person |
Approved GIC Financial Institutions in Canada
The Canadian government approved specific financial institutions to issue Guaranteed Investment Certificates to international students. You need to purchase your GIC from a bank on this list to satisfy IRCC requirements. These institutions charge administrative fees and offer distinct account opening procedures.
| Financial Institution | Approximate Setup Fee (CAD) | Official Portal Link |
|---|---|---|
| CIBC | 150 | CIBC Student GIC |
| Scotiabank | 200 | Scotiabank Student GIC |
| RBC Royal Bank | 150 | RBC Student GIC |
| TD Canada Trust | 150 | TD Student GIC |
| SBI Canada Bank | 150 | SBI Canada GIC |
Step-by-Step GIC Acquisition Process
Acquiring your certificate involves a clear series of sequential operations. You must complete these tasks before submitting your study permit application to IRCC. Follow this sequence to secure your proof of funds.
- Choose an approved Canadian financial institution and register for their student portal.
- Submit a copy of your valid passport and university acceptance letter through the online application form.
- Wire the required GIC amount plus the bank setup fee from your local bank account.
- Download the official GIC confirmation certificate once the Canadian bank verifies receipt of your funds.
Mandatory Document Checklist for Your Study Permit
Applying for a study permit requires a complete dossier of supporting files. Missing documents cause processing delays or lead to immediate application refusal. Gather these essential documents before starting your online IRCC application.
- Valid Passport: A high-resolution scan of your passport identification page.
- Letter of Acceptance: The official enrollment letter issued by a Designated Learning Institution (DLI) in Canada.
- Guaranteed Investment Certificate: The official proof of funds document showing you purchased the required GIC.
- Proof of Tuition Payment: Official receipt showing payment of first-year tuition fees to your university.
- Language Test Scores: A valid certificate from an approved language exam like IELTS Academic or PTE Academic.
- Biometrics: Proof of enrollment for biometrics collection at an authorized Visa Application Centre (VAC).
Common Refusal Grounds and Prevention Strategies
IRCC visa officers apply strict standards when reviewing financial documents. Insufficient proof of funds is a frequent cause for study permit rejections. You must present clear evidence to demonstrate your financial viability.
| Refusal Ground | Underlying Cause | Prevention Strategy |
|---|---|---|
| Unexplained Large Deposits | Sudden influx of unexplained money in bank statements | Provide clear transaction logs and tax returns for the past six months |
| Lack of Tuition Proof | No receipt proving payment of first-year fees | Submit the official university payment receipt along with your GIC certificate |
| Unverified Sponsorship | Sponsorship letters without proof of relationship or income | Include certified proof of relationship and employment letters from your sponsors |
Recent Policy Shifts and SDS Discontinuation
The Canadian government implemented significant changes to streamline the study permit system. On November 8, 2024, IRCC officially discontinued the Student Direct Stream (SDS) program. This policy shift means all applicants now go through the regular study permit application process.
- Elimination of Fast-Track Processing: All study permit applications follow a unified processing timeline instead of the expedited SDS route.
- Standardized Financial Audits: Visa officers perform identical financial verification steps for all applicants regardless of their country of origin.
- Recommended GIC Purchase: While a GIC is no longer legally mandatory without SDS, purchasing one continues to be an effective method to prove financial compliance.