GIC (Guaranteed Investment Certificate) Cost Tracker

Estimate the exact upfront funds you must lock into a Canadian GIC (plus first-year tuition) to meet IRCC's proof-of-funds threshold for a study permit.

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Province of Study

Outside Quebec

Quebec

Quebec uses its own higher minimum living-cost threshold under MIFI rules.

Number of Accompanying Family Members

IRCC adds an incremental amount per accompanying family member.

First-Year Tuition (CAD)

Tuition for the first academic year as listed in your Letter of Acceptance.

Tuition Already Paid (CAD)

Receipted prepayments reduce the tuition portion of the proof-of-funds requirement.

Application Stream

Regular Study Permit

SDS (Closed Nov 8, 2024)

SDS required a GIC; under regular streams a GIC is optional but the most reliable proof-of-funds.

Required GIC Deposit

Locked-in living-cost reserve under IRCC rules

Living-Cost Floor (IRCC) --

Tuition Reserve Required --

Initial Lump-Sum Release --

Estimated Monthly Installment --

Total Proof-of-Funds Needed --

Enter your tuition and province to see the exact GIC + tuition reserves required by IRCC.

How It Works

IRCC Living-Cost Thresholds (2025+ update)

• Single applicant (outside Quebec): CAD $22,895/year — applies to applications submitted on/after Sep 1, 2025.
• Single applicant (Quebec): CAD $24,617/year under MIFI's 2026 schedule (effective Jan 1, 2026; up from $15,508).
• Each additional family member: Adds CAD $6,170 (rest of Canada) or follows the MIFI per-person scale (Quebec).
• Tuition: First-year tuition (less any documented prepayments) is required on top of the living-cost reserve.

How a GIC Releases Funds

Participating banks (e.g. Scotiabank, ICICI Bank Canada, RBC, CIBC) freeze the full deposit. Once you activate the account in Canada, ~CAD $2,000 is released upfront, and the remainder is paid out in roughly 12 monthly installments over your first year — preventing students from spending the cushion all at once.

SDS was retired on November 8, 2024; under the current regular study-permit stream, a GIC is not strictly mandatory but remains the cleanest way to satisfy the IRCC proof-of-funds requirement. Always confirm current numbers with the official sources below.

IRCC: Proof of Financial Support IRCC: Cost-of-Living Threshold Update