Last Updated: May 12, 2026 · Source: Immigration, Refugees and Citizenship Canada (IRCC)
TL;DR: The GIC (Guaranteed Investment Certificate) amount required for a Canada study permit in 2026 depends on whether you are applying through a streamlined route and where you plan to study. For most international students outside Quebec, the GIC minimum is CAD 20,635 (approximately NPR 19.8 lakhs). For Quebec, the amount is lower at CAD 14,549 (including bank fees). The general proof of funds requirement (living costs) as of September 1, 2025 is CAD 22,895 per year plus tuition and travel. The Student Direct Stream (SDS) was discontinued on November 8, 2024, but many SDS habits (GIC, early medical exam, upfront tuition) still strengthen a regular stream application. Master’s and doctoral students at public institutions are now exempt from the Provincial Attestation Letter (PAL) requirement as of January 1, 2026.
The GIC is one of the most misunderstood parts of the Canada study permit process. Many Nepali students confuse it with the total proof of funds requirement, or do not know whether it is mandatory for them. This guide covers the exact 2026 GIC amount, what it covers, which banks offer it, and how it fits into the broader proof of funds requirement for a Canada study permit. If you are also looking at the PAL process or the full Canada visa requirements from Nepal, see our dedicated guides on the PAL application timeline and Canada visa from Nepal 2026.
What is a GIC for Canada and why does it matter?
A Guaranteed Investment Certificate (GIC) is a secure investment product offered by Canadian financial institutions. For international students, it serves as a structured proof of living expenses: you deposit a set amount into a Canadian bank account before you arrive, and the bank releases the funds to you in monthly installments after you arrive in Canada. It shows the Canadian immigration officer that you have accessible, real funds to cover your living expenses during your first year of study. It is not money that disappears: the full amount (plus interest) is returned to you over 10 to 12 monthly installments after you activate the account in Canada.
What is the GIC amount for Canada study permit in 2026?
The GIC amount required for a Canada study permit in 2026 is CAD 20,635 for students studying outside Quebec. For Quebec, the amount is CAD 14,549 (which includes the CAD 200 bank administration fee). These amounts reflect the IRCC-required living expense threshold as of January 2026. Note that the living cost threshold itself (which you must demonstrate you can meet) was updated to CAD 22,895 per year as of September 1, 2025, but the GIC program minimum is set separately by the participating banks and IRCC at CAD 20,635. The difference between these two figures means that a GIC alone may not be sufficient proof of full living funds, and you may need additional bank statements or financial documents to cover the gap.
| Requirement | Amount (CAD) | Approx. (NPR) | Notes |
|---|---|---|---|
| GIC minimum (outside Quebec) | 20,635 | ~NPR 19.8 lakhs | Deposited in Canadian bank before visa |
| GIC minimum (Quebec study) | 14,349 (+ 200 fee) | ~NPR 13.8 lakhs | Quebec has separate rules |
| GIC bank administration fee | 200 | ~NPR 19,000 | Non-refundable bank processing fee |
| Annual living cost threshold (IRCC) | 22,895 | ~NPR 22 lakhs | Updated Sept 1, 2025 — separate from GIC |
| First-year tuition (varies) | 15,000–40,000 | ~NPR 14–38 lakhs | Must be shown in addition to living costs |
Is a GIC mandatory for a Canada study permit?
A GIC is not mandatory for all Canada study permit applicants. Under the discontinued Student Direct Stream (SDS), a GIC was compulsory for applicants from eligible countries including India, China, the Philippines, Vietnam, and others. Nepal was not on the SDS-eligible country list, so Nepali students have never been required to submit a GIC as a mandatory document. However, having a GIC significantly strengthens your application because it provides structured, bank-verified proof of living funds. IRCC officers view GICs as one of the strongest forms of financial evidence because the funds are committed, verified by a Canadian institution, and cannot be withdrawn before your arrival. Most immigration consultants recommend all international students obtain a GIC even when not technically required.
Which banks offer GICs for Canada study permits?
Only Canadian banks approved by IRCC can issue GICs for study permit purposes. The following banks are the most widely used by Nepali students:
| Bank | GIC Amount (outside Quebec) | Admin Fee | Wire to Nepal |
|---|---|---|---|
| Scotiabank | CAD 20,835 (includes fee) | Included | Yes, online process |
| CIBC (Canadian Imperial Bank of Commerce) | CAD 20,635 + 200 fee | CAD 200 | Yes, online process |
| SBI Canada (State Bank of India Canada) | CAD 20,635 + 150 fee | CAD 150 | Online, preferred for South Asian students |
| ICICI Bank Canada | CAD 20,635 + fee | Varies | Yes, online |
You do not need to visit a bank branch in Canada to open a GIC account. All these banks offer online applications. You apply online, receive your account details, wire the funds from Nepal, and receive an Investment Declaration Advice or GIC certificate to submit with your study permit application.
How does the GIC process work step by step?
The GIC setup process for Nepali students applying for a Canada study permit follows these steps:
- Get your Letter of Acceptance (LOA) from a Canadian Designated Learning Institution (DLI). You need this before applying for a GIC account at most banks.
- Choose a Canadian bank and apply online. Go to the bank’s website, fill out the GIC program application form, and upload your passport and LOA.
- Open your investment account. The bank will approve your application and open a Canadian investment account in your name. You receive wire transfer instructions by email.
- Wire the GIC funds from Nepal. Transfer the required amount (at least CAD 20,635 plus the administration fee) from your Nepali bank account to the Canadian investment account. Use an international wire transfer. Note exchange rates and any intermediate bank fees.
- Receive your GIC certificate or Investment Declaration Advice. Once the funds are received, the bank issues confirmation. Include this document in your study permit application.
- Activate your account after arriving in Canada. Visit the nearest branch of your chosen bank after arriving with your study permit and enrollment letter. The bank releases your first installment and then pays monthly installments for 10 to 12 months.
What is the difference between GIC and proof of funds for a Canada study permit?
The GIC and proof of funds are related but distinct requirements. Proof of funds is the broader requirement that your study permit application must demonstrate: you must show enough money to pay for tuition, living costs, and return travel for your entire study period. The GIC covers only the living expenses for your first year (CAD 20,635). It does not cover tuition (which must be shown separately, often through proof of first-year tuition payment), travel costs, or additional years of living expenses. The total amount you must demonstrate having available for a one-year program is roughly CAD 22,895 (living costs) plus tuition (CAD 15,000 to CAD 40,000 depending on institution and program) plus return travel costs.
What happens if my study permit is refused? Can I get my GIC refunded?
Yes. If your Canadian study permit is refused, you can request a full refund of your GIC amount minus the non-refundable administration fee (typically CAD 150 to CAD 200). The refund process requires you to submit your IRCC refusal letter and your bank account details to the Canadian bank. Refunds typically take 4 to 8 weeks to process. The administration fee is always non-refundable. To receive the refund, you must submit the request within the bank’s specified window, which varies from 6 months to 2 years depending on the institution. Check the refund policy of your chosen bank before you apply.
What about the 2025 changes to Canada’s financial requirements?
IRCC updated the cost of living threshold on September 1, 2025, from approximately CAD 10,000 to CAD 22,895 per year for a single student. This was a significant increase tied to the Low-Income Cut-Off (LICO) methodology. According to IRCC’s 2026 notice, the 2026 study permit cap is set at 408,000, down 7% from 2025. Quebec also tripled its own proof of funds requirement starting January 2026, making Quebec study far more expensive to document. For Nepali students applying to Quebec, the provincial and federal fund requirements must both be met, and the Quebec Acceptance Certificate (CAQ) must be obtained before applying for the federal study permit.
Frequently Asked Questions
Is GIC mandatory for Nepali students applying for a Canada study permit?
No, GIC is not mandatory for Nepali students under the regular study permit stream. Nepal was not included in the Student Direct Stream (SDS) which required a GIC, and SDS itself was discontinued in November 2024. However, a GIC is strongly recommended as it provides the strongest, most structured proof of living funds. Immigration officers view bank-issued GIC certificates from approved Canadian banks as the most reliable financial evidence.
What is the current GIC amount for Canada in 2026?
The standard GIC minimum for students studying outside Quebec is CAD 20,635, plus a bank administration fee of CAD 150 to CAD 200. For Quebec, the GIC minimum is CAD 14,349 plus fees. These amounts are separate from the general IRCC proof of funds threshold, which was updated to CAD 22,895 per year for living costs as of September 1, 2025.
Can I get my GIC money back if I do not go to Canada?
Yes. If your study permit is refused or you decide not to travel to Canada, most approved banks will refund the full GIC amount minus the non-refundable administration fee. Submit your IRCC refusal letter or a written withdrawal request to the bank within their specified refund window. Processing takes 4 to 8 weeks.
Which Canadian bank is best for GIC from Nepal?
There is no single best bank, but SBI Canada and Scotiabank are the most popular for South Asian students, including Nepalis, because of their established international transfer processes. SBI Canada is attractive if you can send funds from SBI India, as it offers lower fees. Scotiabank has a more established online process and the broadest branch network in Canada for post-arrival activation. CIBC and ICICI Canada are also widely used options.
How long does the GIC process take from Nepal?
The GIC application and fund transfer process typically takes 1 to 3 weeks from Nepal. You apply online, the bank opens your account within a few business days, you wire the funds, and the bank confirms receipt and issues your certificate within 5 to 10 business days. International wire transfers from Nepal can take 3 to 7 business days to arrive. Start the GIC process as soon as you receive your Letter of Acceptance to avoid delays in your study permit application.
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