Quick Read
- Current Canada GIC amount is CAD 22,895 for a single applicant.
- This rate applies to study permit applications from September 1, 2025 onward.
- IRCC discontinued the Student Direct Stream (SDS) in November 2024.
- A GIC is no longer mandatory for any Canada study permit stream.
- CAD 22,895 converts to roughly ₹15.62 lakh at today’s exchange rate.
- Quebec-bound students face a separate CAD 24,617 requirement instead.
What Is the Current Canada GIC Amount for International Students?
The Canada GIC amount for a single applicant is CAD 22,895 (₹15,62,355 at today’s rate). This figure took effect for study permit applications submitted on or after September 1, 2025, replacing the CAD 20,635 amount that had applied since January 1, 2024. Before that, the Canada student GIC amount sat at a flat CAD 10,000 for roughly two decades.
IRCC adjusts this Canada GIC amount every year, tied to Statistics Canada’s low-income cut-off (LICO). The next revision is expected around September 1, 2026. Confirm the live figure on canada.ca before you wire any money, since the amount you see today may not be the amount in effect by the time you apply for the 2027-28 intake.
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Counselor insight: The gap between what banks advertise as their "Student GIC Program minimum" and what IRCC actually requires as living-expense proof is where most students get caught out. Some banks still market a CAD 20,635 GIC product even though IRCC's requirement moved to CAD 22,895. Check that the current bank minimum matches the current IRCC figure before you commit.
Exchange rate used: 1 CAD = ₹68.24 (rate as of August 2026). Verify the current rate before transferring funds.
Source: Canada.ca, IRCC - Proof of financial support
Is a GIC Still Mandatory for a Canada Study Visa?
A GIC is not mandatory for any Canada study permit applicant today. It was compulsory only under the Student Direct Stream (SDS), which IRCC discontinued in November 2024 along with the Nigeria Student Express. Every study permit application, regardless of nationality, now goes through the regular processing stream.
A GIC remains an accepted and well-regarded way to prove funds since the money is verifiably held at a Canadian institution and released to you in installments after arrival. But it's one option among several:
- Bank statements for the past four months
- An education loan sanction letter
- Proof of paid tuition and housing
- Documented sponsor support
Any of these satisfy your Canada GIC amount requirement just as well as a GIC does.
If you're applying for a shorter program instead, SX-1 visa applicants for short courses in Canada generally don't need a GIC at all, relying on bank statements instead. Worth comparing if you're weighing program length against how much proof-of-funds paperwork you want to manage.
Source: CIC News
Canada GIC Amount by Year: 2024, 2025, and 2026
| Period | Canada GIC Amount (Single Applicant) | INR Equivalent (today's rate) |
| Before January 1, 2024 | CAD 10,000 | ₹6,82,400 |
| January 1, 2024, to August 31, 2025 | CAD 20,635 | ₹14,08,743 |
| September 1, 2025, to present (2026 cycle) | CAD 22,895 | ₹15,62,355 |
Exchange rate used: 1 CAD = ₹68.24 (rate as of August 2026). Verify the current rate before transferring funds.
If you're reading a guide quoting CAD 20,635 as the current Canada GIC amount for 2026, that figure expired on August 31, 2025. The correct Canada GIC amount for 2026 in effect right now is CAD 22,895, and it will likely be revised again around September 1, 2026, for the 2027-28 intake cycle.
Source: Canada.ca, IRCC Program Delivery Update, January 10, 2024
Canada GIC Amount for Family Members and Dependents
The number goes up per accompanying family member, not per applicant alone.
| Family Size (including applicant) | Amount Required (CAD) | INR Equivalent (today's rate) |
| 1 | 22,895 | ₹15,62,355 |
| 2 | 28,502 | ₹19,44,977 |
| 3 | 35,040 | ₹23,91,130 |
| 4 | 42,543 | ₹29,03,134 |
| Each additional beyond 7 | +6,170 | +₹4,20,921 |
Note: These amounts cover living expenses only. Tuition and return transportation are separate requirements, not included in the Canada GIC amount figures above.
Counselor insight: IRCC ties this scale to Statistics Canada's low-income cut-off (LICO) rather than a flat per-person add-on, which is why the increment shrinks as family size grows (1 to 2 people adds CAD 5,607 (₹3,77,744), but 6 to 7 adds only CAD 6,169 (₹4,15,606)). Only include family members actually accompanying you to Canada for the full year. You'll need proof of relationship for each, a marriage certificate for a spouse and birth certificates for children, since IRCC checks that your claimed family size matches who's named on the study permit application.
Best Banks for GIC in Canada for Indian Students
| Bank | Program Fee (CAD) | INR Equivalent | Typical Processing | RefundTimeline |
| Scotiabank | 200 | ₹13,648 | 24-hour response | Around 4 weeks |
| ICICI Bank Canada | 150 | ₹10,236 | 24 hours after funds arrive | Around 8 weeks |
| CIBC | Around 196 | ₹13,375 | Around 1 business day | Monthly over 11 months |
| SBI Canada | Varies by branch | Not fixed | Around 1 business day after funds arrive | Around 6 weeks |
Counselor insight: Scotiabank and ICICI Bank Canada remain the most-used options for Indian students. Both allow the entire application and wire transfer to be completed online from India before travel. CIBC is the fastest to confirm but pays refunds out monthly rather than as a lump sum, which matters if your study permit gets refused and you need the money back quickly.
Exchange rate used: 1 CAD = ₹68.24 (rate as of August 2026). Verify the current rate and each bank's current fee schedule before transferring funds, since both shift.
Quebec’s Separate GIC and Proof-of-Funds Amount
If your destination is a Quebec institution, the Canada GIC amount table above doesn't apply to you. Quebec assesses financial capacity separately through the Ministère de l'Immigration, de la Francisation et de l'Intégration (MIFI), as part of the Quebec Acceptance Certificate (CAQ) you need before IRCC will even look at your study permit application.
| Cost Component | Amount (CAD) | INR Equivalent |
| Living expenses (single applicant, includes health and hospitalization insurance) | 24,617 | ₹16,58,447 |
| Health and hospitalization insurance | Bundled into the living expenses figure above, not priced separately since January 1, 2026 | — |
| CAQ application fee | 135 | ₹9,095 |
Note: As of January 1, 2026, a single applicant destined for Quebec must show CAD 24,617 (₹16,58,447) for living expenses. This is higher than the federal figure and now bundles health and hospitalization insurance into that one number, rather than pricing insurance as a separate requirement the way it was in earlier cycles. On top of that, the CAQ itself carries a non-refundable CAD 135 (₹9,095) processing fee, paid directly to MIFI through the Arrima portal, separate from anything you pay IRCC later for the study permit.
Exchange rate used: 1 CAD = ₹67.37, applied to all figures in this table.
Source: Gouvernement du Québec, Applying for temporary selection for studies
Documents Checklist for Your Canada GIC Amount Proof
What to have ready, and where each document actually comes from.
| Document | Where From | India-Specific Note |
| Letter of Acceptance (LOA) | Designated Learning Institution (DLI) | Must show DLI number |
| GIC certificate or bank statements | Participating Canadian bank, or your own bank | If using a GIC, funds wired via LRS from an Indian bank |
| Proof of first-year tuition payment | DLI receipt | Separate from the GIC amount |
| Source-of-funds documentation | Indian bank statements | Officers now check where the money came from, not just that it exists |
Canada GIC Amount vs Other Proof of Funds: Which Route Fits You?
- If you already have CAD 22,895 or more sitting in liquid Indian bank savings, a GIC still makes sense for the clean, single-document simplicity and the head start on Canadian banking history it gives you after arrival.
- If your funds are spread across a parent's account, an education loan, and a fixed deposit, skip the GIC and use the standard bank-statement route instead. A GIC now buys no processing speed advantage, so there's little reason to lock money into one product if a mixed-document file already tells a clear story.
Related read: How to get an education loan for a Master's abroad.
- If you're applying to a Quebec institution, budget for CAD 24,617 through the separate MIFI/CAQ process before you even think about the federal GIC figure, since the two systems don't overlap.
For a full sense of what the total spend looks like beyond just the Canada GIC amount, 1-year courses in Canada, diploma courses in Canada, and private universities in Canada all break down tuition ranges you'll need to add on top.
Canada GIC Amount Timeline: Planning for the 2027-28 Intake
Work backward from your intake date so the GIC or bank documentation isn't the thing that delays you.
- 6-8 months before intake: Secure your Letter of Acceptance and start comparing GIC banks if you're going that route. Wire transfers from India through the Liberalized Remittance Scheme (LRS) typically take 2-4 business days once initiated.
- 4-6 months before intake: Open your GIC or finalize your bank statement documentation. GIC certificates typically take 1-3 weeks to issue after funds are received.
- 2-3 months before intake: Pay first-year tuition and collect your receipt, then submit your complete study permit application with both the GIC or proof-of-funds documents and the tuition receipt together.
- Closer to September 1, 2026: Recheck the Canada GIC amount on canada.ca before finalizing your budget, since IRCC's annual adjustment typically lands on this date and will set the figure for the 2027-28 cycle.
What to Do If Your GIC or Visa Is Refused?
If your study permit is refused after you've already funded a GIC, most banks refund the full amount minus a non-refundable administration fee (typically CAD 150-200). You'll need your official IRCC refusal letter, your passport copy, and the original wire transfer receipt to start the refund process, which takes four to eight weeks depending on the bank.
Counselor insight: Refund timelines vary more than students expect. Scotiabank tends to process refunds fastest, around four weeks, while ICICI Bank Canada and SBI Canada can take six to eight weeks. If you're funding your GIC close to a deadline, factor in which bank you'd rather deal with if things don't go to plan, not just which one is fastest to open.
3 Takeaways on Canada GIC Amount
- Don't go by the first number you see online. The Canada GIC amount that's actually current right now is CAD 22,895 (₹15,62,355 at today's rate), in place since September 1, 2025, and it's likely to move again around September 1, 2026 when the 2027-28 intake cycle kicks in.
- You're not stuck with a GIC just because everyone talks about it. Since IRCC shut down the Student Direct Stream in November 2024, a GIC is no longer mandatory for any Canada study permit stream, bank statements, loans, and sponsor documents all work just as well.
- Before you wire a single rupee, go check canada.ca yourself, and check with your bank too. A surprising number of guides out there, including a few of LeapScholar's own older ones, are still quoting figures that expired a while back.
Verified by: LeapScholar's Canada counseling team, with hands-on experience guiding Indian students through GIC setup, proof-of-funds documentation, and study permit applications.
Have questions about your GIC or proof of funds for Canada? Book a free session with a LeapScholar counselor.
Frequently Asked Questions About the Canada GIC Amount
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What is the current Canada GIC amount?
Right now, it's CAD 22,895 (₹15,62,355 at today's rate) if you're applying on your own. This number kicked in for applications submitted on or after September 1, 2025, so if you've seen an older figure floating around somewhere, that's why it doesn't match.
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What is the Canada GIC amount in INR today?
At today's rate of ₹68.24 per CAD, you're looking at roughly ₹15.62 lakh for the CAD 22,895 Canada GIC amount. Just keep in mind the rupee figure shifts with the exchange rate, so it's worth double-checking closer to the day you actually transfer the money.
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Is GIC mandatory for a Canada student visa?
Not anymore, and this trips up a lot of people. It used to be compulsory under the Student Direct Stream, but IRCC shut that stream down in November 2024. So today, you can just as easily use bank statements, an education loan, or sponsor documentation instead of a GIC.
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How much GIC is required for Canada for international students in 2026?
For the 2026 cycle, you'll need to show CAD 22,895 for living costs, on top of your first year's tuition and travel. That said, if you're headed to a Quebec institution, the number changes, you'd be looking at CAD 24,617 instead.
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What happens to my GIC money after I reach Canada?
You don't get the whole amount at once. Banks release an initial lump sum when you land, usually somewhere around CAD 2,000 to 3,000, and then pay out the rest in monthly instalments to cover you through the rest of your first year.
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Can I get a GIC refund if my Canada visa is rejected?
Yes, most banks will refund you, though they'll deduct a small non-refundable admin fee first. You'll need to hand over your official IRCC refusal letter, a copy of your passport, and your original wire transfer receipt to get that process started.
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Which bank is best for GIC in Canada for Indian students?
Honestly, Scotiabank and ICICI Bank Canada are the two most students go with, mainly because you can do the entire application and wire transfer online from India without needing to be there in person. If speed matters more to you, CIBC tends to process faster, while SBI Canada works out cheaper if you're wiring from SBI India.
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Are GIC rates going up in Canada?
They have been, yes. It went from CAD 10,000, all the way up to CAD 20,635 in January 2024, and then again to CAD 22,895 in September 2025. And IRCC's already said this isn't a one-time jump, they'll keep adjusting it each year based on the cost of living.
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What is the Canada GIC amount for Quebec institutions?
If you're heading to a Quebec school, you're actually looking at a separate number altogether, CAD 24,617 as of January 1, 2026. This one comes through Quebec's own MIFI process for your CAQ, not the federal IRCC table everyone else uses.
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