After paying the deposit and showing the GIC (Guaranteed Investment Certificate), do I need to pay another deposit?
No, you generally do not need another deposit, but you will still owe the remaining tuition balance. Your initial deposit, often CAD 1,000 to one semester's fees, is credited toward your total tuition, while your GIC funds, at least CAD 20,635 plus provider fees, are reserved for living expenses.
Once you have paid your deposit and arranged your GIC for Canada, you can relax about a second deposit, but your financial planning is not quite finished. You still have a remaining tuition balance and a few other fees to budget for.
What You've Paid Versus What Comes Next
| Payment | Purpose |
|---|---|
| Initial deposit | Often CAD 1,000 to one semester's fees, secures your admission and Letter of Acceptance |
| Remaining tuition balance | Owed according to your institution's official fee payment deadlines |
| GIC funds | Minimum CAD 20,635 plus provider fees, reserved strictly for living expenses after arrival |
Other Fees To Anticipate
Even without another deposit, you should still budget for ancillary or incidental university fees such as student services, technology fees, and student union fees. You may also need mandatory health insurance, such as UHIP in Ontario or your province's equivalent, and a separate housing deposit if you choose to live on campus.
My Advice
Confirm with your specific institution exactly how much of your first year tuition your deposit already covers, since this varies by school, and keep your GIC funds mentally separate from tuition since they are disbursed to you only after you arrive in Canada.
Cash income, business income or no ITR?
See whether your funds and documents will pass the Canadian visa check.
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