Do students receive the GIC amount back after some years in Canada?
No, you do not get the GIC amount back after several years. Instead, you receive an initial lump sum of around CAD 7,000 to 8,000 on arrival, then monthly installments of CAD 1,300 to 1,600 over 10 to 12 months, closing the account by the end of your first year.
Your GIC is not a long term deposit that pays out years later. It works more like a supervised savings plan that hands your own money back to you gradually, entirely within your first year in Canada.
GIC Payout Timeline
| Stage | Amount | Timing |
|---|---|---|
| Initial lump sum | CAD 7,000 to 8,000 (Rs. 4.3 to 4.9 lakh) | On arrival, after bank account activation |
| Monthly installments | CAD 1,300 to 1,600 (Rs. 80,000 to 98,000) | Over 10 to 12 months |
| Account closure | Full deposit plus small interest | End of first year |
When You Can Get A Full Refund
- If IRCC rejects your study permit, you can claim a full refund minus minor processing fees.
- If you withdraw from your program and return home, the bank refunds your remaining balance once your permit is cancelled.
My Advice
Budget the monthly GIC installment as your actual living allowance for that first year rather than expecting a large payout later, and confirm your specific bank's schedule before you fly, since amounts vary slightly between providers.
Cash income, business income or no ITR?
See whether your funds and documents will pass the Canadian visa check.
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