Is the GIC amount for Canada fixed and how much is it approximately?
The minimum GIC is fixed by IRCC. A single student outside Quebec must deposit CAD 22,895, roughly Rs 14.3 to 14.5 lakh, while Quebec requires CAD 24,617. The amount rises for accompanying family members and covers only living expenses, so tuition is proven separately.
The GIC amount is indeed set by IRCC rather than left to the banks, but the exact figure shifts with your study location and family size. Let me give you the current benchmarks and explain how the money is actually paid back to you once you land.
GIC Requirements by Location and Family
| Situation | Required amount |
|---|---|
| Single student outside Quebec | CAD 22,895 (approx Rs 14.3 to 14.5 lakh) |
| Single student inside Quebec | CAD 24,617 (approx Rs 15.4 lakh) |
| With 1 family member (outside Quebec) | CAD 28,502 |
| With 2 family members (outside Quebec) | CAD 35,040 |
Fees and Payout Structure
| Item | Detail |
|---|---|
| Bank processing fee | One-time CAD 150 to CAD 200 |
| Initial release | Around CAD 2,000 lump sum on arrival |
| Remaining balance | Paid in 11 equal monthly instalments over year one |
My Advice
Remember that the GIC covers only your living expenses, so you must separately show you have paid or can afford your first-year tuition. Since the Student Direct Stream was closed, a GIC is technically no longer mandatory under the standard stream, but it remains the strongest and most widely accepted way to prove funds, so I still recommend it. Set up your account with a participating bank like Scotiabank, CIBC or ICICI Bank Canada and factor in that CAD 150 to 200 fee.
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