How to use this calculator
- Pick your family size and destination — Quebec has its own separate threshold
- Compare the eight IRCC-authorized banks and their processing fees
- Add your home bank's wire fee to see the true transfer total
- Budget for the lump-sum month: rent deposit, winter clothing and setup costs hit at once
- Open the GIC 6–8 weeks before submitting your study permit
A GIC is a deposit you place with an authorized Canadian bank before applying. The certificate is the strongest single proof of living funds — the visa officer's assessment is essentially complete when they see one, which is why most successful applicants use this route even though bank statements remain an option.
The amount is indexed to 75% of Statistics Canada's low-income cut-off and changes every September 1. It rose to C$23,448 for a single applicant on September 1, 2026 — a C$553 increase from the C$22,895 that applied through August. Quebec runs its own separate threshold through MIFI (about C$24,617), so a Quebec destination changes the number.
The money comes back to you in a structured way: a lump sum of roughly C$5,000–6,000 within days of activating your account on arrival, then monthly installments of about C$1,300–1,500 for 10–12 months. The first month is the expensive one — rent deposits and setup costs land before any payout rhythm forms.
Bank choice matters more than it looks. TD and Simplii charge no processing fee, saving C$150–200 outright. Refund timelines after a refusal range from 4 to 10 weeks, and the processing fee is non-refundable at every bank. BMO pays bi-monthly rather than monthly, which stretches gaps between payouts.
The GIC covers living costs only
Tuition and travel are separate requirements on top of the GIC figure. A student with C$20,000 first-year tuition actually needs to show C$23,448 plus tuition plus travel — the headline number is only the living-expense floor.
Only authorized banks count
IRCC accepts GICs only from its listed institutions — Scotiabank, CIBC, BMO, RBC, TD, ICICI Bank Canada, SBI Canada and Simplii Financial. A certificate from any other bank is rejected outright, no matter how solid it looks.