GIC stands for Guaranteed Investment Certificate.

A GIC account is basically an investment account. With respect to international students going to study in Canada, a GIC account acts as proof of funds or show money as it is called commonly.

Immigration, Refugees and Citizenship Canada (IRCC) has determined the proof of funds amount (excluding tuition + travel) to be 22,895 CAD (since Sept 1 2025) for 1 person in all provinces/territories except Quebec. For Quebec, it is 24,617 CAD.

How does it work?

Before you travel to Canada: you transfer funds to the bank’s student GIC / investment account. The bank then issues a confirmation document that you can use as part of your visa documentation (exact document name varies by bank).

After you arrive in Canada: you visit a branch (or follow the bank’s arrival process) to verify your identity and activate your banking access.

How you get your money: this depends on the bank/program option you choose.

• Some programs credit the full GIC value (principal + accrued interest) to your bank account after identity verification.
• Some programs let you disburse all or part of your funds upfront, or choose a structure that provides equal monthly payments.

Please Note: The Student Direct Stream (SDS) ended in Nov 2024 and students now apply via the regular study permit stream, where a GIC is accepted but not mandatory. But it remains a widely used and accepted way to demonstrate financial support. Also, some banks explicitly allow smaller GIC investments (e.g., Scotiabank says students can invest as low as $5,000), but the student must still meet the Government’s overall proof-of-funds requirement through a mix of documents.

Blog Post: All you need to know about GIC Account in Canada for Indian Students

1.CIBC

2.Bank of Montreal

3.Scotiabank

1. Expert help, end to end
Our GIC specialists guide you step-by-step in opening your GIC account with the bank of your choice. We make sure everything is set up correctly and follows the required process.

2. Money transfer discount worth ₹4,000 (CIBC account)
Get ₹4,000 off on your first money transfer to your GIC account (minimum CAD 10,000). That’s direct savings on a transfer you’re anyway going to make.

3. Extra CAD 25 welcome bonus (CIBC Student GIC)
Get an extra CAD 25 welcome bonus when you open your CIBC Student GIC through ExTravelMoney and activate it in Canada.

4. Dedicated support for GIC + transfers
From GIC account opening to sending funds to Canada, you’ll have dedicated support throughout. We stay with you till the process is completed properly, without confusion or back-and-forth.

It depends on the bank. Here is a table with the expected GIC account opening timelines of each bank.

Once your Canadian student GIC account is opened, the bank will share an instruction sheet (usually through your email and also inside the bank’s GIC portal). It contains:

• The beneficiary bank account details in Canada
• The bank’s SWIFT code
• Your reference number / student ID (so the bank can match the funds to your GIC application)
• The exact amount to be transferred (this can vary by bank and the option you choose)

How the payment is made from India

• Use the instruction sheet details and initiate an international wire transfer from India (SWIFT transfer).
• Enter the reference number exactly as shown in the sheet. This step matters, because missing or wrong references can delay the credit.
• After the transfer is done, the funds are credited in Canada once the banks complete processing.

How long does it take?
In most cases, it takes around 1–3 working days, depending on your bank in India, the Canadian bank, and the payment route used.

How ExTravelMoney helps

• We help you review the instruction sheet so the transfer details are entered correctly.
• We assist you in completing the wire transfer smoothly (including the correct SWIFT + reference format).
• We help you avoid common delays like incorrect beneficiary details or missing references.

This way, your GIC funding gets done properly and on time, without unnecessary back-and-forth.

Once payment is received by the GIC bank, usually it'll take about 2 to 5 working days to get the GIC certificate.

A GIC certificate is proof from the Canadian bank that you’ve deposited sufficient funds into the GIC account for managing the living expenses for the first year while in Canada. For international students going to study in Canada, a GIC Certificate is an effective document that can be submitted as proof of funds to obtain a study permit.

Students who open a CIBC student GIC through ExTravelMoney.com receive a CAD 25 welcome bonus on account activation in Canada.

To get the ₹4,000 discount, open your GIC through ExTravelMoney.com. After it’s opened, we’ll email you a Coupon Code. Then book your first transfer of minimum CAD 10,000 to your GIC account on our website and apply the code at checkout to get flat ₹4,000 off.

This is a limited-period offer valid from 1st Mar 2026 to 30th Jun 2026.