Dhiraj Kandel
Managing DirectorSchedule a free consultation with our expert counselors to discuss your study
Are you planning to pursue your further studies in Canada from Nepal? If yes, you have probably heard about GIC while preparing your Canada study permit documents.
It is one of the common financial documents used to show that you have arranged funds for your living expenses in Canada. But many students are still confused about what it actually means, whether it is compulsory, and how it helps in the visa process. This guide explains GIC in a simple way for you and students like you who are planning to study in Canada.
GIC stands for Guaranteed Investment Certificate. It is a secure investment account opened with a participating Canadian bank or financial institution.
For students applying to study in Canada, a GIC can be used as proof that they have arranged funds for their living expenses. After reaching Canada and completing the bank verification process, the student receives the money in scheduled payments. This helps students manage their expenses more safely instead of using the full amount at once.
When applying for a Canada study permit, students must show that they can manage their study and living costs in Canada. These costs usually include:
| Required Cost | Meaning |
|---|---|
| Tuition fee | Your college or university fee |
| Living expenses | Food, rent, transport, and daily costs |
| Travel cost | Cost to travel to and from Canada |
| Family expenses | Extra funds if family members are joining |
GIC is not always mandatory for a Canada study permit. It is one of the accepted ways to show proof of financial support.
IRCC also accepts other financial documents. For example, students may submit bank statements, education loan documents, tuition payment proof, scholarship documents, sponsor documents, or proof of a Canadian bank account.
So, GIC can help your visa file, but it is not the only option. Students should choose the right financial documents based on their profile.
This amount only covers living expenses. Students must arrange tuition fees, travel costs, and other personal expenses separately.
| Cost Type | Requirement |
| Living expenses | CAD 22,895 per year |
| Approx. NPR value | Around NPR 25 lakh, depending on exchange rate |
| Tuition fee | Additional |
| Travel cost | Additional |
| Family member expenses | Additional, if applicable |
Students should check the latest CAD to NPR exchange rate before planning their total budget.
Many students still connect GIC with SDS. However, the Student Direct Stream ended on November 8, 2024.
Now, students apply through the regular Canada study permit process.
Because of this, you should not explain GIC as an SDS requirement anymore. Instead, explain it as one way to show proof of financial support.
GIC helps make the financial part of a Canada study permit application clearer. It also helps students manage their money after reaching Canada.
| Benefit | How It Helps |
| Financial proof | Shows that the student has arranged living expense funds |
| Money management | Helps students receive money in scheduled payments |
| Clear documentation | Supports the financial part of the visa file |
| Student safety | Reduces the risk of spending the full amount at once |
| Living support | Helps with rent, food, transport, and daily costs |
However, students should understand one important point. A GIC does not guarantee visa approval.
The process may slightly differ depending on the bank or financial institution, but it usually works like this:
Note: Sudents should check the bank’s processing time, service charge, refund policy, and payment release schedule.
Nepali students should avoid these mistakes while preparing GIC and financial documents:
GIC means Guaranteed Investment Certificate. It is a secure investment account that can be used as proof of financial support for a Canada study permit.
GIC is not the only accepted proof of funds. However, it is a strong financial document for students applying to study in Canada from Nepal.
No. GIC does not guarantee visa approval. The decision depends on the complete study permit application.
For one student, the current living expense requirement is CAD 22,895 per year for applications submitted on or after September 1, 2025. This is approximately NPR 25 lakh, depending on the exchange rate.
This amount is for living expenses only. Tuition fees, travel costs, and other personal expenses are separate.
Refund rules depend on the bank/ financial institution. Students should check the refund policy before opening a GIC account.
Yes, Goreto Educational Consultancy guides Nepali students with the GIC process, financial documents, proof of funds, and Canada study permit preparation while ensuring documents and source of funds are genuine.
From choosing the right country to finding scholarships and housing — our counselors will guide you at every step.
Choose the right country based on your goals
Find courses that match your career plan
Get guidance on colleges and universities
Plan your finances, scholarships & part-time jobs
Plan your abroad stay & post-study plan
Schedule a free consultation with our expert counselors to discuss your study
Schedule a free consultation with our expert counselors to discuss your study