Dhiraj Kandel
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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.
GIC 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 cover:
| 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 helps by showing that your living expense fund is already arranged through a trusted Canadian financial institution.
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 documents like bank statements, education loan documents, tuition payment proof, scholarships, sponsor documents, or proof of a Canadian bank account.
GIC can be helpful because it shows that funds for living expenses are already arranged in Canada.
For most study destinations in Canada, one student must show CAD 22,895 per year for living expenses if the application is submitted on or after September 1, 2025.
This is only the living expense amount. Tuition fees, travel costs, and other personal expenses are separate.
| 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 always check the latest CAD to NPR exchange rate before planning their budget.
Many students still connect GIC with SDS, but the Student Direct Stream ended on November 8, 2024. Now, students apply through the regular Canada study permit process. GIC can still be used as proof of financial support, but it should not be promoted as an SDS requirement anymore.
GIC helps make the financial part of a Canada study permit application clearer. It shows that funds for living expenses are already arranged in Canada and also helps students manage money after arrival.
| Benefit | How It Helps |
|---|---|
| Financial proof | Shows that living expense funds are arranged |
| Money management | Money is released in scheduled payments |
| Clear documentation | Supports the financial part of the visa file |
| Student safety | Helps avoid spending the full amount at once |
| Living support | Helps with rent, food, transport, and daily costs |
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.
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