GIC for Canada Study Permit: A Simple Guide for Nepali Students

What Is a GIC for a Canada Study Permit?

A GIC is a secure investment with a Canadian bank that Nepali students can use to show their living money.

GIC stands for Guaranteed Investment Certificate. The Financial Consumer Agency of Canada says you get back the amount you invest at the end of the term. For students, a bank usually holds your money and pays it out in parts once you reach Canada. If you are just starting, our main page on study in Canada from Nepal gives the full picture.

Is a GIC Mandatory for a Canada Student Visa from Nepal?

No, a GIC is optional, and IRCC lists it as only one example of proof of funds.

Many students still link a GIC to the Student Direct Stream, or SDS. That stream closed on 8 November 2024, so all Nepali students now use the regular study permit process. IRCC’s proof of funds page also lists bank statements, education loans, paid tuition receipts and letters from a sponsor. Our Canada student visa proof of funds guide explains all of these.

What Is the GIC Amount for Canada?

IRCC doesn’t set a separate GIC amount now, so compare yours with its CAD 23,448 yearly living cost figure.

That figure applies to one student outside Quebec, for applications from 1 September 2026. It is about Rs 25 lakh, and you can see today’s value on our CAD to Rs forex converter.

A GIC speaks only to part of what you must show. Here is how the costs split:

If your family is coming too, the figure goes up. Our Canada dependent visa guide shows what each person can do there.

How Does the GIC Process Work from Nepal?

You open the GIC with a Canadian bank online, send the money, and upload the bank’s letter with your application.

Each bank has its own steps, but they usually look like this:

1. Choose a Canadian bank that offers a student GIC, and read its terms.
2. Apply online, and upload the papers the bank asks for.
3. Get your No Objection Certificate (NOC), because your Nepali bank will need it to send foreign money.
4. Send the money from Nepal, as the Canadian bank tells you.
5. Get your GIC letter or certificate.
6. Upload it with your Canada study permit application.
7. Reach Canada, prove who you are at the bank and start getting your payments.

Ask the bank these 4 questions before you pay: what are its charges, how are payments spread, how long does it take, and what happens if your visa is refused? Federally regulated banks must tell you the term, the interest, any charges and whether you can cash in early.

Is a GIC Better Than Bank Statements or an Education Loan?

Neither is better for every student, so choose the proof your family can explain most clearly.

You can mix these 3. Many files show tuition through a fee receipt, and living costs through a GIC or a bank statement. Our cost of studying in Canada page helps you see the real budget.

Does a GIC Mean Your Visa Will Be Approved?

No, an officer still looks at your whole file, and a GIC doesn’t explain where your money came from.

The officer also checks your study plan, your documents and whether you will leave Canada at the end of your study. So keep your income papers ready even if you buy a GIC. Read our full list of Canada student visa requirements.

These 5 mistakes come up often:

• Thinking a GIC alone is enough
• Not showing where the GIC money came from
• Using old SDS advice
• Forgetting to show tuition and travel money
• Paying before reading the bank’s refund terms

If you were refused before, our guide on a Canada student visa refusal explains what to do next.

Can You Get Your GIC Money Back If Your Visa Is Refused?

Ask your bank before you pay, because the refund rules, the time and the charges depend on each bank’s terms.

Read this before you send any money, and keep a copy of the terms. Ask which papers the bank wants, such as your refusal letter. Also keep your Nepali bank’s transfer record.

You can apply again after a refusal, so ask whether the GIC can stay open for 1 more try. For a choice of adviser, see how to pick the best consultancy for Canada. Goreto has branches in Kathmandu, Lalitpur, Chitwan, Itahari and Pokhara, and you can talk to a counselor about which proof of funds suits your family.