Proof of Funds and GIC for Canada

Why proof of funds is required

When you apply for a Canada study permit, you generally have to show that you can pay for your tuition and support yourself (and any family members who come with you) while you study. This is the proof-of-funds requirement.

This is general information, not immigration advice. The amounts and accepted forms of proof are set by IRCC and change over time, so always verify the current requirement on the official Government of Canada source.

How much you need to show

IRCC sets a minimum living-cost amount, separate from tuition, that study-permit applicants generally must show. This required amount was raised in 2024, so figures published before then are out of date.

For that reason, this guide does not quote a fixed dollar amount. Check the current required living-cost amount — and how it applies to applicants with family members — directly on the official Government of Canada source before you prepare your finances.

The GIC option

A Guaranteed Investment Certificate (GIC) is a product offered by some Canadian financial institutions that students can use to demonstrate they have living-cost funds available. With a GIC, you deposit an amount with a participating institution, which is then released to you in instalments after you arrive.

A GIC is one recognised way to show living-cost funds, but it is not the only acceptable form of proof. Confirm whether a GIC suits your situation, which institutions participate, and the current amount on the official Government of Canada source and the financial institution.

• A GIC is one way to show living-cost funds, not the only one
• Funds are typically released in instalments after arrival
• Confirm the current amount and participating institutions on the official source

Other acceptable forms of proof

Besides a GIC, IRCC may accept other evidence of funds — for example, certain bank statements, evidence of a student loan, or proof that tuition and housing are already paid, among others.

The exact list of acceptable documents, and how recent they must be, is defined by IRCC and can change. Review the official list of acceptable proof of financial support on the Government of Canada source so you submit evidence in a form IRCC accepts.

Preparing your proof of funds

Because both the required amount and the accepted documents are set by IRCC and have changed recently, the safest approach is to start from the official Government of Canada source, note the current living-cost amount, and choose a form of proof from the official list that fits your situation.

Avoid relying on older blog figures or second-hand advice. Verify everything on the official source, and remember that meeting the proof-of-funds requirement is one part of an application — it does not by itself guarantee approval. This is general information only, not immigration advice.