Summary: This article goes into a deep dive about GIC (Guaranteed Investments Certificates). It tries to cover everything you need to know about GIC when looking to study in Canada.

What is GIC in Canada?

GIC (Guaranteed Investment Certificate) is a financial instrument made available by Canadian banks. This instrument helps the authorities (who approve your Canadian VISA) to ascertain that you can cover your living expenses. They want to ensure that you can support yourself financially during the first year of the study. GIC enables you to show that you have assets in Canada before you even arrive.

What is the GIC amount?

Typically, you will require approx $10,000 CAD to get a GIC certificate. This can then be used to cover your living expenses for one year. As an investment instrument, GIC even gives you returns on the amount deposited over a fixed period of time. GIC return rates for a few banks can be found below.

How to apply for GIC?

To qualify for a student visa to study in Canada, you must deposit your one year’s living expenses in a Canadian bank. Banks which provide GIC include Scotiabank, ICICI Bank Canada, HSBC, SBI Canada Bank, and the Canadian Imperial Bank of Commerce (CIBC). To purchase GIC you need to provide evidence that you have already paid your tuition fees.

Can I use my education loan to pay for my GIC?

Yes. Once you have an education loan approved (through Cynapse or otherwise), you can then proceed to use a portion of your first disbursed amount to buy a GIC from any one of the above listed Canadian banks. Check out the process for purchasing it from their respective websites. 

How does the GIC process work?

The GIC process typically works as follows:

  1. Open a GIC account in any of the approved banks (e.g.s include Scotiabank, ICICI Bank Canada, HSBC, SBI Canada Bank, and the Canadian Imperial Bank of Commerce (CIBC))

  2. Wire transfer money (from your education loan or another source) to your GIC account

  3. Use the GIC certificate to apply for your Canadian VISA

  4. When you arrive in Canada, you get a portion of the amount (approx $2000 CAD) in your Canadian savings bank account. The remaining amount will be kept as a financial investment (like fixed deposit)

  5. After that you’ll receive a portion of your investment plus interest from your GIC account monthly to cover your living expenses for the next 12 months (approx $670 CAD)

  6. At the end of 12 months you will have completely received your initial deposit plus a small interest back (approx $670*12).

The GIC interest rate for a few banks can be found here:

Scotiabank   SBI Canada   ICICI Bank Canada    HSBC    CIBC

Do you have any more questions about GIC in Canada? Drop us an email and tell us about them.

How Cynapse help’s you avail educational loan for studies in Canada.

You can visit and log in with your Gmail account to apply for an International education loan, fill in your basic details (2-3 mins process). You’ll get to see public or private banks/NBFCs that are suitable for your profile and can initiate an application through them from the comfort of your home. A dedicated relationship manager will be assigned to you to guide you and help increase your odds of getting funding, all at no additional cost. Stay tuned for the latest news on the education sector by following our Instagram handle @cynapseindia. Write to us at for clarifying any of your queries.