If you're applying for a Canadian study permit, a GIC (Guaranteed Investment Certificate) is often your cleanest proof of funds and can speed up assessment. (Note: the Student Direct Stream / SDS that popularised the GIC was discontinued in November 2024, but a GIC remains strong evidence of genuine funds.)
What it actually is
You deposit roughly CAD 20,635 with a participating bank (Scotiabank, ICICI, SBI Canada, CIBC and others). After landing, the bank releases it back to you in monthly instalments over 12 months — essentially a built-in living-expense budget.
Why visa officers like it
- Funds are verified by the bank itself — no document authenticity questions.
- It demonstrates planning, not last-minute borrowing.
- Combined with first-year tuition payment, it often speeds processing.
How to arrange one from Sri Lanka
- Get your offer letter and apply to the bank online (passport + offer needed).
- Transfer the amount through a licensed channel — keep every receipt.
- Receive the Investment Balance Confirmation for your study permit file.
- Activate the account after arrival; funds begin releasing within weeks.
Budget note: the GIC covers living costs — you'll still show tuition payment/ability separately. Our finance team walks every Canada-bound client through the exact current amounts before lodgement.
Last reviewed: 22 May 2026. Rules and requirements change — confirm current details on official government websites.