Having a GIC is one of the requirements of the Government of Canada’s Student Direct Stream Program, in order to get your study permit application process expedited. Once you arrive in Canada, you’ll have access to a guaranteed source of funds to help cover your educational and living expenses while studying here. The minimum amount established by IRCC is currently CAD 20,635, except for the province of Quebec. SDS applicants who intend to study in Quebec must meet Quebec’s minimum financial requirement; this amount can be found here.

A Guaranteed Investment Certificate (GIC) purchased under the RBC or TD International Student GIC Program is a secure investment that helps you pay for your studies and living expenses in Canada. The GIC also helps you demonstrate to the Government of Canada that you’ll have enough money to do so. Your money is protected by the Canada Deposit Insurance Corporation (CDIC) and will earn interest at a fixed rate for a predefined amount of time.