Canada GIC for Study Permit from Nepal: 2026 Guide

A Canada GIC (Guaranteed Investment Certificate) for a study permit is a deposit you make with a Canadian bank before you apply, which the bank pays back to you in Canada over your first year. For students from Nepal it is not mandatory: IRCC lists a GIC as one accepted proof of funds, alongside bank statements, loans and scholarships. For applications made on or after 1 September 2026, you must show CAD 23,448 for one person’s living costs (about Rs 25.22 lakh), plus your tuition and travel.

Last checked: 17 October 2026. Rupee amounts use the NRB selling rate, 17 Oct 2026 (CAD 1 = Rs 107.55).

Canada GIC for a study permit: key facts

What is a GIC, in plain words?

A Guaranteed Investment Certificate is a fixed deposit with a Canadian bank. Think of it as a Canadian FD that you open from Nepal. Under a student GIC program, you open an account online, wire the money from Nepal, and the bank sends you a confirmation letter. You upload that letter with your study permit application as proof that your first year’s living money is already sitting in Canada.

You cannot spend the money before you arrive. Once you land in Canada and show the bank your passport and study permit, the bank releases part of it as a lump sum and the rest in instalments, usually monthly. That is the point of a GIC from the visa officer’s view: it shows the money exists and will be used for your living costs in Canada.

Is a GIC mandatory for Nepali students?

No. A GIC was a set requirement of the Student Direct Stream, but IRCC ended SDS on 8 November 2024. Every applicant now applies in the regular stream, and IRCC’s notice says the regular stream accepts GICs as proof of financial support.

IRCC’s proof of financial support page gives a list of acceptable documents and says you do not need all of them, only enough to meet the requirement. The list includes:

• a GIC from a Canadian financial institution;
• bank statements (Canadian or foreign) for the past 6 months, with documents showing where the money came from;
• a student or education loan from a bank;
• a receipt from your college or university showing first-year tuition (and housing) is paid;
• proof of a scholarship;
• a letter from the person giving you money, with proof of their job, your relationship and the amount;
• pension or rental income documents.

So the real question is not “must I buy a GIC?” but “what is the clearest way to prove my funds?” For many families, a GIC is useful because it removes doubt about whether the living money is real and available. It does not replace proof for tuition, and it does not fix a weak study plan.

How much money you must show (and in rupees)

IRCC updated its living-cost amounts for applications made on or after 1 September 2026. Outside Quebec, the yearly amounts are:

On top of this you must show your first-year tuition and travel costs. If you applied before 1 September 2026, the old one-person amount was CAD 22,895. For a full rupee budget, use our student visa money calculator and read how much bank balance you need to study abroad.

Which banks offer a student GIC?

IRCC no longer keeps a current “participating banks” list. That list belonged to SDS. IRCC’s archived SDS page (last updated July 2024) named the banks that offered SDS-eligible GICs at the time: Bank of China (Canada), Bank of Montreal, Scotiabank, CIBC (including Simplii Financial), Desjardins, Habib Canadian Bank, ICICI Bank Canada, ICBC (Canada), National Bank of Canada, Royal Bank of Canada, SBI Canada Bank, Shinhan Bank Canada and TD. Today IRCC simply says a GIC must be from a Canadian financial institution.

The catch for Nepali students: not every bank’s student program accepts applicants from every country. When we checked the official pages on 17 October 2026:

• BMO‘s pre-arrival GIC guide listed its eligible countries, and Nepal was not on the list.
• Scotiabank‘s Student GIC page listed its eligible countries, and Nepal was not on it either. The page says to contact the bank if your country is not listed.
• TD‘s International Student GIC page refers to “qualifying countries” in a pop-up list. Check that list, or ask TD, before you apply.

Bank lists change. Always confirm on the bank’s own website, or in writing from the bank, that it accepts residents of Nepal before you send any money. Never send GIC money to an agent’s or consultancy’s account. The wire should go from a bank in Nepal straight to the Canadian bank.

How GIC money is released in Canada

Each bank sets its own payout schedule. Two examples from official bank pages, for the CAD 23,448 GIC:

Some banks work differently. Scotiabank’s current program, for example, lets you choose at a branch how to receive the money, including moving it all to a chequing account or taking monthly payments over 12 months. Read the terms of the bank you actually use.

If your study permit is refused: the banks above describe a refund process to your home-country account. BMO says it refunds your money plus any interest earned. TD says you can request a refund, minus its wire return fee. Wire and currency exchange charges are usually not refunded, so you may get back slightly less in rupees than you sent.

How to set up a GIC from Nepal, step by step

1. Get your letter of acceptance and check the total first-year tuition.
2. Pick a Canadian bank whose student GIC program accepts residents of Nepal. Confirm this on the bank’s official site.
3. Fill in the bank’s online GIC application. You will get an account number and wire instructions.
4. Ask your bank in Nepal what it needs from you to send the money abroad for study. See our NOC for study abroad guide before you go to the bank.
5. Wire at least the bank’s minimum (the GIC amount plus any fees). Check the bank’s rule about intermediary bank charges, so the amount that arrives is not short.
6. Wait for the bank’s confirmation letter, then upload it with your study permit application.
7. Keep proof of tuition and travel money too. The GIC covers living costs only.
8. After you arrive, visit the bank with your passport, study permit and the documents it asks for, to activate the account.

What Nepali families should know

• Exchange controls. IRCC’s proof of funds page says that if your country has foreign exchange controls, you must prove you will be allowed to export the money for your expenses. Keep the documents your Nepali bank gives you for the outward transfer.
• Rupee changes. The GIC is in Canadian dollars. If the rupee weakens between now and your wire date, you will need more rupees. Plan a small buffer.
• Source of funds still matters. A GIC proves the money is in Canada, but the officer may still look at where it came from. The Bangkok visa office instructions, used for Nepal, say large deposits without a documented origin are not considered reliable.
• Explain it in your letter. Mention your GIC, tuition payment and family sponsor in your letter of explanation.

Common GIC mistakes to avoid

• Buying a GIC for the old amount (CAD 20,635 or CAD 22,895) when you are applying on or after 1 September 2026.
• Thinking the GIC covers tuition. It does not.
• Choosing a bank whose program does not accept Nepal, and finding out only after wiring money.
• Paying an agent to “buy” the GIC for you. You can apply directly with the bank.
• Showing a GIC but no explanation of how the family raised the money.

What to do next

Work out your full first-year budget, decide whether a GIC or bank statements give the clearest proof, and confirm the bank accepts Nepali residents before you wire. For the full picture of studying in Canada, read our Study in Canada from Nepal guide.

Frequently asked questions

Is GIC compulsory for a Canada study visa from Nepal?
No. Since the Student Direct Stream ended on 8 November 2024, a GIC is one accepted proof of funds, not a requirement. You can use bank statements, loans, scholarships or other documents on IRCC’s list instead.

How much is the GIC for Canada in 2026?
IRCC’s living-cost amount for one person outside Quebec is CAD 23,448 for applications on or after 1 September 2026, about Rs 25.22 lakh at the NRB selling rate on 17 Oct 2026. TD’s and BMO’s student GICs, for example, are set at that amount.

Can Nepali students open a GIC with any Canadian bank?
Not always. Each bank’s student program has its own list of eligible countries. On 17 October 2026, BMO’s and Scotiabank’s published lists did not include Nepal. Check the bank’s official page first.

Do I get my GIC money back if my visa is refused?
The banks we checked describe refunds to your home account after a refusal, but wire and exchange fees are usually not returned. Read your bank’s refund terms before you pay.

Does a GIC guarantee my study permit?
No. It only helps prove your funds. The officer still assesses your whole application, including your study plan and ties to Nepal.

Related guides

• Canada Study Permit Application from Nepal: 2026 Steps
• Canada Biometrics and Medical Exam in Nepal (2026 Guide)
• GCMS Notes After Canada Study Permit Refusal (Nepal)
• WES Evaluation for Nepali Transcripts: ECA Cost, Documents, Time

Sources

• Study permit: proof of financial support – IRCC
• End of the Student Direct Stream and Nigeria Student Express – IRCC notice
• Student Direct Stream: who could apply (archived bank list, July 2024) – IRCC
• Study permit visa office instructions: Bangkok (IMM 5819) – IRCC
• International Student GIC Program – TD Bank
• Pre-arrival guide: Student GIC – BMO
• Student GIC Program – Scotiabank

Last checked: 17 October 2026. This is general information, not financial or immigration advice. Check IRCC and your bank before you pay.