New GIC Canada vs. Old GIC Rules: Key Differences for International Students
Are you planning to study in Canada? One of the key Canada student visa requirements is the Guaranteed Investment Certificate (GIC). In 2024, the Canadian government introduced the new GIC Canada rules, replacing the old system. Many international students are curious about the changes, especially how it impacts the Student Direct Stream (SDS Canada visa) process.
This article highlights the key differences between the new GIC and old GIC rules to help you plan better for your study abroad journey.
✅ What Is a GIC in Canada?
A Guaranteed Investment Certificate (GIC) is a type of financial deposit offered by Canadian banks. It acts as proof of funds for Canada to show that you can manage your living expenses while studying abroad.
The GIC is a mandatory requirement under the SDS (Student Direct Stream) for faster visa processing.
🕒 Old GIC Rules in Canada (Before 2024)
Under the previous rules:
Deposit Required: Approximately CAD $10,000
Purpose: Covered basic living expenses for one year
Process: Students opened a GIC account, deposited the funds, and used the GIC certificate in their study permit application.
Although affordable, this amount no longer matched the study in Canada cost of living.
🚀 New GIC Canada Rules (From January 2024)
The new GIC rules came into effect to align with the actual cost of living for international students in Canada. Under the update:
Deposit Required: Approximately CAD $20,635
Applies To: All SDS Canada visa applicants from eligible countries (India, China, the Philippines, etc.)
Reason: Rising expenses like housing, food, and transportation require higher financial security.
This ensures students entering Canada are better prepared financially and reduces chances of hardship.
📊 New GIC vs. Old GIC Rules: A Quick Comparison
| Factor | Old GIC Rules | New GIC Rules (2024) |
|---|---|---|
| Minimum Deposit | Approximately CAD $10,000 | Approximately CAD $20,635 |
| Living Expenses Coverage | Basic | Reflects actual living cost |
| Financial Proof | Limited | Stronger proof of funds |
| Impact on Students | Easier affordability | Higher financial planning needed |
💡 Impact of the New GIC Canada Rules on Students
The increase may seem challenging, but it also has advantages:
Stronger proof of funds for Canada student visa applications
Higher chances of approval under the Student Direct Stream (SDS Canada visa)
Better preparation for real-life study in Canada cost of living
📌 Tips for Students Applying with the New GIC
Plan your finances early – start arranging your GIC funds well before your visa application.
Choose a trusted bank – Scotiabank, CIBC, ICICI Bank Canada, SBI Canada, and BMO are popular options.
Understand the Canadian GIC process – from application to receiving your certificate.
Keep documents ready – GIC certificate is vital proof in your study permit file.
Conclusion
The shift from the old GIC rules to the new GIC Canada policy reflects the rising financial requirements for study permits and ensures that international students are better prepared to handle the cost of living in Canada.
👉 If you’re applying for a Canada study visa in 2025, begin your new GIC application early to stay ahead and boost your chances of success.
