Last verified: July 5, 2026 · Official source: canada.ca — Study permit
General information, not legal or immigration advice. For advice on your situation, consult a licensed RCIC or immigration lawyer.
What changed: SDS ended
The SDSSDS: Student Direct Stream — a former fast-track study permit process for applicants from certain countries. It required a specific GIC amount and upfront tuition. IRCC ended it on November 8, 2024. was closed by IRCC on November 8, 2024. Under SDS, applicants from eligible countries had to buy a GICGIC: Guaranteed Investment Certificate — a deposit you make with a Canadian bank that is released to you in installments after you arrive. A common, well-understood way to show living-cost funds. of a set amount and pay a year of tuition upfront, in exchange for faster processing.
Now that everyone applies through the regular study permit stream, there is no mandatory GIC. A GIC is still one of the strongest and most common ways to prove your living costs — but it is now a choice, not a requirement.
How much you still need to prove
The financial requirement itself did not go away. Outside Quebec, a single applicant must show:
- First-year tuition (from your acceptance letter), plus
- Living costs — CAD $22,895 for a single applicant, plus
- Return travel costs.
⚠️ The $22,895 living-cost figure is set by IRCC and updated periodically (it rose to this amount effective September 1, 2025 and carries into 2026). Family-size amounts are higher — we don't reproduce the exact per-dependent figures here. Always confirm the current figure and the per-family-size table on canada.ca before you apply — a stale number can cost you an approval. See our main Proof of Funds guide for the full breakdown.
GIC vs. the alternatives
IRCC accepts several forms of proof. The right one depends on your situation, your bank, and how clearly you can show the money is yours and available.
| Option | How it works | Strengths | Watch-outs |
|---|---|---|---|
| GIC | Deposit a lump sum with a participating Canadian bank before you arrive; it's released to you in monthly installments over your first year | Very clear, well-understood by officers, funds are demonstrably in Canada and accessible | Fees and processing time; you must wire a large sum before arriving |
| Bank statements | 4+ months of statements showing a consistent balance | Simple; no product to buy | Sudden large deposits raise questions; must show the money is stable and available |
| Student / education loan | Official letter confirming an approved, disbursed (or ready) loan | Widely accepted; common for many students | Must be a genuine, documented loan — a vague "sanction letter" may not be enough |
| Sponsor (parent/relative) | A sponsor's funds + a support letter explaining the relationship | Flexible | Needs strong documentation of the sponsor's finances and your relationship |
| Scholarship / bursary | An award letter stating the amount and what it covers | Strong if it covers living costs | Must clearly cover the required amount |
| Proof tuition/housing already paid | Receipts showing prepaid costs | Reduces what you still need to show in cash | Only covers what's actually prepaid |
You can also combine sources — for example, a GIC for living costs plus proof of prepaid tuition.
When a GIC still makes sense
Even though it's optional now, a GIC is worth considering if:
- You want the cleanest possible showing of living-cost funds in Canada.
- Your home-country bank statements might look "thin" or hard for an officer to interpret.
- You'd value having your first year's living money already in Canada and released to you on a schedule when you arrive.
Participating banks include TD, Scotiabank, CIBC, BMO, RBC, and others. Each has its own process, minimums, and fees — compare before choosing, and confirm the amount meets IRCC's current living-cost requirement at the time you buy it.
Tips for a strong financial showing
- Show the full amount clearly — one account with the total is cleaner than many small ones.
- Avoid unexplained large deposits right before applying.
- Document your sponsor thoroughly if someone is funding you.
- Keep names consistent with your passport across every document.
- Include translations for anything not in English or French.
Where this fits
Proof of funds is one gate on the way in. After that come choosing a PGWP-eligible school, working while you study, and the longer Study → PR pathway. Not sure where you stand overall? Try the Eligibility Wizard.