Canada study permit proof of funds and GIC for Indian students
I am applying for a Canadian study permit from India. How much money must I show, do I need a GIC, and what changed after the Student Direct Stream closed?
IRCC asks you to prove you can pay, without working in Canada, for first-year tuition, living costs for you and any family coming with you, and travel both ways. For living costs alone, a single applicant applying on or after 1 September 2026 needs CAD 23,448 a year outside Quebec; the figure rises with family size. A GIC from a Canadian financial institution is one accepted proof but not the only one. The Student Direct Stream, which India was part of, closed on 8 November 2024, so Indian students now apply through the regular study permit stream, which still accepts a GIC.
This page may be out of date. It was due for a re-check on 30 November 2026. Confirm every rule with the official source before acting on it.
As of 30 October 2026: IRCC asks a single applicant who applies on or after 1 September 2026 to show CAD 23,448 a year for living costs, on top of tuition and travel. IRCC updates these amounts each year, so check its page again before you apply.
At a glance
- Living costs, 1 person
- CAD 23,448 a year (applications on or after 1 September 2026), excluding tuition and travel[1]
- Previous figure
- CAD 22,895 for applications from 1 January 2025 to 31 August 2026[1]
- What you must cover
- First-year tuition, living costs for you and family members coming with you, and travel to and from Canada[1]
- Is a GIC required?
- No. It is one of several accepted proofs; bank statements for the past 6 months, a paid tuition receipt or a scholarship also count[1]
- Student Direct Stream
- Closed at 2:00 p.m. ET on 8 November 2024; apply through the regular stream[2]
Living-cost money IRCC asks for, by family size
The single-applicant figure before and after 1 September 2026
Living-cost money a year, applications on or after 1 September 2026 (all provinces and territories except Quebec)
| People | CAD a year |
|---|---|
| 1 | 23,448 |
| 2 | 29,192 |
| 3 | 35,888 |
| 4 | 43,572 |
| 5 | 49,419 |
| 6 | 55,736 |
| 7 | 62,054 |
| Each person beyond 7 | 6,318 |
Number of family members includes you. Tuition and travel are extra. IRCC's own example: you and 2 family members need CAD 35,888.[1]
| Kind | Examples |
|---|---|
| Tuition and study costs | Receipt for first-year tuition and housing paid to your school (plus proof for living and travel costs); a scholarship or a Government of Canada-funded programme |
| Support from a person or institution | A letter giving their occupation, relationship to you, number of dependants and amount of support, with their ID or business registration |
| Banking | A GIC from a Canadian financial institution; a Canadian account in your name with money transferred; your bank statements for the past 6 months with the source of the money |
| Other income | Pension documents; proof of rental income |
IRCC says this is not a complete list, and you need not send every item: only enough to show you meet all the requirements.[1]
You show money for the first year, and for a longer programme you also tell IRCC how you will pay for the rest. IRCC gives examples: a scholarship that runs for more than a year, or proof that your parents are employed. It looks at both the amount and where it comes from.[1]
The Student Direct Stream gave faster processing to students from 14 countries, India among them. IRCC ended it at 2:00 p.m. ET on 8 November 2024. Applications sent before that were processed under SDS; everything after goes through the regular study permit stream. IRCC says the change does not reduce anyone's eligibility, and the regular stream accepts a GIC as proof of funds.[2]
To study in Quebec you first need a Quebec Acceptance Certificate (CAQ), and the money you show follows the amounts set by Quebec's immigration ministry (MIFI), not the federal table above.[1]
Tips and tricks
- Count first-year course fees and two-way travel on top of the CAD 23,448; the table covers living costs only.[1]
- If a parent is paying, get a letter that states their occupation, their relationship to you, their number of dependants and the amount, and attach their ID.[1]
- Paying the first year's fees to the college and attaching the receipt reduces what you must show in the bank, but you still need proof for living and travel costs.[1]
- A GIC is not compulsory. The Student Direct Stream closed in November 2024, and the regular stream Indian students now use lists a GIC as one accepted proof among several.[2]
Questions people ask
How much money do I need to show for a Canadian study permit?
Your first-year tuition, travel both ways, and living costs. For living costs alone, IRCC lists CAD 23,448 a year for a single applicant applying on or after 1 September 2026, outside Quebec.[1]
Is a GIC mandatory for Indian students?
No. IRCC lists a GIC as one example of proof, next to bank statements, a paid tuition receipt, a scholarship and sponsor letters.[1]
Is the Student Direct Stream still open for India?
No. IRCC closed it at 2:00 p.m. ET on 8 November 2024. Indian students now apply through the regular study permit stream.[2]
How much do I need if my spouse comes with me?
CAD 29,192 a year for two people, applications on or after 1 September 2026, outside Quebec, before tuition and travel.[1]
How many months of bank statements does IRCC want?
IRCC's examples mention statements for the past 6 months, including the month you apply or the month before, with papers showing the source of the money.[1]
Connected pages
- Related · Study abroadStudy in Canada from India: intakes, PAL and proof of fundsCanada study permit funds (CAD 23,448 from 1 Sep 2026), PAL/TAL, fees, documents and sample university deadlines, each with its official source.
- Uses data from · Study abroadStudent visa funds by country: official figures with a rupee converterThe money each government asks students to show, from UK to France, with source and date, and a converter to rupees at RBI's published rate.
- Related · Study abroadStudy abroad intake and deadline calendar: a month-by-month back-planPick a country and intake to get a printable month-by-month plan built back from official university and government dates, each with its source.
Official and partner links
Sources
- Study permit: get the right documents: proof of financial support, Immigration, Refugees and Citizenship Canada (Canada.ca). Accessed 30 October 2026.
- End of the Student Direct Stream and Nigeria Student Express (8 November 2024), Immigration, Refugees and Citizenship Canada (Canada.ca). Accessed 30 October 2026.
Found an error or a newer rule? Tell us through the corrections page. Updated 30 October 2026.