Every Bangladeshi student applying to Canada hears about the GIC — the Guaranteed Investment Certificate. "You must lock lakhs of taka in a Canadian bank." That was true when the Student Direct Stream existed. SDS closed in November 2024, so the GIC is now optional. This guide covers what it actually is, whether you still need one, where the money goes, whether you get it back, and how to open one from Bangladesh.
1. What Is a GIC?
A GIC (Guaranteed Investment Certificate) is essentially a locked savings account in a Canadian bank. You deposit a fixed amount before you arrive in Canada. The money is then released to you in monthly installments after you arrive — like a self-funded living allowance.
It's not a fee. It's not a payment to the government. It's your own money, sitting in a Canadian bank, that gets paid back to you over 12 months to cover your living expenses while studying.
Think of it as proof that you have enough money to live in Canada — and the bank holds it to make sure you actually spend it on living, not sending it all back home on day one.
Is it compulsory? Not any more. The GIC was mandatory only under the Student Direct Stream (SDS), and SDS ended on 8 November 2024. Every application is now processed as a regular study permit, where a GIC is one accepted way of proving your funds rather than a requirement. Many Bangladeshi students still open one because it is simple, and easy for a visa officer to verify.
2. How Much Do You Need in 2026?
A single applicant outside Quebec must show CAD $22,895 in living-cost funds for one year (approximately BDT 18.5 lakh at current exchange rates), in addition to first-year tuition and travel costs. This figure has applied since 1 September 2025.
Note: the requirement has risen sharply. It sat at CAD $10,000 for years, went up to CAD $20,635 in January 2024, and rose again to CAD $22,895 on 1 September 2025. Each jump caught Bangladeshi families off guard, so budget against the current figure, not the number an agent quoted you last year.
Because the GIC is now optional, no bank forces you to deposit exactly CAD $22,895. That figure is what IRCC expects you to prove; a GIC is simply the cleanest and most commonly used way of proving it, which is why most students still deposit the full amount.
3. How to Open a GIC from Bangladesh
You can open a GIC account remotely from Bangladesh — you don't need to travel to Canada first. Here are the approved providers:
Option 1: Scotiabank (most popular)
- Open online at startright.scotiabank.com
- Fee: CAD $10 setup fee
- Processing: 2-5 business days after wire transfer
- You'll need: passport, university acceptance letter, and a wire transfer from your Bangladeshi bank
Option 2: CIBC
- Open online through CIBC International Student GIC portal
- Fee: No setup fee
- Processing: 1-3 business days
Option 3: Other approved banks — BMO, HSBC Canada, ICICI Bank Canada, and several others also offer GIC accounts for international students.
Wire transfer from Bangladesh: You'll need to visit your Bangladeshi bank (Brac Bank, DBBL, City Bank, etc.) and request a wire transfer in CAD to the GIC provider's account. Your bank will need the following from you:
- University acceptance letter
- Student's passport
- Proof of funds (family bank statements)
- Bangladesh Bank foreign exchange form (FE-2 form)
The entire process takes about 1-2 weeks from start to GIC confirmation letter.
4. When Do You Get the Money Back?
Your GIC funds are released in two stages:
- First installment: CAD $2,000 released immediately when you arrive in Canada and activate your bank account in person
- Monthly installments: The remaining amount (roughly CAD $1,700/month on a CAD $22,895 deposit) is released monthly over the next 12 months
So yes — you get all the money back. It's not a fee or a tax. It's your living allowance, released to you monthly. After 12 months, the GIC account is empty and closed.
Important: You must visit the bank in person after arriving in Canada to activate the account and begin receiving monthly payments. Bring your study permit, passport, and GIC confirmation letter.
5. What Changed When SDS Closed
Most Bangladeshi students used to apply through the Student Direct Stream. SDS ended on 8 November 2024 at 2 p.m. ET, all applications are now processed as regular study permits, and it is not coming back. Several requirements disappeared with it:
- The GIC is no longer mandatory — still accepted as proof of funds, just not compulsory
- Paying your full first-year tuition before applying is no longer required
- The IELTS 6.0-in-every-band rule is gone — your university or college sets its own English requirement
- Completing your medical exam upfront is no longer required
- There is no fast-track stream, so there is no longer a faster or slower route to choose between
What has not changed: you still need acceptance from a DLI (Designated Learning Institution), you still need to prove CAD $22,895 in living-cost funds plus first-year tuition and travel, and most applicants still need a Provincial or Territorial Attestation Letter (PAL/TAL). Master's and doctoral programmes at public DLIs starting on or after 1 January 2026 are exempt from the PAL/TAL requirement.
On processing time: be sceptical of anyone quoting you a number. The old "20-30 day" figures were SDS-only and no longer apply to anything. Check IRCC's official processing times tool for the current estimate before you commit to an intake.
6. Frequently Asked Questions
Can I use family savings for the GIC?
Yes. The money can come from your parents, spouse, or other family members. The wire transfer can be sent from any Bangladeshi bank account — it doesn't need to be in your name. But the GIC account itself will be in your name.
What if I can't afford the full GIC amount?
No bank mandates a fixed GIC amount, and the GIC itself is optional — but you still have to satisfy IRCC that you can cover CAD $22,895 in living costs for your first year, on top of tuition and travel. Depositing the full CAD $22,895 in a GIC is simply the easiest way to show it. If this is difficult, consider education loans (DBBL, City Bank, and others offer study abroad loans) or family support. Remember, this money comes back to you — it's not a cost, it's a deposit.
Can I cancel the GIC and get a refund?
If your visa is refused, most GIC providers will refund the full amount minus a small processing fee (CAD $50-100). The refund process takes 4-8 weeks.
Do I earn interest on the GIC?
Yes, but very little. GIC accounts for students typically earn 0.5-1.5% annual interest. Don't think of it as an investment — it's a living expense fund.