Canada Study Permit: SDS Closure, GIC Amount and Bank Options

SDS ended — what changed for Indian applicants?

IRCC ended SDS and the Nigeria Student Express initiative at 2 p.m. Eastern Time on 8 November 2024. New applications submitted on or after that time are handled under the regular study permit process. The change did not remove the requirement to demonstrate financial capacity or satisfy the other study permit criteria.

Avoid old checklists that describe SDS-specific language scores, GIC amounts or bank-partner arrangements as current mandatory requirements. A student should follow the document checklist generated for their own application and the current instructions for applicants applying from India.

What funds must a student demonstrate?

IRCC requires evidence that the student can pay tuition, living expenses for themselves and accompanying family members, and transportation to and from Canada. Applicants must demonstrate enough resources for the first year and explain how they will finance the remaining duration of a programme longer than one year. IRCC assesses the amount, source and availability of funds.

For applications submitted on or after 1 September 2026, the published living-expense requirement for one applicant outside Quebec is CAD 23,448 for one year, excluding tuition and transportation. Quebec has separate financial-capacity rules. The amount is a minimum immigration benchmark, not a complete city-specific student budget.

Is a GIC compulsory?

No. IRCC lists a GIC from a Canadian financial institution as one example of acceptable proof of funds. Other evidence may include bank statements, an education loan, scholarship documentation, tuition and housing receipts, sponsor support and income evidence. The documents should make the source and availability of funds understandable.

A GIC can be useful because it places funds with a Canadian financial institution and may provide a structured release of money after arrival. Students should not assume that buying a GIC alone satisfies every financial requirement. Tuition, living costs, travel and the financial plan for later years still need to be addressed.

Comparing GIC options: focus on the payout design

Do not present a provider as “IRCC approved” or imply that IRCC endorses one bank.

The table is a due-diligence framework, not a live rate or fee quotation. Provider products, interest rates, foreign-exchange costs, account requirements and refund rules can change.

What a GIC monthly payout schedule should show

Do not assume every GIC divides the full amount into equal monthly instalments.

• Show the total CAD transferred and the INR amount debited, with the FX rate and timestamp.
• Separate the amount held in a chequing account from the amount locked in a non-redeemable GIC.
• Show payout dates and the amount expected on each date, using provider-confirmed terms.
• Include bank fees, wire charges, early withdrawal restrictions and refund conditions.
• Label the output as an illustration, not a guarantee of approval or future interest.

Study permit document checklist

1. Confirm the institution is a designated learning institution (DLI) and the programme is eligible for the intended study plan.
2. Obtain the letter of acceptance and confirm programme title, duration, tuition and start date.
3. Check whether a PAL/TAL is required. A qualifying master’s or doctoral student at a public DLI is exempt in 2026, but the student must verify the exact institution and programme conditions.
4. Prepare proof of tuition payment, GIC or other financial evidence, sponsor documents and the source-of-funds trail.
5. Prepare academic records, language evidence where required, passport and country-specific documents.
6. Explain why the programme fits the student’s academic and career history and why the chosen institution is appropriate.
7. Complete the current IRCC forms, biometrics and medical requirements that apply to the applicant.