Get your financial proofs ready, even before you move to Canada by making use of BMO International Student Banking & GIC Program with ApplyBoard. We all know that moving to Canada as an international student involves more than just getting accepted into a school. You also need reliable banking services and strong proof of financial support for your study permit application.
BMO (Bank of Montreal), in partnership with ApplyBoard, offers a convenient pre-arrival solution that allows eligible international students to open a bank account and purchase a Student GIC online — even before landing in Canada.
This detailed guide covers IRCC Proof of Funds Rules for Study Permits, the benefits of choosing BMO, how the program works, eligibility, step-by-step process, fees, and frequently asked questions. Before you invest in your future with study abroad loans, you should know these information in this guide.
IRCC Proof of Funds Rules for Study Permits
To get a Canadian study permit, you must prove that you have enough money to support yourself (and any family members coming with you) without needing to work in Canada.
Immigration, Refugees and Citizenship Canada (IRCC) requires you to show funds for three things:
- Tuition fees for the first year of your program
- Living expenses for yourself and accompanying family members
- Transportation costs to and from Canada
Current Living Expense Requirements
These amounts are for living costs only (they do not include tuition or travel). They apply to all provinces and territories except Quebec.
| Number of Family Members (including the student) | Amount Required per Year (CAD) |
|---|---|
| 1 (student alone) | $22,895 |
| 2 | $28,502 |
| 3 | $35,040 |
| 4 | $42,543 |
| 5 | $48,252 |
| 6 | $54,420 |
| 7 | $60,589 |
| Each additional person | + $6,170 |
Quebec has its own higher financial requirements. Students going to Quebec must check the official Quebec government website for the current amount.
Important Rules You Must Follow
- You only need to show funds for the first year of studies (even if your program is longer). However, you should also explain how you plan to pay for the remaining years.
- Funds must be available and accessible to you.
- IRCC now examines the source of funds in every application. Large, unexplained deposits are a common reason for refusal.
- Bank statements should normally cover the last 6 months (including the month of application or the month before).
- A Guaranteed Investment Certificate (GIC) from a participating Canadian bank (such as RBC, TD, or BMO) is one of the strongest and most accepted forms of proof, especially for students from certain countries.
Common Accepted Documents
- Bank statements (personal or sponsor’s)
- Guaranteed Investment Certificate (GIC) confirmation
- Proof that tuition and housing have already been paid
- Scholarship or funding award letters
- Education loan sanction letters
- Official letters from sponsors (with their bank statements and proof of relationship/income)
- Proof of pension or rental income (in some cases)
How to Submit a Strong Application
- Avoid sudden large deposits just before applying.
- Make sure the money is clearly linked to you or your official sponsor.
- If someone else is sponsoring you, provide strong evidence of their income and willingness to support you.
- A GIC is highly recommended because it is easy for officers to verify and shows the funds are already in Canada.
Why Choose BMO for International Students?
BMO is Canada’s oldest bank (founded in 1817) and one of the largest banks in North America. Through ApplyBoard, students can access several advantages:
- Instant Processing — Apply for a bank account and Student GIC in one online application and receive account details quickly.
- Trusted Canadian Bank — Over 12 million customers and a strong nationwide presence.
- Wide Network — More than 850 branches and over 3,250 ATMs across Canada.
- Easy Digital Banking — Award-winning BMO app and online banking platform.
- No-Fee Banking — No monthly fees for the duration of your studies and up to one year after graduation (subject to terms).
- Multi-lingual Customer Support — Help that makes newcomers feel welcome.
- Strengthen Your Study Permit — Uses ApplyProof verification technology so immigration officers can easily confirm your proof of funds.
- Pre-arrival Appointment Booking — You can book a branch appointment before you even arrive in Canada.
- Security Guarantee — BMO reimburses eligible unauthorized transactions if you meet the security conditions.
Who Can Apply?
The BMO program through ApplyBoard is currently available to international students from the following 13 countries:
- Antigua and Barbuda
- China
- Colombia
- Costa Rica
- India
- Morocco
- Pakistan
- Peru
- Philippines
- Senegal
- Saint Vincent and the Grenadines
- Trinidad and Tobago
- Vietnam
How the BMO Pre-Arrival Banking & GIC Process Works
Step 1: Submit Your Request Online
Complete the online application through ApplyBoard or BMO’s portal. You will need a valid passport and a letter of acceptance from a Canadian school.
Step 2: Receive Your Account Details
BMO will review your application. If additional documents are needed, they will inform you. You will also be guided to register for secure email communication. Account details are typically provided quickly.
Step 3: Transfer Your Money
You can wire transfer funds in two ways:
- Up to CAD 75,000 into your new BMO chequing account, or
- A minimum of CAD 20,635 (current IRCC requirement for most provinces) into your Student GIC account (plus applicable fees).
You can make more than one payment to build your proof of funds. After the transfer, you will receive a balance confirmation or GIC certificate.
Note: The GIC amount reflects IRCC’s financial requirement for students studying outside Quebec. Students going to Quebec must meet Quebec’s separate requirement.
Step 4: Activate Your Account in Canada
Once you arrive in Canada, visit a BMO branch with your passport and study permit. The bank will help you fully activate your account and, if applicable, redeem your GIC.
Key Features of the BMO Student GIC
- Serves as official proof of financial support for your Canadian study permit.
- Protected investment with a guaranteed return.
- Funds become available after you activate your account in Canada.
- Combined with a regular chequing account for day-to-day banking needs.
Frequently Asked Questions
What is a Student GIC?
A Guaranteed Investment Certificate (GIC) is a secure investment similar to a fixed deposit. It is widely accepted by Immigration, Refugees and Citizenship Canada (IRCC) as proof of funds for study permit applications.
Is there a minimum amount required to open a BMO account before arrival?
No minimum is required just to open the pre-arrival chequing account. However, if you are purchasing a Student GIC, you must transfer at least CAD 20,635 (plus fees) for studies outside Quebec.
Can I open the account from my home country?
Yes. Eligible students can complete the entire process online before travelling to Canada.
What documents do I need?
- Valid passport
- Letter of acceptance from a Canadian institution (for students)
- Valid visa (for permanent residents or foreign workers, if applicable)
Does BMO offer support after I arrive?
Yes. You get access to no-monthly-fee banking during your studies and for up to one year after graduation (terms apply), digital banking tools, and in-branch support across Canada.
What other information should I know about?
Concluding Remarks
The BMO International Student Banking and GIC Program, available through ApplyBoard, offers a fast and reliable way to prepare your finances before moving to Canada. By opening your account and securing a GIC in advance, you can strengthen your study permit application and arrive in Canada with banking services already set up.
If you are from one of the eligible countries and have received a letter of acceptance from a Canadian school, you can start the process online today.
For the most current details, fees, and eligibility, always refer to the official ApplyBoard BMO page or contact BMO directly.