A perfect start to studying in Canada

• Complete your Scotiabank Student GIC Program Application online
• Register for the Scotiabank Secure email Service using the link provided by ems@scotiabank.com
• We’ll open a Scotiabank Investment Account and send you a secure email with your Scotiabank Investment Account number and wire transfer details
• The administration fee for this program is $200 CAD

Coming from China?

In addition to applying online, you also have the option of applying through our partner banks. They’ll work with you to ensure your application is filled out correctly and submit it to Scotiabank on your behalf.

• China Everbright Bank
• Bank of Xi'an

• Send a wire transfer for minimum $5,200 CAD from a financial institution in your home country to Scotiabank in Canada ($5,000 CAD for your investment account and $200 CAD for the administration fee)
• We’ll send you a confirmation email with the “Investment Directions Confirmation” when funds are in your Scotiabank Investment Account

Send your study permit application and confirmation email (“Investment Directions Confirmation”) to the Canadian visa authorities in your home country

Once you’ve made your move to Canada, make an appointment at one of over 1,000 Scotiabank branches to open a student bank account and complete the Scotiabank Student GIC Program process. Make sure to take with you to the branch:

• Investment Directions confirmation
• Valid foreign passport
• Letter of Enrollment from a Canadian Educational Institution (or a student ID card)
• Study Permit (e.g. IMM 1442)
• Welcome letter

In case you are studying in the Province of Quebec, please bring your Quebec Acceptance Certificate (CAQ)

Once you arrive in Canada, you can open your GIC account or student bank account. All you have to do is to go to a Scotiabank branch with the required documents to open a GIC account or student bank account. 

Once your identity is verified and other requirements are met, you will have 3 options for your funds you wired before coming to Canada, excluding the administration fee. You can choose one or more options if you wish – as long as the conditions for that option are met.

Option A: You can disburse all the funds to your new Scotiabank Chequing account

Option B: You can buy a 1-year non-redeemable Guaranteed Income Optimizer (GIO) and get equal payments each month for 12 months (min. $5,000 CAD)

Option C: You can buy a 1-year Cashable GIC and safeguard your funds with Scotiabank (min. $2,000 CAD) 

When you chose option #B or #C, you will earn interest at the GIC rate applicable at the time of account opening. Please note that the GIO is not redeemable unless your study permit is denied or cancelled.

Pre-arrival to Canada
Students who funded their Scotiabank Investment Account (pre-arrival) on or after Nov 9, 2024 can withdraw money from your Investment Account if you provide us with proof that:

1. Your Study Permit has been declined; or

2. Your application for admission to a Canadian Educational Institution has been declined; or

3. You have withdrawn from enrollment at the Canadian Educational Institution before or after your arrival in Canada

Post-arrival in Canada & after opening account in the branch
Cashable GIC: Subject to the terms and conditions that apply to the Cashable GIC, it can be fully or partially redeemed. If a GIO was purchased, GIO is not redeemable. 

You can complete the Refund Application online – available here

You will be required to provide details such as your Scotiabank Investment Account number, your wire return bank account details and, if applicable, your original case number and the reason you are requesting a refund.

You can withdraw money from your Investment Account and send a wire to your bank in your home country. After we wire the funds to your bank in your home country, we will provide you a confirmation by secure email which will include your Unique End-to-End Transaction Reference (UETR). You can use this UETR to follow-up on the status of your wire transfer with your bank in your home country if needed.

NOTE: Scotiabank will only send your refund to a deposit bank account that is in your home country and in your name as it appears on your Scotiabank Investment Account. International wire transfer may take up to five (5) business days to reach your account.

Please note:

• Refunds of partial amounts/funds in Scotiabank Investment Account are not allowed and the entire balance has to be wired back to your bank in your home country.
• The refund may take up to four (4) weeks from the date the correctly completed Refund Application is received at Scotiabank, Canada. If there are any corrections required, the refund will be delayed
  • You acknowledge that if you request a refund of your wire, your request will cancel your enrollment into the Student GIC program and will close your Scotia Investment Account. The cancellation request is subject to the following conditions:
    • If the refund request is made within 14 business days of the date your Scotia Investment Account was opened, you will be refunded $185 CAD of your $200 CAD Scotiabank administration fee in addition to the full amount of your funds transferred (principal plus any accumulated interest). $15 CAD of your $200 CAD Scotiabank fee will not be refunded as these are considered processing fees. Fees associated to the wire sent to your home country as well as any foreign currency exchange fees may also apply and will not be refunded by Scotiabank.
    • If the refund request is made after 14 business days of the date your Scotia Investment Account was opened, you will receive the principal plus any accumulated interest, however the $200 CAD Scotiabank administration fee will not be refunded. Fees associated to the wire sent to your home country as well as any foreign currency exchange fees may also apply and will not be refunded by Scotiabank.
  • Any other processing and/or administration fees will not be refunded.
• Additional fees may be charged by the intermediary banks during the refund. It is the applicant’s responsibility to cover all additional refund fees

Since the Student Direct Stream (SDS) program is closed, is it mandatory for me to take the SSGP for getting my study visa?

As of November 8, 2024 at 2.00 PM EST, the Government of Canada ended the Student Direct Stream (SDS) program. When applying for a study visa going forward, submitting “proof of financial support” will continue to be a requirement and the Scotia Student GIC Program (SSGP) may be used to comply with that requirement. The student is responsible for meeting the “proof of financial support” requirement for their study permit application.

What if I funded my SSGP application prior to November 9, 2024?

In this case, you will follow the process that existed before the discontinuation of the SDS program, provided that Scotiabank had received the funds that you wired before November 9, 2024. When you come to the branch to activate your GIC, you will get your funds in the following way:

• $4,127 upfront & $1,376 monthly for 12 months (non-QC student) OR

• $3,016 upfront & $1,005 monthly for 12 months (QC student)

I funded my application prior to Nov 9, 2024. Since the funds threshold has been reduced to $5000, can I get a portion of my funds back?

Unfortunately, we cannot do a partial refund.

In the past I opened an account with Scotia but got a refund. Can I apply again in the Student GIC Program and wire funds?

Yes, you can apply again. Since we closed your previous account after giving you your refund, you will have to submit a new application.

My school is not listed as one of the participating schools in partnership with the Association of Canadian Community Colleges (ACCC). Can I still apply for a GIC?

Since the closure of SDS program, purchasing a GIC is optional for the students. Thus, students whose school is not listed may also choose to apply for the Scotiabank Student GIC Program.

Please follow the same application process and timelines outlined in this guide. If your school is not listed as an option on the Scotiabank Student GIC Program Application, please select ‘Other.’

Can I open a Joint Scotia Investment Account?

No. Under the Scotiabank Student GIC Program the GIC can be opened only in the name of the applicant who is applying for the Study Permit under the Study Direct Stream. 

More than 24 hours have passed, and I have not received a response to my original Application submission, how do I follow up with regards to my application?

First, please check your junk/spam mail folder to ensure that the email did not get flagged as junk/spam mail. The email from Scotiabank will be from ems@scotiabank.com.

If you still have not received an email with your Scotia Investment Account Number, please contact our Scotiabank Student GIC Program Customer Service department for assistance by collect call at: 416-288-4119. (Note: Dialing Direct- Long distance charges will apply if dialing direct (using international dialing code 001)). Our representatives are available to speak with you Monday to Friday, 4 a.m. to 9 p.m. Eastern Time in Canada (excluding Canadian Public Holidays). To help us investigate please have a copy of your original Application and the date you submitted your Application available when you call. 

Will I receive interest on the funds that I wire to Scotiabank?

Yes, you will receive interest on your investment. The current rate for Scotia Investment Account (Investment Cash) can be found on our Savings Account Interest Rates page. The Interest Rate is Scotiabank’s posted rate for Scotia Investment Account on the Issue Date. 

Is my investment secure?

Scotiabank (The Bank of Nova Scotia) is a member of the Canada Deposit Insurance Corporation (CDIC). Under the CDIC Act, deposits held by a CDIC member institution and payable in Canada, are eligible to be insured. The Guaranteed Income Optimizer (GIO) and Cashable Guaranteed Investment Certificate (GIC) are eligible to be insured by CDIC.

Can the Scotia Investment Account be deposited by anyone other than the customer?

No. Funds must be deposited by the student from their bank account in their home country (or a joint account with the parents in your home country). 

How do I communicate with Scotiabank?

All electronic communications with Scotiabank must be through the Scotiabank Secure Email Service. You may contact our Scotiabank Student GIC Program Customer Service department for assistance by collect call at: 416-288-4119. (Note: Dialing Direct – Long distance charges will apply if dialing direct (using international dialing code 001)). Our representatives are available to speak with you Monday to Friday, 4 a.m. to 9 p.m. Eastern Time in Canada (excluding Canadian Public Holidays).

I have forgotten my secure email password, what do I do?

If you have issues accessing your secure email, please contact us.

Can a “third party” (someone other than the account holder) follow up with Scotiabank in regards to my application?

For reasons of privacy, we are unable to disclose any information to anyone other than the account holder.

How do I update my contact information (Name, Date of Birth, Passport Number, S File Number, Telephone Number or Home Address)?

To request an update to your personal information, email Scotiabank with a copy of your passport pages (photograph page) as well as any applicable supporting documents (specific to your request). Your email to Scotiabank must be REPLY only to the last message received from the Scotiabank Secure Email Service mailbox. The subject line of your email must state: Scotiabank Student GIC Program – Your Full Name (Given/First and Surname/ Last) – Update – <Change required e.g. home address>. Your request will be processed within five (5) business day from the date we receive it. The auto response is confirmation that we have received your request for processing – no further confirmations will be sent to you. Should we require further information we will contact you.

If you wish to update your date of arrival to Canada, the name of your school, or email address only, you may contact our Scotiabank Student GIC Program Customer Service department for assistance by collect call at: 416-288-4119. (Note: Dialing Direct – Long distance charges will apply if dialing direct (using international dialing code 001)). Our representatives are available to speak with you Monday to Friday, 4 a.m. to 9 p.m. Eastern Time in Canada (excluding Canadian Public Holidays). Your request will be processed within 24 hours, and you will receive a confirmation to your secure email that your information has been updated.

I have misplaced/damaged my passport and now have a new passport, how do I update my new passport details with Scotiabank?

To request an update please email Scotiabank with a copy of your new passport pages (photograph page and the last page). Your email to Scotiabank must be REPLY only to the last message received from the Scotiabank Secure Email Service mailbox. The subject line of your email must state: Scotiabank Student GIC Program – Your Full Name (Given/First and Surname/Last) – Update – New Passport. Your request will be processed within five (5) business day from the date we receive it. The auto response is confirmation that we have received your request for processing – no further confirmations will be sent to you. Should we require further information we will contact you.

Scotiabank will accept Applications and funds all through the year. Established/funded Scotia Investment Accounts can be used to apply for a Study Permit for a later intake session.

Directions confirmation to e-apply once again for a Study Permit?

Yes, you can use your existing Investment Directions confirmation for a new Study Permit Application. The Canadian Visa Authorities in your home country will validate the Investment Directions with Scotiabank directly.

I have deferred my enrolment or changed my educational institution but have already funded my Scotia Investment Account or have not funded my Scotia Investment Account. Can I still use the same Scotia Investment Account to apply for my Study Permit?

Yes, you may use the same Scotia Investment Account Number. To do so, send your new offer letter/ acceptance letter including your new date of arrival to Scotiabank. Your email to Scotiabank must be REPLY only to the last message received in your Scotiabank Secure Email Service mailbox. The subject line of your email must state: Scotiabank Student GIC Program.

• Your Full Name (Given/First and Surname/Last)
• Enrolment Update
• School Change

The following outlines the difference between these two programs:

Visa type: Scotiabank Student GIC Program is for students coming to Canada on a study permit, whereas the International Account is for all three types of visa holders – study permit, work permit, and permanent residence visa.

Visa stage: Scotiabank Student GIC Program can only be opened prior to completing a study permit application, as its goal is to help clients show proof of financial support for their study permit application. Once you wire funds to Scotiabank to open a Scotia Investment Account, we will provide a document which you can submit as part of your study permit application. If you already have your study permit and did not open a Scotia Investment Account, you must open an account via the International Account program. 

The Scotiabank Student GIC Program can only be used PRIOR to obtaining study permit approval.

Clients can only open an account through one of these programs.

Please provide an example of how to distribute my funds upon arrival in Canada.

Let’s say, before coming to Canada, you sent $10,200 CAD via wire to your Scotia Investment Account. Of $10,200, $10,000 will be deposited to your Scotia Investment Account and $200 will be used to pay the administration fee.

Upon arriving in Canada, you can visit a Scotiabank branch and open a student chequing account. You can do one of the following with your $10,000 and the specific amounts can vary:

Example #1: Deposit $2,000 to your Scotiabank chequing account and open a GIO for $8,000. The GIO will pay out your funds (and applicable interest) in 12 equal monthly installments.

Example #2: Open a GIO for $5,000 and a one-year Cashable GIC for $5,000. The GIO will pay out your funds (and applicable interest) in 12 equal monthly installments. For the Cashable GIC, you will get $5,000 (and applicable interest) after one year.

Example #3: Put $2,000 in your Scotiabank chequing account, open a GIO for $5,000 and open a one-year Cashable GIC for $3,000. The GIO will pay out your funds (and applicable interest) in 12 equal monthly installments. For the Cashable GIC, you will get $3,000 (plus applicable interest) after one year at maturity.

Example #4: Deposit $10,000 to your Scotiabank chequing account.

Our GIC products help safeguard your funds, as they can only be accessed by visiting a branch. Once an option has been chosen it cannot be changed.