From getting your permit approved to paying for living expenses, the Scotiabank Student GIC Program can help you plan for your education.
The Scotiabank Student GIC Program can help you meet the study permit requirements of Citizenship and Immigration Canada faster by showing proof of funds – and provide you with easy access to your money to help pay for living expenses while you’re studying in Canada.
A GIC is an investment that offers a guaranteed interest rate over a fixed period of time. With the Scotiabank Student GIC Program you can invest between $20,635 CAD – $50,000 CAD.†
Here’s an example of how it works:
Wire transfer $20,835 CAD to Scotiabank in Canada. $20,635 CAD will be deposited into your Scotiabank Investment Account and $200 CAD will pay for the program fee.†*
When you arrive in Canada and visit a branch, you will open a student bank account and have access to $4,127 CAD plus any interest deposited into your account.
Receive a portion of your investment back each month for 12 months – approximately $1,376 each month.
Over the 12 month period, you’ll have received your $20,635 CAD investment back, plus interest.
View our current GIC rates.
Wire transfer $20,835 CAD to Scotiabank in Canada. $20,635 CAD will be deposited into your Scotiabank Investment Account and $200 CAD will pay for the program fee.†*
When you arrive in Canada and visit a branch, you will open a student bank account and have access to $4,127 CAD plus any interest deposited into your account.
Receive a portion of your investment back each month for 12 months – approximately $1,376 each month.
Over the 12 month period, you’ll have received your $20,635 CAD investment back, plus interest.
View our current GIC rates.
NOTE: IRCC has revised requirements to better protect international students applying for study permits on or after January 1, 2024. Learn more >
†Applicants who intend to study in Québec will need to deposit $15,278 CAD into a Scotiabank Investment Account and $200 CAD will pay for the program fee.
The Scotiabank Student GIC Program involves 4 key steps:
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.
†Applicants who intend to study in Québec will need to deposit $15,278 CAD into a Scotiabank Investment Account and $200 CAD will pay for the program fee.
Checkout the Scotiabank Student GIC Program Guide for details on how to request a refund in the event your study permit is declined or cancelled and answers to other frequently asked questions.
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