Get your study permit faster^*

• Read the Scotiabank Student GIC Program Guide
• 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 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 $20,835 CAD from a financial institution in your home country to Scotiabank in Canada ($20,635 CAD for your Scotiabank Investment Account and $200 CAD for the program fee)^†
• We’ll send you a confirmation email with the “Investment Directions Confirmation” when funds are in your Scotiabank Investment Account

^†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.

• Send your study permit application and confirmation email (“Investment Directions Communication”) 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

Full redemption of the outstanding principal of your Investment Account or GIC cannot occur prior to the Maturity Date unless 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 You have withdrawn from enrolment at the Canadian Educational Institution before or after your arrival in Canada

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.

Scotiabank will confirm your Study Permit decline or cancellation with the Canadian Visa Authorities in your home country. Once confirmed, Scotiabank will refund the outstanding principal plus any accumulated interest. 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 ICN (Internal Control Number). You can use this ICN 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:

• 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 (a minimum of $10,200 CAD), 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

A. For institutions not participating in the Study Direct Stream, the purchase of a GIC is not mandatory, however students 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.’ 

A. 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. 

A. 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. 

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). 

Scotiabank (The Bank of Nova Scotia) is a member of the Canada Deposit Insurance Corporation (CDIC). Under the CDIC Act, deposits held in Canadian funds, payable in Canada, and with a term of no greater than 5 years are insurable. A Guaranteed Income Optimizer (GIO) is insurable under the CDIC Act. 

A. After confirming your identification/documentation, we will set up a non-redeemable GIC for $16,508 CAD ($12,062 CAD if you are studying in Quebec) – Guaranteed Income Optimizer (GIO) – a one year term – with fixed equal monthly payments for deposit to the Student Banking Advantage Plan account. The remaining amount plus any accrued interest from your Scotia Investment Account, will be transferred to a personal deposit account.

SCOTIABANK STUDENT GIC PROGRAM GUIDE

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). 

A. 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).

For a step-by-step guide on accessing Scotiabank’s Secure Email Service please refer to the Scotiabank Secure Email Service User Guide. 

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

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. 

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

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. 

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.