Apply for the Scotiabank Student GIC Program to help you meet the study permit requirements of Citizenship and Immigration Canada faster.
International Student Refer a Friend ProgramRefer an international student to apply for a Student GIC and get a $150 bonus. Plus, they will get $50.* *Conditions apply.
From getting your permit approved to paying for living expenses, the Scotiabank Student GIC Program can help you plan for your education.
A GIC (Guaranteed Investment Certificate) is a fixed-term investment with a guaranteed interest rate. The Scotiabank Student GIC Program allows students to invest from $20,835 CAD to $50,000 CAD. †
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, visit a branch to open a student bank account. You will 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 CAD each month.
Interest rates paid on GICs are subject to change. 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.
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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.
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:
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?
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.’
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?
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).
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 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.
What if I transfer more than minimum requirement of $20,835 CAD ($15,278 CAD for students intending to study in Quebec)?
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.
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?
For a step-by-step guide on accessing Scotiabank’s Secure Email Service please refer to the Scotiabank Secure Email Service User Guide.
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.
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.
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 – . 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.
