Student GIC in Canada: Banks, Fees and Steps (2026)

Key takeaways

The Student Direct Stream (SDS) ended on November 8, 2024; a GIC is now one proof-of-funds option, not a must
IRCC’s living-cost amount for one student outside Quebec is $23,448 for applications from September 1, 2026
Scotiabank: $5,000 to $50,000, $200 fee, 19 eligible countries
BMO: $23,448 GIC, $134 program fee, paid as a lump sum after arrival, then 10 monthly payments
RBC: up to $75,000, no program fee, 9 eligible countries

What is a student GIC?

A Guaranteed Investment Certificate (GIC) is a deposit that earns fixed interest for a set time. A student GIC is a special program for international students. You open it from your home country, wire money to it, and get a letter you can use as proof of funds in your study permit application.

After you arrive in Canada, you activate your account at a branch. The bank then releases your money, often as a first lump sum and the rest in monthly payments.

Try different deposits and terms in the GIC calculator.

Is a GIC still required for a study permit?

No, not in general. The Student Direct Stream (SDS) required a GIC. IRCC ended the SDS on November 8, 2024 at 2 p.m. ET. Applications after that are processed as regular study permits.

For regular study permits, IRCC lists a GIC from a Canadian financial institution as one example of acceptable proof of funds. Others include a tuition receipt, a student loan from a bank, a scholarship, bank statements for the past 6 months, and a letter from the person paying for you. IRCC says you do not need to provide all of them. Your visa office may ask for specific documents.

IRCC’s living-cost amounts outside Quebec, not counting tuition and travel:

Family size	Applications Jan 1, 2025 to Aug 31, 2026	Applications from Sep 1, 2026
1 person	$22,895	$23,448
2 people	$28,502	$29,192
3 people	$35,040	$35,888
4 people	$42,543	$43,572

Quebec has its own amounts. See study permit proof of funds for the full table and calculator.

Student GIC programs compared

Bank	Amount	Fee	How money is released	Eligible countries
Scotiabank Student GIC Program	$5,000 to $50,000 (wire $5,200 to $50,200 to cover the fee)	$200, taken from the wire	After branch activation you choose: move all to chequing, a 12-month monthly-payment investment, or a 1-year cashable GIC	Brazil, Chile, China, Colombia, France, Germany, India, Mexico, Morocco, Pakistan, Peru, Philippines, Saudi Arabia, Senegal, Spain, UAE, UK, Venezuela, Vietnam
BMO Student GIC (NewStart)	Wire $23,600 to $75,000; GIC is $23,448	$134 program fee, plus a $16 BMO wire fee per payment	$7,448 two days after activation, then $1,600 a month for 10 months, interest in the last payment	Antigua and Barbuda, China, Colombia, Costa Rica, India, Morocco, Pakistan, Peru, Philippines, Senegal, St Vincent and the Grenadines, Trinidad and Tobago, Vietnam
RBC International Student GIC	Up to $75,000; no minimum stated	No program or handling fee	After activation you choose: all in a GIC, part GIC and part cash, or all cash	Hong Kong, China, India, Philippines, Vietnam, Antigua and Barbuda, Costa Rica, St Vincent and the Grenadines, Trinidad and Tobago
CIBC Student GIC (International Student Banking Offer)	See note below	See note below	Part on arrival, the rest in monthly holds	India, China, Vietnam, Philippines

Figures from each bank’s own page or guide, checked October 10, 2026. Amounts are in Canadian dollars.

CIBC details may be out of date. CIBC’s application guide (undated) gives a $10,000 to $20,000 deposit and a $20 refund processing fee, while its GIC terms dated November 2024 use a $20,635 example. Both pre-date IRCC’s current amounts. Confirm the current program with CIBC before you apply.

How to open a student GIC: step by step

Get your letter of acceptance from a designated learning institution (DLI). Banks ask for it.
Apply online on the bank’s own website. Have your passport ready. Names must match exactly.
Wire the money from an account in your name, or a joint account with your parents in your home country. BMO rejects most third-party transfers. Scotiabank requires the student or a joint account with parents.
Get the confirmation letter. Scotiabank sends an “Investment Directions Confirmation”. RBC sends a “Confirmation of Deposit”. Add it to your study permit application.
Arrive and activate at a branch with your passport, study permit and enrolment proof.
Receive your money on the bank’s schedule.

Moving money from China or Nigeria? Check your home country’s rules first: China, Nigeria.

Costs to budget beyond the program fee

The program fee is not the only cost of a student GIC:

Sending fees. Your home bank may charge a wire fee. BMO also deducts a $16 wire fee per payment, and other banks along the way can take fees.
Exchange rate. If your bank converts your money to Canadian dollars, the rate may include a margin. Compare it with the mid-market rate on the day you send.
Shortfalls. BMO says each transfer must still meet its minimum after third-party charges. Send a little extra so fees do not leave you short.
Account fees later. RBC waives its Advantage Banking fee for the first 12 months, then charges $12.95 a month unless you change accounts.

What if your study permit is refused?

Scotiabank: refunds the full balance by wire to a home-country account in your name. Within 14 business days of account opening, you get back principal, interest and $185 of the $200 fee. After that, the $200 fee is not refunded. Refunds can take up to 4 weeks, and wire and exchange costs are not covered.
BMO: refunds your money plus any GIC interest, to the account the first wire came from.
RBC: its program page does not describe refunds. Ask RBC before you send money.
CIBC: refunds are requested through its online platform; its guide lists a $20 refund processing fee.

Exchange rate changes can mean you get back less in your home currency than you sent.

Which option fits which student?

You want the lowest fee and flexibility: RBC lists no program fee, if your country is eligible.
You want a fixed monthly budget: BMO’s schedule pays out monthly for 10 months.
You want a smaller deposit: Scotiabank starts at $5,000. You can show the rest of your funds with other documents.
You have strong bank statements or a loan: you may not need a GIC at all. A tuition receipt and statements can also work.

A GIC at a member bank is a deposit. Read CDIC deposit insurance to see how deposits are protected. No bank pays to be included here.

Common questions

Is a GIC mandatory for a Canadian study permit in 2026?

No. The SDS, which required a GIC, ended on November 8, 2024. IRCC now lists a GIC as one example of proof of funds among others.

How much should I put in a student GIC?

IRCC’s living-cost amount for one student outside Quebec is $23,448 for applications from September 1, 2026, not counting tuition and travel. Bank minimums differ.

Which banks offer student GICs?

Scotiabank, BMO, RBC and CIBC run student GIC programs. Each has its own eligible countries, fees and release schedule.

Can my parents send the money?

Scotiabank and BMO accept wires from the student’s account or a joint account with parents in the home country. BMO rejects most other third-party transfers.

Do I get my GIC money all at once?

It depends. BMO pays $7,448 after activation, then $1,600 a month for 10 months. Scotiabank and RBC let you choose how much to keep invested.

Sources

Checked against these sources on October 10, 2026. Spotted something out of date? Tell us.

Student GIC in Canada: how it works, which banks offer it, and is it still required?