What a student GIC does
A Guaranteed Investment Certificate (GIC) for international students lets you move your living-cost money to a Canadian bank before you arrive. The bank sends you a certificate to include with your study permit application, then pays the money back to you in Canada: part as a lump sum when you arrive, the rest in regular payments over your first year, with interest.
Since the Student Direct Stream ended in November 2024, a GIC is optional. It remains popular because it’s one of the clearest ways to show IRCC the $23,448 living-cost amount.
Comparison
Details from each bank’s own program pages, checked in October 2026. Banks change terms — always confirm before you send money.
| Bank | Fee | Amount | How you’re paid |
|---|---|---|---|
| TD | No application fee | Minimum $23,448 plus wire fees | $8,448 on arrival, then $1,500 a month for 10 months, plus interest |
| RBC | $200 one-time handling fee | IRCC minimum, up to $30,000 including fees | Lump sum on arrival, then 12 equal monthly payments with interest |
| Scotiabank | $200 processing fee | $5,000 to $50,000 | Your choice: move funds to chequing, monthly payments over a year, or a cashable GIC |
| CIBC | No processing fee on foreign-currency transfers | Up to $50,000 | About 30% on arrival, rest in 11 equal payments over a year, plus interest |
Other banks — including BMO, Simplii Financial, SBI Canada and ICICI Bank Canada — also run student GIC programs. Check each bank’s current terms directly.
How to choose
- Lowest cost: TD and CIBC list no application or processing fee; RBC and Scotiabank charge $200.
- Biggest first payment: TD’s $8,448 on arrival helps with a rental deposit, furniture and first-month costs.
- Flexibility: Scotiabank lets you choose how to receive the money once you arrive.
- Your home country: not every program accepts every country, and some work more smoothly with banks in certain countries. Check eligibility first.
- Refunds: if your study permit is refused, ask how long refunds take and what fees are deducted — RBC, for example, deducts a return wire fee.
Tips
- Deposit enough. Send at least the IRCC living-cost amount, plus the bank’s fee and any wire charges, so the certificate shows the full amount.
- Use the same name as on your passport, exactly.
- Allow several weeks for the account and certificate, and start before you apply for your permit.
- Bring your documents to the branch when you arrive — passport, study permit and the GIC paperwork — to unlock the first payment.
Next steps
Work out the rest of your budget with the cost calculator and add the GIC to your arrival checklist.