How to Purchase and Fund your Scotiabank GIC for Canadian Student Visas

If you are applying for a Canadian Study Permit, especially through the fast-track Student Direct Stream (SDS), purchasing a Guaranteed Investment Certificate (GIC) is a mandatory requirement. As of recent IRCC updates, the GIC deposit amount is set at $20,635 CAD to cover your first-year living expenses.

Scotiabank is one of the most popular Canadian banks offering GIC services to international students. In this guide, we walk you through the setup and funding process.

What is a GIC?

A GIC is a Canadian investment account that has a guaranteed rate of return over a fixed period.

  • You deposit $20,635 CAD before traveling to Canada.
  • Once in Canada, you open a personal bank account with Scotiabank.
  • The bank releases an initial lump sum (usually $4,000+ CAD) to cover your initial setup costs.
  • The remaining balance is paid back to you in 12 monthly installments plus interest.

Step-by-Step Scotiabank GIC Setup

1. Register Online

Visit the official Scotiabank Student GIC Program portal. Create an account and submit your personal details, home address, passport number, and your Canadian university admission letter.

2. Receive Your Investment Account Number

Scotiabank will process your application within 24 to 48 hours and issue your unique Investment Account Number and transfer instructions.

3. Wire the Funds

Transfer $20,635 CAD plus a processing buffer fee (usually around $200 CAD) from your home country bank account. It is critical that the money is transferred from a bank account belonging to you or your parents. Third-party transfers will be rejected.

4. Download Your GIC Confirmation

Once the bank receives and processes the wire transfer (usually 3-5 business days), you will receive a notification. Log into your portal to download your official GIC Investment Confirmation. Submit this document with your study permit application.

Activating your GIC in Canada

Upon arrival in Canada, visit your local Scotiabank branch. Bring your passport, study permit, GIC confirmation document, and enrollment certificate. The banker will open your student checking account and process the activation.

Verify DLI program requirements and calculate student finances on Studplex.