Helping international students get their study permit
The Scotiabank Student GIC Program is here to help you plan for your education. You can get your study permit and get help with your living expenses with GIC. In addition, if you are a student from China, India, Vietnam or the Philippines this program can help you meet the requirements of the Citizenship and Immigration Canada guidelines faster by showing proof of funds. It also provides you with access to money to help pay for your living costs while you’re studying in Canada.
What is a GIC (Guaranteed Investment Certificate)?
A GIC is an investment account which offers a guaranteed interest rate over a fixed period of time. Thus, with the Scotiabank Student GIC Program, you can invest between $10,000 – $50,000 CAD.
How does GIC work?
Sign up for the Scotiabank Student GIC Program involves 4 key steps:
1) Submit your application
Start by reading the Scotiabank Student GIC Program Guide. Then, fill out your Scotiabank Student GIC Program Application online. Next, you will need to register for the Scotiabank Secure email Service using the link provided by ems@scotiabank.com. Scotiabank will then open a Scotiabank Investment Account for you, and send you a secure email with your Scotiabank Investment Account number and wire transfer details. Don’t forget about the cost of the application as you will need to pay a total cost of $200 CAD.
2) Transfer funds to your Scotiabank Investment Account
After completing step one, you need to send a wire transfer of $10,200 CAD from your home country to Scotiabank in Canada. $10,000 CAD is for your Scotiabank Investment Account and $200 CAD for the program’s fee. Scotiabank will then send you an email with the “Investment Directions Confirmation” when funds are in your Scotiabank Investment Account.
3) Apply for your Study Permit
After sending your wire transfer to Scotiabank, complete and submit your Study Permit application and your Investment Directions Confirmation to the Canadian visa authorities in your home country.
4) Open a Bank Account in Canada when you arrive
Once you arrive in Canada, make an appointment at one of the Scotiabank branches to open a bank account and complete the Scotiabank Student GIC Program process there.
If you have more questions about the process check out the Scotiabank Student GIC Program Guide for more details. You can also find information on how to request a refund in case your study permit is declined or canceled as well as FAQs.
For more information, visit: Scotiabank Student GIC Program This article is sponsored by Scotiabank's River District Branch at 3498 Sawmill Crescent.
