The Complete 2026 Guide
Best GIC Programs for International Students in Canada
$22,895CAD
IRCC proof of funds — outside Quebec (in effect since September 1, 2025) · Quebec sets its own requirement: CAD $24,617 for a single applicant 18+ (effective January 2026)
Every Big Five bank invests the same principal. What separates them is what you pay to open the GIC, which countries they accept, how fast your money comes back after landing, and what happens if your visa is refused. We audited all five programs against their own live documents — here is everything, side by side.
Guides Built For Your Passport
Start with your country — eligibility decides everything
Start Here
What a GIC actually is — in 60 seconds
GIC stands for Guaranteed Investment Certificate. For a study permit, it works like this:
01 · Before your visa
You wire CAD $22,895 (plus any bank fee) from your home country to a Canadian bank. The bank locks it in and issues a confirmation — your proof of funds for IRCC.
02 · After you land
You visit a branch with your documents. The bank verifies your identity and starts releasing your own money back to you — some banks most of it at once, others in monthly portions.
03 · During your first year
The payouts fund your living costs. By the end of the year, you’ve received your full deposit back, plus a small amount of interest.
The Full Comparison
All five banks, side by side
Ranked by our audit scores. Every figure below comes from the bank’s own program documents — including the ones the marketing pages don’t headline.
How we score: each program is rated out of 5 on total cost (program fee plus wire fees), speed and size of day-one fund access after landing, country eligibility breadth, wire flexibility, and refund fairness if the visa is refused. Editor’s Pick reflects the best balance across all five for a typical student, not the single cheapest.
The Details That Matter
Bank-by-bank breakdown
The strengths, weaknesses, and fine-print gotchas of each program — the parts the marketing pages don’t headline.
TD International Student GIC Best for: almost everyone — cost, countries, wires & day-one cash
Read full reviewWhat we like
- $0 application fee — tied with RBC for cheapest entry
- 26 qualifying countries — including Nigeria, Bangladesh, Nepal & Sri Lanka, which no other Big Five program lists
- Unlimited wires — send as many transfers as needed until arrival
- $8,395 released at the branch — the biggest day-one payout of any scheduled program
What to watch
- Branch appointment required to activate — BMO lets you walk in
- Account auto-closes if not funded within 90 days
- $25 return fee per wire if the program is cancelled
Gotcha: once funded, no transactions are permitted on either account until you complete all program requirements at a branch in Canada — your money is fully frozen until that appointment. Book it before you fly.
RBC Student Pre-arrival Banking & GIC Best for: full access to your money on landing
Read full reviewWhat we like
- $0 program, handling, and setup fees on RBC’s current marketing pages
- Transfer up to $75,000 — GIC and settlement money together
- Funds stay liquid: invest all, invest part, or hold — your choice on arrival
- Confirmation of Deposit emailed fast, accepted for IRCC purposes
What to watch
- Your IRCC document is a deposit confirmation, not a GIC certificate — the GIC only exists after you land
- Only 9 eligible countries — no Pakistan, Nigeria, or Morocco
- RBC’s marketing and its Application Package PDF disagree — see the gotcha below
Gotcha — read before you wire: RBC’s marketing pages and current application flow describe a $0-fee program with transfers up to $75,000. But RBC’s own Application Package PDF — the document you actually sign — still specifies a single one-time wire, a maximum of CAD $30,000, and a CAD $200 handling fee, and still frames the program around the discontinued Student Direct Stream. We can’t reconcile the two from outside, so confirm in writing with RBC which terms apply to your file before sending any money — especially if your family plans more than one transfer or needs to send more than $30,000.
Scotiabank Student GIC Program Best for: designing your own payout · Europe, Gulf & South America
Read full reviewWhat we like
- Mix and match your payout: chequing + 12-month GIO + cashable GIC in any split — including 100% unlock
- 19 published countries — uniquely covering the UK, France, Germany, Spain, UAE, Saudi Arabia & more
- StartRight’s no-history credit card (up to $5,000) and Nova Credit — both open to students
What to watch
- $200 fee — only $185 back, and only within 14 business days of account opening
- $5,000 program minimum sits far below IRCC’s $22,895 — you can under-fund your visa file
- Your split, once chosen at the branch, cannot be changed
Gotcha: the 12-month GIO is non-redeemable with exactly one escape hatch — it unlocks if your study permit is denied or cancelled. For any other emergency, money in the GIO stays there. Weight your split toward chequing and the cashable GIC if unsure.
CIBC Student GIC (ISBO) Best for: zero upfront fees — India, China, Vietnam & the Philippines
Read full reviewWhat we like
- No published program fee — CIBC earns via the FX spread instead
- ~30% of your money released at the branch on day one
- Multiple wires accepted after ID verification, up to $50,000
- 0.50% interest actually disclosed — rare transparency
What to watch
- Narrowest eligibility: only India, China, Vietnam, and the Philippines
- $5,000 minimum per wire — and wires from your own account only until ID is verified
- Harshest refund terms of the five: possible fees, ID-validation costs, consulate sign-off, reconversion risk
Gotcha: what you’re buying isn’t technically a GIC — CIBC’s own ISBO terms define the GIC Program Account as a Simplii Financial no-fee chequing account with holds. It meets IRCC’s requirements, but if your consultant wants a certificate that says “GIC,” that’s TD, Scotiabank, or BMO. And CIBC’s own program document still illustrates with the outdated $20,635 figure — wire the full $22,895 regardless.
BMO International Student GIC (NewStart) Best for: no-appointment activation & big single transfers
Read full reviewWhat we like
- Walk into any branch to activate — the only program with no appointment needed
- Wire range $23,050–$75,000 — settlement funds travel with the GIC
- Fee-free student banking up to one year after graduation — the longest runway
- The clearest published parent-funding rules of the five
What to watch
- $134 service fee is never refunded — even if your visa is refused; it’s in the consent form
- Every BMO country is also on TD’s list, at $0 — BMO is never the only door
- Maximum two wires, and only after ID pre-verification by email
Gotcha: the GIC is issued by BMO’s subsidiary BMMC (“Bank of Montreal Mortgage Corporation”) — harmless and IRCC-accepted, but warn your visa consultant so the unfamiliar name on a $22,895 document doesn’t cause a panic. And if you read that BMO pays “bi-monthly,” that guide is outdated — the current schedule is monthly.
Quick Decision Guide
Which GIC should you choose?
Match your situation to the right program in ten seconds.
“I want the lowest total cost.”
TD or RBC — both charge $0. TD adds a ~$17.50 fee per incoming wire; RBC has no program fees at all. Either way you save $134–$200 versus BMO and Scotiabank.
“I’ll need a big amount right after landing (rent deposit, tuition balance).”
RBC (everything stays liquid — you decide on arrival) or Scotiabank (direct up to 100% into chequing at the branch). Among scheduled programs, TD’s $8,395 day-one release leads.
“My family will send the money in more than one transfer.”
TD — unlimited wires of any amount until you arrive. CIBC allows multiple wires but demands $5,000 minimum each and ID verification first; BMO caps you at two.
“I’m not from India, China, Vietnam, or the Philippines.”
Check TD first — its 26-country list is the broadest in Canada. Then Scotiabank (19, incl. Europe & the Gulf) and BMO (13). Start with your country guide above.
“I want monthly money like a salary, for discipline.”
TD ($1,450/month), BMO ($1,600/month), or CIBC (11 instalments) — all pay steady tranches. Scotiabank’s GIO does the same by choice.
“I want to build credit fast after landing.”
Scotiabank — StartRight’s no-history card (limits up to $5,000) plus Nova Credit, which explicitly includes students from a list of supported countries including India. See our credit card guide →
If Your Visa Is Refused
Refund rules, bank by bank
Every bank refunds your principal if IRCC refuses your study permit — your $22,895 is not lost. What differs is the deductions on the way back:
- TD: no program fee to lose; a $25 return fee applies per wire sent (three wires = $75).
- RBC: no program fee to lose — but the refund procedure isn’t clearly published; confirm the return process before wiring.
- Scotiabank: request within 14 business days of account opening and $185 of the $200 fee comes back; after that, the full fee is kept. Refunds take up to 4 weeks, and the GIO unlocks on permit denial.
- CIBC: the harshest terms — a refund processing fee may apply, third-party identity validation is at your cost, the consulate is notified (and may need to approve), and funds are reconverted at the prevailing rate, so you may receive less than you sent.
- BMO: principal and interest returned, less wire fees — but the $134 service fee is never refunded, by explicit contract term. Refunds go to the account your first wire came from.
In every case: keep your IRCC refusal letter — banks require it as proof to process the refund, and third-party wire fees charged by intermediary banks are never recoverable from anyone.
After You Land
The branch appointment: exactly what to bring
Your GIC money stays frozen until this visit. TD, RBC, CIBC and Scotiabank require a booked appointment — reserve before you fly. BMO is the exception: just walk in. Bring:
- Your passport — the same one used in your application
- Your study permit (IMM 1442 / IMM 1208) — issued at the airport when you land (Scotiabank also accepts IMM 1000, IMM 5688, or IMM 5292)
- Proof of enrolment — an enrolment letter, student ID, course timetable, tuition receipt, or acceptance letter showing your name, institution, and program
- Your GIC certificate / welcome letter / program reference — from the bank’s original email
- A Canadian phone number if you have one already — some banks ask for it to activate online banking
- Studying in Quebec? Bring your CAQ (Quebec Acceptance Certificate) as well — it’s required in addition to the documents above
Individual banks may request one extra piece of ID — confirm the exact list when booking. And use the same visit well: it’s the strongest moment to apply for your first credit card.
Common Questions
GIC questions, answered straight
What students and parents ask us most.
How much is the GIC for a Canadian study permit in 2026?
CAD $22,895 for applications outside Quebec — the IRCC requirement in effect since September 1, 2025. Quebec sets its own separate requirement: CAD $24,617 for a single applicant aged 18 or over, effective January 2026. The figure can change between intake years — always confirm the current amount on IRCC’s official website before wiring anything. Careful: some bank pages still illustrate with the older $20,635 figure.
Which bank has the cheapest GIC program?
TD and RBC are tied at $0 — TD’s only cost is its ~$17.50 incoming wire fee, and RBC states no program or handling fees apply on its marketing pages. CIBC publishes no fee but earns through its exchange-rate spread. BMO charges $134 (never refunded) plus $16 per wire; Scotiabank charges $200 ($185 back only within 14 business days).
Is the GIC refundable if my study permit is rejected?
Your principal always comes back, but the deductions differ sharply: TD keeps $25 per wire; Scotiabank keeps $15–$200 depending on the 14-day window; BMO keeps its $134 no matter what; CIBC may add a processing fee, ID-validation costs, and reconversion losses; RBC has no fee to keep but publishes less about the process. Keep your IRCC refusal letter — every bank requires it.
How much money do I get when I land?
RBC: potentially all of it — funds stay liquid and the GIC is your choice on arrival. Scotiabank: your designed split, up to 100% into chequing. TD: $8,395 at the branch, then $1,450 monthly. BMO: $6,895 two days after activation, then $1,600 monthly. CIBC: roughly 30% at activation, then 11 instalments. If early access matters, this is the deciding row of our table.
Can I open a GIC at any bank?
No — each program has its own eligible-country list, and it can make the decision for you. TD covers 26 countries (the only Big Five door for Nigeria, Bangladesh, Nepal, and Sri Lanka); Scotiabank covers 19 (the go-to for European, Gulf, and South American students); BMO 13; RBC 9; CIBC just 4. Check your country’s guide above, then verify the bank’s live list.
Do I still need a GIC now that SDS is discontinued?
The Student Direct Stream ended in November 2024, but a GIC remains one of the strongest, most recognized proofs of funds for a regular study permit — which is why all five banks still run their programs. For most students, it’s still the practical answer to the proof-of-funds requirement.
About this page: researched and written by Virendra Singh, checked against each bank’s own live program documents — including RBC’s restructured program pages and Application Package, CIBC’s ISBO terms and conditions, BMO’s program guide and GIC terms, TD’s qualifying-country list, and Scotiabank’s published program page — plus IRCC requirements. Last full audit: August 2026. Banks update terms without notice — always confirm final numbers on the issuer’s official website before wiring funds. Red Leaf Wallet is independent and reader-supported; see our Affiliate Disclosure. This page is general information, not personal financial or immigration advice.