Bank Review · Editor’s Pick
TD International Student GIC Review (2026)
Red Leaf Score
The strongest GIC program in Canada — and it isn’t close. $0 application fee, 26 qualifying countries, unlimited wires, and the biggest day-one payout of any scheduled program: $8,395 at your branch appointment. Our Editor’s Pick, now on harder evidence than ever.
How we score: cost (40%), payout flexibility (25%), application simplicity (20%), refund fairness (15%). Scores are set by our editorial team alone — see how we review and how we make money.
The facts at a glance
- Program name
- TD International Student GIC Program
- GIC amount
- CAD $22,895 minimumIRCC proof-of-funds figure, outside Quebec — plus incoming wire fees
- Application fee
- $0stated on TD’s own page — tied with RBC for cheapest entry
- Wire fees
- ~$17.50 per incoming wireTD’s standard incoming wire charge, not a program fee — confirm on TD’s current fee schedule
- Wire rules
- Unlimited wiresmultiple wires for the initial $22,895, and as many as you want until you arrive — funds must reach TD within 90 days of account opening
- Eligible countries
- 26 — the broadest of the Big Fiveincl. India, Pakistan, Philippines, Nigeria, Bangladesh, Nepal, Sri Lanka, Ghana
- Payout on landing
- $8,395 + interest at the branchthen $1,450 + interest monthly for 10 months — the largest day-one release of any scheduled program
- Proof of funds
- Confirmation of Investmenta true GIC document, emailed for your IRCC application
- If visa refused
- Principal refunded$25 return fee applies per wire sent
- Deadline rule
- 365 dayscomplete all requirements within a year or accounts close
Why TD wins on cost
Every Big Five GIC locks up the same $22,895. The real price difference is what it costs to get in — and here TD charges nothing. Scotiabank takes $200 off the top (only $185 of it refundable, and only within 14 business days); BMO takes $134 that never comes back, even on a visa refusal; CIBC charges no fee but earns through its exchange-rate spread. TD’s only cost is its standard incoming wire fee — roughly $17.50 per transfer — plus whatever your home bank charges. RBC now matches TD at $0, but delivers a deposit confirmation rather than a GIC certificate; TD gives you both the $0 entry and the GIC-labelled document in your visa file.
The list nobody noticed growing
After the SDS fast-track closed in November 2024, most banks froze their GIC country lists. TD did the opposite. Its qualifying list now spans 26 countries: Algeria, Antigua & Barbuda, Bangladesh, Brazil, Cameroon, China, Colombia, Costa Rica, France, Ghana, Guinea, India, Japan, Mexico, Morocco, Nepal, Nigeria, Pakistan, Peru, the Philippines, Saint Vincent & the Grenadines, Senegal, South Korea, Sri Lanka, Trinidad & Tobago, and Vietnam. Every single country on BMO’s 13-country list is also on TD’s — at $0 instead of $134. And for students from Bangladesh, Nepal, Sri Lanka, Ghana, or Nigeria, TD isn’t the best Big Five option; it’s the only one.
The payout — and why it leads the pack
At your branch appointment, TD redeems $8,395 plus accrued interest straight into your chequing account. Compare day one across the scheduled programs: TD $8,395 · BMO $6,895 · CIBC roughly $6,870 (about 30%). Then $1,450 plus interest arrives monthly for ten months. It’s still a schedule — only RBC leaves the full allocation in your hands, and Scotiabank lets you design your own split — but among true GIC programs, TD hands you the most cash in the week when rent deposits, transit passes, and winter coats all land at once.
What we like & what to watch
What we like
- $0 application fee — tied with RBC for the cheapest entry
- 26 qualifying countries — the broadest list in Canada
- Unlimited wires — send as many transfers as you need until arrival
- $8,395 day-one payout — the largest of any scheduled program
- True GIC Confirmation of Investment in your visa file before you apply
- One online application opens both chequing account and GIC
What to watch
- Branch appointment required to activate — BMO lets you walk in
- Accounts auto-close if not funded within 90 days
- $25 return fee per wire on cancellation or visa refusal
- Funds fully frozen until the branch appointment
- Each incoming wire carries its own ~$17.50 fee — many small wires add up
How to apply, step by step
- Check the 26-country list and apply online.
One application opens the TD Student Chequing Account and the International Student GIC together. Have your passport and admission letter ready, and complete the ID verification process.
- Wire the funds within 90 days — in as many transfers as you need.
Send CAD $22,895 or more plus incoming wire fees. Multiple wires are fine for the initial purchase, and you can keep sending additional amounts to your chequing account right up until you arrive. Miss the 90-day window and the accounts close automatically.
- Receive your Confirmation of Investment.
Once TD receives your payment(s), $22,895 is invested in the GIC and the confirmation is emailed — your proof of funds for the study permit application. Any remaining funds sit in your chequing account.
- Land in Canada and book your branch appointment.
Choose from 1,000+ branches. Bring your passport, study permit (IMM 1442 / IMM 1208), and proof of enrolment to confirm your identity and sign the required documentation. Studying in Quebec? Bring your CAQ (Quebec Acceptance Certificate) as well.
- Collect $8,395 — and monthly payouts after.
TD redeems $8,395 plus accrued interest into your chequing account at the appointment; the remainder arrives as $1,450 plus interest monthly over the next ten months. Ask about the TD Cash Back Visa’s $125 student offer (apply by November 2, 2026) at the same visit.
If your visa is refused
Your principal comes back — TD returns the funds to the originating account. Two things to know: a $25 return fee applies per wire you sent (three wires = $75 — one quiet cost of unlimited wiring), and you’ll need your IRCC refusal letter as proof. If program requirements aren’t completed within 365 days of account opening, TD closes both accounts and returns the funds the same way.
Our verdict
TD wins on every measured axis but one: cost, eligibility, wiring freedom, day-one payout, and a true GIC certificate in your visa file. That’s why it’s our Editor’s Pick — and after auditing all five programs against their own documents, the gap is wider than we originally thought. The single caveat: you’ll need to book the activation appointment, where BMO lets you walk in. Want your entire amount liquid on landing instead? That’s RBC territory — or compare all five in our complete GIC comparison.
TD GIC questions, answered
Does TD really charge no fee for the student GIC?
Correct — TD’s own page states there is no application fee. Your only costs are TD’s standard incoming wire fee (about $17.50 per wire — confirm the current figure on TD’s fee schedule) and whatever your home bank charges to send the transfer. RBC also charges $0, but TD is the only $0 program that puts a true GIC certificate in your visa file.
Can my family send the money in several transfers?
Yes — and this is now TD’s headline advantage. TD accepts multiple wires for the initial $22,895 GIC purchase, and as many additional wires as you want to your chequing account until you arrive in Canada. The only constraints: the GIC minimum must be reached within 90 days of account opening, and each incoming wire carries its own ~$17.50 fee.
I’m from Nigeria / Bangladesh / Nepal / Sri Lanka — can I really use TD?
Yes — TD’s qualifying-country list spans 26 countries and includes all four, making it the only Big Five GIC door for each. Confirm the live list on TD’s application page the day you apply, as eligibility lists change without notice.
How fast do I get my money after landing?
Faster than any other scheduled program: $8,395 plus accrued interest is released at your branch appointment — compared with $6,895 at BMO and roughly $6,870 (about 30%) at CIBC. The remaining funds arrive as $1,450 plus interest each month for ten months.
What happens if I don’t complete the requirements in time?
Two clocks matter: fund the account within 90 days or it closes automatically, and complete all program requirements at a branch within 365 days or both accounts close and funds are returned — with the $25-per-wire return fee deducted.
Does TD have a student credit card to pair with this?
Not a dedicated one — TD recommends its regular no-fee cards for students, currently with real money attached: the TD Cash Back Visa carries a student offer of $125 in Cash Back Dollars when you spend $1,000+ in the first three months, available if you apply by November 2, 2026 (this is the Visa card offer, not TD’s expired chequing-account promotion). TD doesn’t publish a no-credit-history pathway for international students the way RBC, CIBC and Scotiabank do, so approval is at branch discretion — but ask at your GIC activation appointment, when your relationship with TD is at its strongest. Full comparison in our credit card guide.
Researched and written by Virendra Singh, checked against TD’s live International Student GIC program page and qualifying-country list. Last audit: August 2026. TD substantially expanded this program after SDS closed — older guides listing 14 countries or describing wire limits are out of date. TD changes terms without notice — always confirm final figures on TD’s official website before wiring funds. Red Leaf Wallet is independent and reader-supported (disclosure); this review is general information, not personal financial advice.