The Complete 2026 Guide
Best GIC Programs for International Students in Canada
$22,895CAD
IRCC minimum proof of funds — outside Quebec · Quebec has a separate requirement
Every Big Five bank invests the same principal. What separates them is what you pay to open the GIC, how fast your money comes back after landing, and what happens if your visa is refused. We audited all five programs against their live documents — here is everything, side by side.
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 the bank’s fee) from your home country to a Canadian bank. The bank locks it in a GIC and issues a certificate — 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 all 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 total cost and payout flexibility. Every figure below comes from the bank’s own program documents.
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: lowest total cost
Read full reviewWhat we like
- No application fee — the cheapest of the Big Five
- One online application opens both the chequing account and the GIC
- Multiple wires allowed to reach the minimum
What to watch
- No full-unlock option — funds arrive in 11 tranches over the year
- 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.
Scotiabank Student GIC Program Best for: payout flexibility on landing
Read full reviewWhat we like
- The only bank where YOU choose the payout: unlock 100% at the branch, a 12-month income plan, or a cashable GIC
- Part of StartRight — strong newcomer credit card pathway after landing
- Partnership with Nova Credit can use your home-country credit history
What to watch
- $200 processing + wire fee deducted upfront
- Only one wire payment per family accepted
- Once you choose a payout option at the branch, it cannot be changed
Gotcha: if you pick the 12-month GIO (Guaranteed Income Optimizer) at the branch, it is non-redeemable — you cannot break it early even in an emergency. Choose your option carefully.
CIBC International Student GIC (ISBO) Best for: students from India, China, Vietnam & the Philippines
Read full reviewWhat we like
- Steady 11 equal payments over the year — simple budgeting
- Flexible wiring: minimum $2,500 per wire, up to $50,000 total
- Strong student account continues fee-free until 6 months after graduation
What to watch
- Narrowest eligibility: only India, China, Vietnam, and the Philippines
- Program fee (~$150) needs verification against the live terms
- No option to unlock a larger amount early
Gotcha: the GIC Program Account is actually held with Simplii Financial, CIBC’s digital subsidiary — not a problem in practice, but don’t be confused when the paperwork mentions Simplii.
RBC International Student GIC Program Best for: full access to funds on landing
Read full reviewWhat we like
- One-year cashable GIC redeemed at the branch — quick access to your money
- Canada’s largest bank with the widest branch network
- Strong newcomer credit card offer alongside the GIC
What to watch
- $200 handling fee is non-refundable — even if your visa is refused
- Strictest wire rule of all five: a single wire, maximum $30,000
- $25 return wire fee on refunds
Gotcha: that single-wire rule is unforgiving — if your family planned to send money in two parts, RBC is the wrong program. The full amount plus fees must arrive in one transfer.
BMO International Student GIC (NewStart) Best for: nationalities other banks don’t cover
Read full reviewWhat we like
- Broadest country list of the Big Five — 13 countries including Pakistan, Morocco, Senegal, and Colombia
- Widest wire range: $23,050 to $75,000 in one transfer
- Student accounts stay fee-free up to one year after graduation
What to watch
- Payouts arrive bi-monthly rather than monthly — budget in 2-month blocks
- ~$150 fee plus a $50 wire buffer built into the minimum transfer
- Less published detail than competitors — some terms only confirmed in-branch
Gotcha: the GIC is technically issued by BMO’s mortgage subsidiary (BMMC) — harmless, but if your visa officer or agent asks why the certificate says “Bank of Montreal Mortgage Corporation,” that’s why.
Quick Decision Guide
Which GIC should you choose?
Match your situation to the right program in ten seconds.
“I want the lowest total cost.”
Go with TD — $0 program fee means you save $130–$200 versus every competitor.
“I’ll need a big amount right after landing (rent deposit, tuition balance).”
Go with Scotiabank (choose full unlock at the branch) or RBC (cashable GIC redeemed on arrival).
“My family will send the money in more than one transfer.”
Go with TD or CIBC — both accept multiple wires. Avoid RBC’s single-wire rule.
“I’m not from India, China, Vietnam, or the Philippines.”
Check BMO first — its 13-country list covers nationalities the others don’t. Then TD and Scotiabank.
“I want monthly money like a salary, for discipline.”
TD or CIBC — both pay steady monthly tranches across the year.
“I want to build credit fast after landing.”
Scotiabank — StartRight’s no-history credit card (limits up to $5,000) is the strongest of the five. 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, but a $25 return fee applies per wire sent.
- Scotiabank: the $200 processing/wire fee is not returned.
- CIBC: program fee treatment should be confirmed on the live ISBO terms before applying.
- RBC: the $200 handling fee is non-refundable, plus a $25 return wire fee.
- BMO: principal and interest returned, less associated wire transfer fees.
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 appointment. Book it before you fly, and bring:
- Your passport — the same one used in your application
- Your study permit (IMM 1442) — issued at the airport when you land
- Proof of enrolment — an enrolment letter or student ID showing your name, institution, and program
- Your GIC certificate / program reference number — from the bank’s original email
- A Canadian phone number if you have one already — some banks ask for it to activate online banking
Individual banks may request one extra piece of ID — confirm the exact list when booking your appointment. Full first-week guide coming soon in our pre-departure hub.
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?
The minimum is CAD $22,895 for applications outside Quebec (Quebec sets its own financial requirement). The figure is set by IRCC and can change between intake years — always confirm the current amount on IRCC’s official website before wiring anything.
Which bank has the cheapest GIC program?
TD — no application fee, only an incoming wire fee of roughly $17.50. RBC and Scotiabank charge about $200; CIBC and BMO roughly $150. Fees change without notice, so verify on the bank’s current documents before choosing.
Is the GIC refundable if my study permit is rejected?
Yes — every Big Five bank returns your principal. But processing fees are generally not refunded, and return-wire fees apply (RBC: $200 fee kept + $25 wire fee; TD: $25 per wire). Keep your IRCC refusal letter — banks require it to process the refund.
How much money do I get when I land?
Scotiabank: your choice, up to 100% at the branch. RBC: full cashable GIC redeemed on arrival. TD: first tranche at the branch, rest over 10 monthly payments. CIBC: 11 equal payments over a year. BMO: bi-monthly payouts. If early access matters to you, 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. CIBC covers only India, China, Vietnam, and the Philippines; BMO covers 13 countries including Pakistan and Morocco. Check your nationality against the bank’s list first — it can make the decision for you.
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 live program documents and IRCC requirements. Last full audit: July 2026. Figures marked “verify” are drawn from program documents that banks update frequently — 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.