A GIC is a Canadian investment that has a guaranteed rate of return for a fixed period of time. Many banks offer GICs. The bank that gives you the GIC must:

• confirm that you bought a GIC by giving you 1 of the following:
  • a letter of attestation
  • a GIC certificate
  • an Investment Directions Confirmation or
  • an Investment Balance Confirmation
• hold the GIC in an investment account or a student account that you can’t access until you arrive in Canada
• make you confirm your identity before they release any funds to you
• release the funds to you by providing:
  • an initial lump sum once you identify yourself upon arrival in Canada
• the remainder of the funds in monthly or bi-monthly installments over 10 to 12 months.

If your bank or GIC doesn’t meet these criteria, you won’t be able to apply through the Student Direct Stream.

Financial institutions that offer GICs

You can get a GIC from a financial institution listed on the Canadian Deposit Insurance Company website. Make sure the financial institution you choose offers a GIC and meets the criteria for the Student Direct Stream.

Below following are the topmost preferred financial institutions offer GICs that meet the criteria:

• RBC Royal Bank
• SBI Canada Bank
• Scotiabank
• Bank of Montreal (BMO)
• Canadian Imperial Bank of Commerce (CIBC)
• TD Canada Trust
• Desjardins
• HSBC Bank of Canada
• ICICI Bank