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Scotiabank Student GIC Program Online Application

To be eligible to apply for a Scotiabank Student GIC Program, you must:

  • be an individual who is planning on studying in Canada
  • Must be a minimum of 13 years of age to apply (Note: Applicants planning to reside in the province of Quebec must be the age of majority to apply)
  • not be coming to Canada on a tourist/visitor visa
  • confirm that the Scotia Investment Account opened as a part of the Scotiabank Student GIC Program and the GIC will not be used by a third party, and that you will not receive instructions from a third party with respect to the use of the Scotia Investment Account and GIC. (Note: A third party is an individual or entity who is not an account holder, but gives instructions or directs the activity on the account. This would not include a joint account holder or Power of Attorney.)

Information About Your Scotia Investment Account

When you apply for the Scotiabank Student GIC Program, we will open a Scotia Investment Account for you before you arrive in Canada. General information about this account is provided below and in the Investment Companion Booklet:

Starting Your Scotia Investments

Setting Up and Funding Your Scotia Investment Account

Following receipt and processing of this Application, Scotiabank will send you a secure email with wire transfer instructions to enable you to fund the Scotia Investment Account.

As of April 1, 2025, you will be required to wire a minimum of $5,000 CAD. In addition, you have to pay a $200 administration fee for this product. Please advise your bank in your country that charges if any, will be paid by you. Wire Transfers less than $5,200 CAD will be rejected. No interest is earned on the administrative fees.

We will send you an Investment Directions confirmation ("Investment Directions"), setting out the details of your Scotia Investment Account, by secure e-mail after processing your wire payment. You can submit a copy of the Investment Directions to the Canadian Visa Authorities in your country along with your Study Permit Application.

The interest rate payable on the cash portion of this account is Scotiabank's posted rate which can be found here. The current posted rate on any day can be found under Investment Cash. Other information about your Scotia Investment Account is available in the Investment Companion Booklet, accessible via link near the end of this application.


Though Scotiabank enables clients to open a GIC with minimum $5,000 CAD, the student must meet the Government of Canada's proof of financial support requirement of $20,635. For students intending to study in Quebec the minimum amount to show proof of funds is $15,278. Learn more

Information About Your GIC

When you arrive at the Scotiabank branch in Canada, you will have a few options – (a) disburse all or portion of your funds into a Scotiabank Chequing account, and/or (b) buy a non-redeemable GIO (min $5,000, 1-year term) and get equal payments every month – using all or portion of your funds, and/or (c) buy a cashable GIC (min $2,000, 1-year term) to safeguard your funds – using all or portion of your funds. If you choose to buy a GIC or GIO, we will provide you with Investment Directions setting out details of the GIC or GIO, including the interest rate and payment schedule. General information about this GIC or GIC is provided below and in the Investment Companion Booklet:

Product Type Guaranteed Income Certificate
Name of product Guaranteed Income Optimizer (GIO)
Issuer The Bank of Nova Scotia
Principal Amount Client can choose the amount from the funds transferred pre-arrival. A minimum investment amount of $5,000 is required to purchase this investment product.
Term 1-year
Redeemable No
Issue Date Date of your branch visit
Interest Payment Interest is accrued daily on your Guaranteed Income Optimizer (GIO) from the issue date up to, but not including, the maturity date. During a leap year interest is earned on the leap day. The last interest payment is paid at maturity. If the maturity date does not fall on a business day, the term of the GIO will be extended to the next business day and interest will be paid up to but not including that date Interest is not compounded. Interest will be paid to you together with your principal in a fixed series of payments in accordance with the payment schedule you have selected.
Interest Rate Will be provided at time of Issue
Scheduled Payments Monthly Payment Schedule will be provided at time of Issue. Monthly Scheduled Payments will be deposited to your Scotiabank personal deposit account in equal payments. If a Scheduled Payment date falls on a holiday or Sunday, the scheduled payment will be made on the next business day.
Product Type Guaranteed Income Certificate
Name of product Cashable Guaranteed Income Certificate (GIC)
Issuer The Bank of Nova Scotia
Principal Amount Client can choose the amount from the funds transferred pre-arrival. The amount invested in a Cashable GIC must be a minimum of $2,000.
Term 1-year
Redeemable Yes
Issue Date Date of your branch visit
Interest Payment Interest is paid at maturity or at redemption, up to but not including the redemption date. During a leap year, interest is earned on the leap day.
Interest Rate Will be provided at time of Issue

Instructions

Instructions for Completing this Application Form:

  • Complete Steps 1 and 2 of this application.
  • Please use exact spelling and name order (Given Name[s] and Surname) as indicated in your passport.
  • Check that all the information input by you is complete and correct.
  • Submit your application.
  • We recommend that you print the confirmation page for your records.

To speak to a representative, call us collect for free at: 416-288-3062
Customer service in Chinese available from Monday to Friday: 9:00 a.m. - 9:00 p.m. EST

Early Redemption

Early Redemption of Your Scotia Investment Account or GIC

Students who funded their SSGP account (pre-arrival) on or after Nov 9, 2024 can redeem their

Pre-arrival in Canada:
  • Scotia Investment Account if you provide us with proof that (i) your Study Permit has been declined (i.e. by providing us with a copy of the "Refusal Letter" issued by the Canadian Visa Authorities in your country); (ii) your application for admission to a Canadian Educational Institution has been declined; or (iii) you have withdrawn enrolment from the Canadian Educational Institution. Please provide us with a copy of the cancelled Visa/Study Permit from the Canadian Visa Authorities in your country. Upon receipt of proof of any of these events, we will redeem the outstanding principal plus, for Scotia Investment Account or GICs outstanding for more than thirty days, any accumulated interest. The amount to be refunded in each case will be transferred to the bank in your country from which your original payment was remitted (identified under Section B).
Post-arrival in Canada:
  • Cashable GIC, subject to the terms and conditions that apply to the Cashable GIC. If a GIO was purchased, GIO is not redeemable.

Terms and Conditions
Application Disclosure Statement
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Definition of Terms

In this application form “Application”, “customer”, “you” and “your” mean the Study Permit/Visa applicant; “we”, “our”, “us” and “Scotiabank” mean The Bank of Nova Scotia; and “GIC” means the Scotia Guaranteed Income Certificate described under “Information About your GIC” below which includes Guaranteed Income Optimizer (GIO).

By clicking “I consent” below:

  • You are applying to open a Scotia Investment Account upon the terms set out in this Application.
  • You are applying to purchase the GIC, opened only upon your arrival in Canada.
  • You confirm that the information you have provided is true and complete.
  • You acknowledge that we cannot guarantee the security of regular (unsecure) emails you send to us even if you do register for Scotiabank Secure Email Service. You acknowledge that regular (unsecure) email
    1. may not be secure, private and confidential,
    2. may not be reliable and may not be received by the intended recipient promptly or at all, and
    3. may be subject to interception, loss and alteration.

You assume full responsibility for risks associated with regular (unsecure) email communication and agree that we will not be responsible or liable for any loss or damage arising from any use of such email, including but not limited to any loss or damage arising from the risks referred to in the preceding sentence.

You acknowledge that it is your responsibility to register with us for free Scotiabank Secure Email Service. This will ensure that you will be able to submit applications or other email instructions ("Instructions") to us via secure email.

You authorize us to receive and act upon secure and unsecure email instructions from you concerning Scotiabank Student GIC Program. We agree to carry out email instructions in accordance with our normal procedures although we can refuse to undertake any Instructions if we deem it appropriate for any reason to do so and we will have no liability to you on account of such refusal. We will take reasonable steps to inform you when we have determined that we will not be following your Instructions. We may ask you to give us certain information which will assist us in determining that you are the party giving the Instructions. We will not be liable to you if we are unable to complete your Instructions for reasons beyond our control.

  • You agree to check the interest rate of the Investment Account on the day that you send your wire payment. The Interest Rate is Scotiabank's posted rate under "Investment Cash".
    Rates are provided for information purposes only and are subject to change at any time.
  • You authorize Scotiabank to send you Investment Directions for the Scotia Investment Account to the personal email address you have provided in this application form following the processing of your Wire Payment.
  • You acknowledge that if you request a refund of your wire, your request will cancel your enrollment into the Student GIC program and will close your Scotia Investment account. The cancellation request is subject to the following conditions:
    • If the refund request is made within 14 business days of the date your Scotia Investment Account was opened, you will be refunded $185 CAD of your $200 CAD Scotiabank administration fee in addition to the full amount of your funds transferred (principal plus any accumulated interest). $15 CAD of your $200 CAD Scotiabank fee will not be refunded as these are considered processing fees. Fees associated to the wire sent to your home country as well as any foreign currency exchange fees may also apply and will not be refunded by Scotiabank.
    • If the refund request is made after 14 business days of the date your Scotia Investment Account was opened, you will receive the principal plus any accumulated interest, however the $200 CAD Scotiabank administration fee will not be refunded. Fees associated to the wire sent to your home country as well as any foreign currency exchange fees may also apply and will not be refunded by Scotiabank.
  • You confirm that you have reviewed the Investment Companion Booklet online through www.scotiabank.com
  • You consent to receiving the above documents in an electronic format at the links provided above and through this Application only and acknowledge that you have read and agree to the terms and conditions set out in those documents as they apply to you. You are responsible for printing or downloading a copy of these documents for your records.
  • You acknowledge and agree that all documents relating to the application will be drawn up in English.
  • You acknowledge that the GIC is not transferrable.
  • You confirm that the Student GIC will not be used by a third party, and that you will not receive instructions from a third party with respect to the use of the Student GIC. (A third party is an individual or entity who is not an account holder but gives instructions or directs the activity on the account. This would not include a joint account holder or Power of Attorney)
  • To speak to a representative, call us collect for free at: 416-288-4119
    Customer service in Chinese available from Monday to Friday: 9:00 a.m. - 9:00 p.m. EST
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Consent for Terms and conditions:  By continuing with this application and clicking the Start button, you consent to this Application Disclosure Statement being provided to you in the electronic format above, and on this specific web page, only. We recommend that you print this Application Disclosure Statement and Consent for your records before proceeding further.
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The Scotiabank Privacy Agreement governs why and how Scotiabank collects, uses and discloses your personal information, your rights of access and rectification, and your right to withdraw your consent.




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