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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
  • not be opening an account on behalf of a third party

Information About Your GIC

When you arrive at the Scotiabank branch in Canada, we will provide you with Investment Directions setting out details of the GIC, including the interest rate and payment schedule. General information about this GIC is provided below and in the Investment Companion Booklet:

Product Type Guaranteed Income Certificate
Name of product Guaranteed Income Optimizer
Issuer The Bank of Nova Scotia
Principal Amount $8,000 CAD
Term 1 year
Redeemable No
Issue Date Date of your branch visit
Interest Payment Interest is paid monthly in accordance with the Payment Schedule. Interest is calculated daily based on the amount of cash in the account at the close of the business day. During a leap year, interest is earned on the leap day.
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.


Instructions for Completing this Application Form:

  1. Complete Steps 1 and 2 of this application.
  2. Please use exact spelling and name order (Given Name[s] and Surname) as indicated in your passport.
  3. Check that all the information input by you is complete and correct.
  4. Submit your application.
  5. We recommend that you print the confirmation page for your records.
  6. For more information please read the "Program Guide" available on our website.

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.

You will be required to wire a minimum of $10,200 CAD (this includes the $200 administration fees) to Scotiabank. Please advise your bank in your country that charges if any, will be paid by you and that Scotiabank must receive $10,200 CAD net of any deductions or the wire 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 are required to 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. 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.

Early Redemption

Early Redemption of Your Scotia Investment Account or GIC

You can only redeem your Scotia Investment Account or GIC 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 and confirmation of that event from the Canadian Visa Authorities in your country, 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). Any redemption of your Scotia Investment Account or GIC prior to the Maturity Date (for the initial term or the renewal term), other than as a result of your Scheduled Payments, will disqualify you from participation in the Scotiabank Student GIC Program.

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.

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 upon your arrival in Canada.
  • You agree that the Scheduled Payments you receive from the GIC will be used to cover living expenses for your first year 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 purchasing the GIC upon your arrival in Canada is necessary for your continued eligibility to participate in the Scotiabank Student GIC Program.
  • You authorize Scotiabank to send your name, date of birth, and passport number to the Canadian Visa Authorities in your country, following the successful cash deposit into your Scotia Investment Account. In the event a Refund is requested, the Canadian Visa Authorities in your country will use this information as part of the Scotiabank Student GIC Program administration process.
  • You confirm that you have reviewed the following documents online through
    1. Privacy Agreement and Brochure
    2. Investment Companion Booklet
  • 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 Scotia Investment Account is being opened for your benefit and will not be used to conduct business on behalf of another party.
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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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