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Get a head start on Canada’s Student Direct Stream Program

Open an RBC GIC account.

Connect with an RBC Banking Advisor to get started on opening your GIC

RBC logoarrive primary logo

Get a head start on Canada’s Student Direct Stream Program

Open an RBC GIC account.

Connect with an RBC Banking Advisor to get started on opening your GIC

Why should International
Students get a GIC.

Having a GIC of at least $10,000 CAD is one of the requirements of the Government of Canada’s Student Direct Stream Program, in order to get your study permit application process expedited. Once you arrive in Canada, you’ll have access to a guaranteed source of funds to help cover your educational and living expenses while studying here.

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Get your GIC before you leave
home to study in Canada.

What is GIC?
A Guaranteed Investment Certificate (GIC) purchased under the RBC International Student GIC Program is a secure investment that helps you pay for your studies and living expenses in Canada. The GIC also helps you demonstrate to the Government of Canada that you’ll have enough money to do so. Your money is protected by the Canada Deposit Insurance Corporation (CDIC) and will earn interest at a fixed rate for a predefined amount of time.

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How a GIC for International Students1 works

You will need to complete the following steps to set up your GIC.
Speak with an RBC Banking Advisor for more details.

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Step 1

Apply to open your RBC Investment Account2, and purchase your GIC before you come to Canada. Wire transfer $10,2503 to purchase your GIC; use your GIC confirmation to support your SDS Program application with the Government of Canada.

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Step 2

When you arrive in Canada, visit an RBC Royal Bank branch to set up your GIC redemption payments 4

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Step 3

Receive funds every month Every month during your GIC’s term, 1/12th of the remaining funds of your GIC’s principal (plus applicable interest) will be transferred to your designated personal deposit account.

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Step 4

After 12 months, the total amount of your GIC (plus applicable interest) will have been deposited into your personal deposit account.5

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FAQ

What is the Student Direct Stream (SDS) program?

The Student Direct Stream (SDS) is a process that enables faster processing of student permit applications for those intending to pursue their education in Canada. Residents of select countries can apply through the Student Direct Stream and have their study permit applications processed within 20 calendar days. Currently, students residing in China, India, Morocco, Pakistan, the Philippines, Senegal, and Vietnam may qualify for the SDS program.

To ensure faster processing, you must:

  • Provide your biometrics as soon as possible and
  • Meet all the eligibility requirements.

You can find more details about the process on the Government of Canada website.

Which documents are required to apply for the Student Direct Stream (SDS) program?

To apply through the SDS program, you need:

  • An acceptance letter from a post-secondary Designated Learning Institution (DLI).

  • Proof of payment for your first-year tuition. Acceptable proofs include:
    • A receipt from your DLI;
    • An official letter from the DLI confirming payment of tuition fees;
    • A receipt from your bank showing that tuition fees have been paid to the DLI; or
    • Proof that the tuition fee amount has been transferred into a repository account at the DLI to be applied to the tuition bill at a later date.
  • Proof of a Guaranteed Investment Certificate (GIC) of $10,000 CAD from a participating Canadian financial institution.

  • A certificat d’acceptation du Québec (CAQ) if you intend to study in Quebec.

  • A medical exam result (if you need one). This is to make sure you’re not inadmissible for medical reasons. You may need to get a medical exam if:
    • You’ve lived or travelled in certain countries or territories for six or more months in the year before you come to Canada; or
    • You plan on studying or working in healthcare, primary/secondary education, or child or elder care;
  • A police certificate (if you need one). This is to check if you have a criminal record and ensure you’re not inadmissible to Canada.

  • Your most recent secondary or post-secondary school transcript(s).

  • A language test result that shows:
    • A score of 6.0 or higher in each skill (reading, writing, speaking and listening) on the International English Language Testing System (IELTS); or
    • A Test d’évaluation de français (TEF) score that is equal to a Canadian Language Benchmark (CLB) score of at least 7 in each skill (reading, writing, speaking and listening).

You can find more details about the process on the Government of Canada website.

Is a GIC required for a Canadian student visa?

International students applying for a study permit to Canada through the Student Direct Stream (SDS) are required to have a minimum GIC of $10,000 CAD from a participating Canadian financial institution such as the Royal Bank of Canada (RBC). Having a GIC is optional if you’re applying through the general application process.

What are the eligibility requirements to apply for an International Student GIC?

To apply for a student GIC, you must:

  • Be a legal resident living in one of the following countries: China, India, Morocco, Pakistan, Philippines, Senegal, or Vietnam.

  • Have an acceptance letter from a post-secondary Designated Learning Institution (DLI). A DLI is a school approved by a provincial or territorial government to host international students. All primary and secondary schools in Canada are DLIs. If you plan to attend a post-secondary school, make sure it is on this list.

  • Be living outside of Canada when you apply.

  • Have a certificat d’acceptation du Québec (CAQ) if you intend to study in Quebec. Your school can give you all the details on how to apply for the CAQ.

How long does it take to receive the GIC Contribution Details Document?

At RBC, once your documents are confirmed to be in good order, your investment account will be opened within three business days to hold your GIC and you will receive a confirmation email with detailed instructions on how to wire the required funds to RBC to purchase your GIC. Your GIC Contribution Details Document (also referred to as Investment Confirmation) will be issued and sent to you by email (typically within three business days of RBC’s receipt of your funds). You can then use your GIC Contribution Details Document, along with any other required documents, to apply for your student permit.

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