Get a head start on your Canadian study permit application
Get started on opening your GIC
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About International Student GICs
Why should International Students get a GIC.
An International Student GIC is one of the ways you can provide proof of funds for your study permit application for Canada, while also earning interest on the funds. 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. The minimum amount established by IRCC is currently CAD 20,635, except for the province of Quebec. Students who intend to study in Quebec must meet Quebec’s minimum financial requirement; this amount can be found here.
Get your GIC before you leave home to study in Canada.
What is a 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.
How a GIC for International Students works1
You will need to complete the following steps to set up your GIC.
Speak with an RBC Banking Advisor for more details.
Step 2
When you arrive in Canada, visit an RBC Royal Bank branch to verify your identity and your GIC shall be redeemed for its full value (i.e. it’s principal plus accrued interest) and credited to your Personal Deposit Account (PDA).
- GIC products are offered by Royal Bank of Canada. Arrive is operated by the Royal Bank of Canada. Other than those that are made available through the RBC International Student GIC Program, the financial products and services offered by Royal Bank of Canada are not available pre-arrival and are only available following an individual’s immigration to and arrival in Canada.
- Opening your RBC Investment Account involves reviewing the Application Package documents, completing and submitting the required form online, along with all required supporting documentation (i.e., a scan of your passport’s picture page and of your letter of acceptance from an eligible Canadian educational institution) through RBC’s secure online portal. Once the RBC International Banking Team receives and confirms your completed application forms and required documents, your Investment Account will be opened within three business days to hold your GIC once it is issued. A confirmation email will then be sent with detailed instructions on how to wire the funds required for the purchase of your GIC.
- Once you receive the email confirming that your Investment Account has been opened, you will need to send a total of CAD 20,900 by single, one-time wire transfer, which amount covers the following:
- RBC One-Time Handling Fee: CAD 200
- Non-RBC International Wire Transfer (IWT) Fees and Charges (which may be charged by third parties involved in the international wire transfer process). Such amounts may vary.
- Your GIC’s principal.
Once we receive your wire transfer, we will deduct the CAD 200 handling fee. The balance, less any non-RBC fees and charges that may be charged by other financial institutions involved in your wire transfer, will be the amount invested as principal for your Initial GIC. For example, if you wire CAD 20,900, and non-RBC IWT fees and charges total CAD 25, your Initial GIC will be issued with a principal investment amount of CAD 20,675 (CAD 20,900 wire transfer less CAD 200 RBC handling fee and CAD 25 in non-RBC IWT fees and charges). Your GIC Contribution Details document (also referred to as your “Investment Confirmation”) will be issued and sent to you by email (typically within 3 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 meet the proof of financial support requirement for a study permit as established by the Government of Canada.
- After you arrive in Canada, you will need to visit a local RBC branch with your passport and study permit, in order to verify your identity and redeem your GIC. You’ll have to designate a personal deposit account (a “Designated PDA”) into which you would like us to deposit your funds. Your Designated PDA can be held at RBC or at another Canadian financial institution. If you would like to open an RBC PDA as your Designated PDA, an RBC Banking Advisor will help you do so. If you prefer to have your GIC proceeds deposited into a PDA at another Canadian financial institution, you will need to provide us with the details of that account. The GIC will be redeemed for its full value (principal plus accrued interest).