Guaranteed Investment Certificate
GIC, stands for Guaranteed Investment Certificate, is a CANADIAN investment usually for a year which is offered by CANADIAN Banks. This offers a guaranteed return rate of return over a fixed period of time, most commonly issued by trusted companies or banks. The very renowned bank of Canada in which your account needs to be opened is Scotiabank. Scotiabank is one of the largest banks in Canada, serving over 21 million customers all over the world. When you bank with Scotiabank, you will have access to over 1,000 branches and nearly 4,000 Scotiabank ABMs across Canada, so it's easy to find one near your school or residence. A GIC is an investment account that offers a guaranteed interest rate over a fixed period of time.
- Each month, for 12 months, you'll receive a portion of your investment back, plus interest.
- You can use these funds to help pay for living expenses while you're studying in Canada.
- After 12 months, you'll have received your $10,000 CAD investment back.
- The fee for this program is $200 CAD.