May 3, 2019

Guaranteed Investment Certificate (GIC) via Canadian Imperial Bank of Commerce (CIBC)

Student Guaranteed Investment Certificate is a mandatory requirement is you are applying for student visa under the Study Direct Stream. But even if you're applying under the Regular Processing, you may also submit a GIC and it helps increase your chances of your approval. 

Initially, only Scotiabank offers Student GIC Program. But Canadian Imperial Bank if Commerce (CIBC) now also offers Student GIC Program and they have a more simple process.

Guaranteed Investment Certificate (GIC) via  Canadian Imperial Bank of Commerce (CIBC)

A GIC is an investment account that offers a guaranteed interest rate over a fixed period of time.
  • If you invested $10,000 CAD, $2,000 CAD plus any accrued interest will be deposited into your personal bank account when you arrive in Canada.
  • Each month, for 10-12 months, you'll receive a portion of the balance 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
Here's how to open a GIC Account with CIBC:

1. Visit
2. Click Start your online application now, a new window will open
3. Fill out necessary information.
4. CIBC offers referral program. If you enter in the referral details, both of us will get a CAD 25 referral bonus.
4. You'll be given a summary for your reference of the bank details.

Please note that the minimum funds for GIC is CAD 10,000 for the Principal Applicant and maximum funds of CAD 20,000 that can cover living expenses of the accompanying spouse (CAD 4,000)and two accompanying child(CAD 3,000 x 2). Adding the living expenses of the accompanying dependents is optional but it is also recommended as this will also be counted as proof of funds.