A Guaranteed Investment Certificate (GIC) is one of the most reliable ways for Nigerian students to prove they have enough money to live in Canada while they study. This guide explains what a GIC is, how much you need, which Canadian banks accept Nigerian applicants, and how to send the money from Nigeria given the country's foreign exchange rules.
Note: As of November 8, 2024, IRCC abolished the Student Direct Stream (SDS) and the Nigeria Student Express (NSE). Every international student now applies through the same regular study permit stream. A GIC is not required for Nigerian applicants, but it is strongly recommended because it simplifies your proof of funds and strengthens your application.
What is a GIC?
A GIC (Guaranteed Investment Certificate) is a deposit you make with a Canadian bank before you apply for your study permit. You wire the money from Nigeria to the bank in Canada. The bank holds the funds and sends you a certificate confirming the deposit. You include that certificate in your study permit application as proof that you can support yourself during your first year in Canada.
When you arrive in Canada, you visit a branch to open a student bank account. The bank then releases your GIC funds to you in monthly instalments over 10 months, so you have a steady amount to cover living costs throughout your first year.
How much do you need to deposit?
The Canadian government (IRCC) sets a minimum living cost amount that all study permit applicants must prove. For applications submitted on or after September 1, 2025, the required amount is:
Warning! The GIC covers living costs only. It does not cover your tuition. You must also show separate proof that your first-year tuition is paid or available. Check with your school or ApplyBoard for the exact tuition figure.
How ApplyBoard and TD Bank can help
ApplyBoard has partnered with TD Bank to offer Nigerian students a straightforward way to open a GIC before arriving in Canada. The TD International Student GIC Program is available to Nigerian residents and is managed entirely online through ApplyBoard.
No application fees
There are no fees to apply for the TD International Student GIC Program through ApplyBoard.
Earn interest before you arrive
Your GIC starts earning interest at a competitive rate as soon as TD receives your wire payment, even before you land in Canada.
TD Student Chequing Account included
The program opens both a TD International Student GIC and a TD Student Chequing Account at the same time. The chequing account has no monthly fee and unlimited transactions.
Support across Canada
TD has over 1,100 branches across Canada and offers services in more than 50 languages, so you can get help when you arrive.
Sending your wire payment from Nigeria
You must send your GIC funds as an international wire transfer through a licensed Nigerian commercial bank. Popular options include GTBank, Zenith Bank, Access Bank, First Bank, and UBA. TD will provide the exact wire transfer instructions after your GIC application is approved.
What to bring to your bank
- Your passport
- Your offer letter from your Canadian school (Designated Learning Institution)
- The wire transfer instructions from TD Bank (provided after your ApplyBoard GIC application is approved)
How long does the wire take?
Wire transfers from Nigerian banks to Canadian banks can take 2–3 weeks, depending on your bank's processes and correspondent banking relationships. Start early and do not wait until close to your study permit application deadline.
Costs to factor in
The TD/ApplyBoard GIC program has no application fee, but you will need to budget for these additional costs on top of the CAD $22,895 minimum:
- TD incoming wire fee (charged by TD when they receive your payment)
- Your Nigerian bank's outgoing wire transfer fee
- Currency conversion: the naira-to-CAD rate on the day you wire may differ from the rate you budgeted, so sending a buffer above the minimum protects you.
Tip! Keep a copy of your wire transfer receipt showing the exchange rate used and the CAD amount sent. This helps explain any small difference between the naira amount you sent and the CAD amount TD receives.
Disclaimer: Foreign exchange rules and bank requirements in Nigeria can change. The information above reflects general guidance for international wire transfers. Check with your Nigerian bank before initiating your transfer to confirm their current requirements and any applicable fees.
Step-by-step: how to get your GIC as a Nigerian student
Here is the full process using the ApplyBoard and TD International Student GIC Program.
Step 1: Apply to your Canadian school through ApplyBoard
You need an acceptance letter from a Canadian Designated Learning Institution (DLI) to complete your GIC application. If you have not applied yet, start here.
Step 2: Submit your GIC application through ApplyBoard
Complete the online application form on the ApplyBoard TD GIC program page. The form opens both a TD International Student GIC and a TD Student Chequing Account at the same time. You will also complete an ID verification process as part of the application. Once your application is approved, TD will send you your chequing account details and wire transfer instructions.
Step 3: Send your wire payment from Nigeria
Visit your Nigerian bank's forex or business desk with your passport, your offer letter, and the wire transfer instructions from TD. Send a wire payment totaling a minimum of CAD $22,895, plus any incoming wire fees charged by TD and your originating bank. TD must receive your funds within 90 days of your account opening. You can also send additional wire payments of any amount to your TD Student Chequing Account before you arrive in Canada.
Warning! Make sure the amount you wire from Nigeria covers both the CAD $22,895 minimum and all wire fees. If the amount received by TD falls short of CAD $22,895 after fees are deducted, your GIC will not be funded to the required level.
Step 4: Receive your Confirmation of Investment
Once TD receives your wire payment, CAD $22,895 will be invested in your TD International Student GIC. Any amount you sent above the minimum will stay in your TD Student Chequing Account. TD will issue your Confirmation of Investment (COI) document and include it in your study permit application as verified proof of funds.
Step 5: Include your COI in your study permit application
Upload your Confirmation of Investment alongside your other study permit documents. This shows IRCC that your living costs are secured in a Canadian bank before you arrive.
Step 6: Arrive in Canada and activate your account
Once you arrive in Canada, book an in-branch appointment at any of TD's 1,100+ branches. Bring your passport, study permit, and proof of enrolment. TD will verify your identity, have you sign the required documents, and activate your accounts. TD will then redeem the first GIC payment (plus any accrued interest) into your TD Student Chequing Account. The remaining funds are released in equal monthly payments over the following 10 months.
Note: Your GIC funds are released gradually over 10 months in total, not all at once on arrival. This is by design — the payments are timed to cover your living costs throughout your first year of study.
What if my study permit is refused?
If IRCC refuses your study permit application, you can apply to TD for a refund of your GIC deposit. Contact TD directly for their current refund process and the documents required.
GIC vs bank statements: which is better for Nigerian applicants?
You can also prove funds through Nigerian bank statements instead of a GIC. However, IRCC officers can scrutinize bank statements closely. They look for sudden large deposits, funds that appear borrowed without proper documentation, and any signs that the funds are not genuinely yours. A GIC avoids most of that scrutiny because the funds are already confirmed and in Canada. For most Nigerian students, the GIC is the better and safer option.
Frequently asked questions
No. IRCC abolished the Student Direct Stream (SDS) on November 8, 2024. SDS no longer exists for any country. All international students, including those from Nigeria, now apply through the same regular study permit stream. A GIC is not required under the regular stream, but it is strongly recommended because it simplifies your proof of funds and reduces scrutiny of your financial documents.
No. The GIC covers living costs only. You must show separate proof that you can pay your first-year tuition. Your school or ApplyBoard counsellor can confirm the exact tuition amount and how to prove it in your application.
If IRCC refuses your study permit application, you can apply to TD for a refund of your GIC deposit. Contact TD directly for their current refund process and the documents required.
After you arrive in Canada, book an in-branch appointment at any TD branch. Bring your passport, study permit, and proof of enrolment. TD will verify your identity and activate your accounts. TD will then release your first payment (plus accrued interest) from your GIC into your TD Student Chequing Account. The remaining funds are paid out in equal monthly instalments over the following 10 months. You cannot withdraw the full balance on arrival.
Opening a GIC as a Nigerian student takes planning, but the ApplyBoard and TD program makes it as straightforward as possible. Start early, use a licensed Nigerian commercial bank for your wire, send enough to cover fees on top of the CAD $22,895 minimum, and keep copies of every receipt.
Ready to get your GIC?
Still need to find a program? Create an account to get started. Already have your offer letter? Start your TD GIC application now.