Student GIC Program - Refund Process

What to do if your study permit is declined or cancelled

In the event that your application for a study permit is declined or you withdraw from your course and leave Canada, the Bank will refund the balance available in your account after deducting the applicable fees. All paid fees including the processing fee are non-refundable. The Bank does not take any responsibility for any fees or charges applied by, or for any foreign currency exchange gain or loss resulting from the Bank or a correspondent or counterparty bank transmitting, receiving, processing, rejecting or returning such funds. The final amount remitted to you upon processing your refund application may be different from the amount deposited due to foreign currency conversion and applicable charges. In the event of a return of this refund from the beneficiary bank, the Bank will try to contact you. If the Bank is not able to contact you then, such funds will be sent to Bank of Canada as per the Bank Act of Canada.


The investment may only be refunded after a satisfactory verification of your visa/study permit is being declined or cancelled. You must prove this by providing the relevant confirmation that you would have received from the Canadian visa office. We may request for additional documents/information as deemed necessary to process your refund request.


Refund Process

Follow these simple steps to request your refund:

  1. Complete an application
    Click here to login to your profile under the Student GIC Program and complete a refund request online. Ensure that you fill in the request completely in order to avoid any delays. Once we have approved your request, you will receive the refund within 8 weeks.
  2. Return of funds
    For security reasons, the refund may only be returned to the account where funds were initially received from.

Note: After we have successfully processed your refund request, we will close your account and will not accept or process any new transactions in that account.