We would like to inform you that Canadian High Commission
has introduced a new “Guaranteed Investment Certificate (GIC)” concept towards
proof of funds towards accommodation in case of students applying for student
visa for the Community Colleges under SPP and Universities.
According to the new changes, the student can now show the
funds in 2 ways:
1) Guaranteed
Investment Certificate (GIC) – Student will have to show the evidence of
purchase of a special Guaranteed Investment Certificate (GIC) from a
participating Canadian financial institution, in the amount of $ 10000 CAD to
cover the living expenses for student’s first year in Canada and evidence of
payment for first year’s tuition fee.
2) The alternate
Option for proof of funds – A copy of an Education loan sanction letter from
Indian Chartered Bank (refer the list in the SPP/ University checklist) for the
amount equivalent to $ 10000 CAD and a copy of receipt of the payment of the
first year’s tuition fee.
This clearly shows that:
1) The living
cost is increased to $ 10000 CAD.
2) The option of
showing education loan sanction letter is also available.
This GIC is similar to FTS in New Zealand. Where FTS stands
for Fund Transfer Scheme in which initially towards living and accommodation
the student has to deposit the money with the bank and once the student is in
Canada/New Zealand he gets monthly the money to take care of his living and
accommodation. With this the High Commission gets assurance that the student
has genuine funds available with him for his studies in Canada/New Zealand.
Points which are still not clear:
1) Do the student
has to compulsorily make 1 year tuition fee payment?
2) When the
student pays only 1 semester tuition fee, as normally the colleges demand first
semester tuition fees to be paid, then what is the manner to be shown of funds
for second semester tuition fees. If the student is option for GIC.
We will keep you updated with more information as soon as we
get it from the colleges.
Also if you require new checklist of requirement
for SPP colleges and University visa application. Feel free to contact us.
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