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SPP-GIC- Canada Study Visa

 

New Changes Student Partners Program SPP Canada 2013 in India

 

The Student Partners Program (SPP) is an administrative framework designed and implemented in partnership between the Canadian visa offices in India and the Association of Canadian Community Colleges (ACCC). A Guaranteed Investment Certificate or GIC is a Canadian investment that offers a guaranteed rate of return over a fixed period of time.At present, Scotia bank is the only Canadian financial institution that participates in the Student Partners Program (SPP) in India

  • Under new SPP rules paying of one year tuition fee is strongly recommended instead of one semester only. 
  • Along with this, the students` needs to show the evidence of purchase of a special Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution, in the amount of $10,000 CAD to cover living expenses for the first year in Canada.
  • As an alternate option, the student can fulfill the financial requirement by submitting a copy of the receipt for the first year’s tuition fee AND a copy of an Educational Loan from an Indian Chartered Bank equivalent to $10 000 CAD.


According to Citizenship and Immigration Canada guidelines, the student will require approximately $10,000 CAD per year, not including tuition fees, to cover your living expenses. This requirement is fulfilled through the purchase of a participating GIC, and evidence that the student has paid tuition fee.The students who have previously been refused any Canadian study permit application are not eligible to apply under SPP. At present, Scotia bank is the only participating Canadian financial institution.

 

How GIC Works.

 

When your application is accepted:
Scotia bank will open a GIC for a 1 year term and email you the GIC account number within 10 business days, along with other remittance details, which will allow for a wire transfer of funds from India.
You can then wire transfer $10,000 CAD (plus $100 CAD to cover administration fees etc.) to open a GIC.
Upon arrival in Canada, you`ll be required to visit a Scotia bank branch to activate the GIC and open a deposit account. Once the account is opened, an initial amount of $2,000 CAD will be transferred to your deposit account. The remaining amount will be automatically transferred in four (4) equal installments of $2,000 CAD every two months