Bank of China (Canada) – International Student GIC Program
A. BOCC (Bank of China(Canada)) International Student GIC Program
The BOCC student GIC program can help you meet the study permit requirements of CIC (Citizenship and Immigration of Canada) guidelines and GIC document, collaborating with BOC domestic branches.
To be eligible to apply for and participate in the BOCC International Student GIC Program, you are required to present the letter of acceptance from a qualified Canadian school/college /university to us.
http://www.canadainternational.gc.ca/china-chine/index.aspx?lang=zh-CN
B. Benefits of Student GIC Program
1.Meet requirements of proof of funds
You can easy to meet the requirements of Citizenship and Immigration of Canada by showing your GIC in the amount of minimum CAD10,000. Comparing to the traditional requirements of proof of funds, the amount of financial documents that are required to summit is reduced significantly. You can also easy to pay for your living expenses while you are studying in Canada.
2.Streamlined application process:
A student GIC program provides a streamlined study permit application to get faster processing times and higher Visa approval rates.
C. Introduction of applicable Programs
SDS （Study Direct Stream）
The Study Direct Stream (SDS) provides a streamlined study permit application process for students with English language abilities who will enter directly into their program of study at an eligible Canadian college or university; SDS is:
Eligible colleges and universities:
Public post-secondary institutions which include all SPP colleges; or conditional private post-secondary institutions operated under the same rules and regulations as public institutions; or conditional private institutions authorized by provincial statute.
Language requirement:
A valid IELTS test result showing an overall band of 6.0 with no individual band lower than 6.0; OR
TEF test result with a minimum score that is equivalent to NCLC 7 for each ability; OR
Canadian High School diploma from a recognized Canadian-curriculum high school.
Requirement of LOA (letter of acceptance):
Letter of Acceptance (LOA) or conditional LOA which requires applicant to complete preparatory courses before commencement of the academic program can be accepted under SDS.
Financial Requirement:
Guaranteed Investment Certificate (GIC) from a designated Canadian financial institution.
Post-Secondary Program （with GIC）
The post-secondary program provides a streamlined study application process for students going to any eligible post-secondary institutions and they have obtained a guaranteed investment certificate (GIC).
Eligible colleges and universities:
Any designated learning institute (DLI), including universities and colleges.
Language requirement:
There is no mandatory language requirement under the post-secondary Program.
Requirement of LOA (letter of acceptance):
Letter of Acceptance (LOA) or conditional LOA which requires applicant to complete preparatory courses before commencement of the academic program can be accepted.
Financial Requirement:
Evidence of the purchase of a Guaranteed Investment Certificate (GIC) from a participating financial institution in the amount of CAD$10,000.
Primary & Secondary Program （with GIC）
The Primary & Secondary Program provides a streamlined study application process for students going to any eligible primary or secondary schools and they have obtained a guaranteed investment certificate (GIC).
Eligible colleges and universities:
For primary/secondary schools, there is a list of accredited provincial public and private education institutions.
Language requirement:
There is no mandatory language requirement under the Primary & secondary Program.
Requirement of LOA (letter of acceptance):
A valid letter of Acceptance (LOA) from an accredited primary/secondary educational institution in Canada.
Financial Requirement:
Evidence of the purchase of a Guaranteed Investment Certificate (GIC) from a participating financial institution in the amount of CAD$10,000.
D. Introduction of GIC issued by BOCC
| Issuer | Bank of China (Canada) |
| Principal | CAD$10,000 |
| Interest Rate | After the account has been activated, interest rate refers to posted CAD Flexible Term deposits rate on Bank’s website. The interest rate is quoted for reference only and subject to change without notice. |
| Schedule of payment | After the account has been activated, the disbursement of funds would be scheduled, you will receive $2,000 on your first initial. After that, each month, for 12 months, you will receive an equal portion of the balance of your GIC. All the accrued interest over the entire period will be paid with your last principal to your account for the last payment. |
E. Documentations of GIC application
1. Letter of Acceptance
A LOA (letter of acceptance) from a designated college, university or post-secondary institution authorized by provincial institutions.
2. Support documents
A valid IELTS test result showing an overall band of 6.0 with no individual band lower than 6.0 (for SDS)
3. Passport
4. ID card
F. Procedure of GIC application
You can apply through a designated domestic branch of BOC with required documents mentioned in part E.
- Fill out and sign the application forms correctly.
- Send an international wire transfer in the amount of minimum CAD$10,150.00 (net amount after deducting any remitting or intermediary bank charges), the service fee for CAD$150.00 is non-refundable.
- Get your GIC certificate via the domestic branch which you submitted your application forms.
- Complete the Government of Canada’s study permit applications by submitting the GIC certificate we provide.
- Book an appointment at one of our branches to activate your account with required documents
G.Refund
As long as Bank of China (Canada) issued the certificate for the GIC deposit, the deposit cannot be refunded before maturity only if any one of the following conditions is fulfilled:
