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canada-min Financial Support

Financial Support

STUDY COST FOR CANADA
1 12000 CAD TO 14000 CAD TUITION FEES PER YEAR
2 10100 CAD LIVING EXPENSES ( STUDENT HAS TO TRANSFER LIVING
EXPENSES IN SCOTIA BANK FROM HIS OWN A/C ONLY A/C WILL BE
OPEN BEFORE SUBMITTING VISA FILE)
3 0100 CAD SCOTIA BANK ADMIN CHARGE (NON REFUNDABLE)
A IF STUDENT WILL PAY ONE YEAR FULL TUITION FEES
* CANADA RATE 1 CAD = 63
1 APPLICATION FEES 50 TO 175 CAD 100.00 6300.00
2 TUITION FEES 12000 TO 14000 CAD 12000.00 756000.00
3 GIC DEPOSIT 10100 CAD 10100.00 636300.00
4 MEDICAL ______________N/A______________ 3500.00
5 VISA FEES 8000.00
6 VFS CHARGE 676.00
7 AIR TICKET – ONE WAY 1000 TO 1500 CAD 1000.00 63000.00
TOTAL 1473776.00
B IF STUDENT WILL PAY HALF TUTION FEES
1 APPLICATION FEES 50 TO 175 CAD 100.00 6300.00
2 TUITION FEES 12000 TO 14000 CAD 7000.00 441000.00
3 GIC DEPOSIT 10100 CAD 10100.00 636300.00
4 MEDICAL ______________N/A______________ 3500.00
5 VISA FEES 8000.00
6 VFS CHARGE 676.00
7 AIR TICKET – ONE WAY 1000 TO 1500 CAD 1000.00 63000.00
TOTAL 1158776.00

Guaranteed Investment Certificate (GIC)

(ONLY FOR SPP CATEGORY STUDENTS)

As per new rules released on 09.02.2013

PROOF OF FUNDS:

Evidence of purchase of a special Guaranteed Investment Certificate (GIC) from Scotiabank, in the amount of $10,100 CAD to cover living expenses for your first year in Canada and evidence of payment for your first year’s tuition fees. It is mandatory to pay 1 year full tuition fees in advance.

How to apply for Guaranteed Investment Certificate (GIC)

Students MUST use their personal bank account only while paying for Guaranteed Investment Certificate (GIC). (No Parents or No Relatives accounts)

Process Time: Approx: 10 working days.

Step 1

Student submits the following documents: -copy of passport (picture and the last page with signature) -copy of acceptance letter from a Canadian colleges and University and signed copy of the Scotiabank Student GIC Program Application Form and Terms of Conditions.
All copies need to be signed by the student page by page. Submit this application with all supporting documents toScotiabank by scanning and e-mailing readable copies in a single PDF file to newaccount@scotiabank.com. Student must indicate “Scotiabank Student GIC Program”
on subject line. It will take three to five working days to process application.

Step 2

Scotiabank receives the documents and opens the GIC account for the student and notifies the student (including IP reference number) to transfer $10,100.00 CAD to the account opened. The transfer includes a $100 CAD administration fee.

Step 3

Student remits $10,100 CAD according to remittance information as per Scotia bank e-mail to student.
Remittance information: Student Name: [First Name] [Last Name] and IP reference number provided to student by Scotiabank.

Step 4

Scotiabank issues the Guaranteed Investment Certificate (GIC) for $10,000 CAD and sends a confirmation email to the student. Directly.

Step 5

Student will complete and submit Study Permit application with a copy of the GIC confirmation to the visa office in India.

If Visa has been approved:

Upon arrival in Canada, the student will need to go to any Scotiabank branch to activate the GIC and open a deposit account.

The Student will be required to bring an original, valid passport, letter of acceptance to a Canadian colleges and University (or student ID) and Welcome Package (sent with GIC certificate) to the branch. Once the account is opened, an initial amount of $2,000 CAD will be transferred to the student’s deposit account. The remaining amount will be automatically transferred in four (4) equal installments of $2,000 CAD every 2 months.

If Visa has been refused / declined:

If student Study Permit/VISA application is refused or declined or the student is unable to go to Canada for any other reason, the student should provide supporting documents from the Canadian Embassy to Scotiabank to apply for a GIC refund and account cancellation. Scotiabank will refund the GIC (less any fees) to the bank account from which the original amount was remitted to Scotiabank less $100 CAD administration charge.

Note:

We would like to inform to all students that they need to mention totalfund details in the Column of Details of Intended Study in Canada and Question number 5 – Funds available for my stay (CAD) in the Application for Study Permit form (Generic IMM 1294)of Student.These amounts can be shown in the form of amount of $10,000 CAD (GIC)+All Bank’s Fixed Deposits (FDs) + Any Postal Investments + PF + PPF +Saving Bank Account + Mutual Funds + Equity Shares in Demat form and Surrender value of LIC policy= add total fundsthen convert in Canadian Dollar and mention in

-Question number 5 -Funds available for my stay (CAD) (Generic IMM 1294).

Note:

In case of Visa refusal and/or withdrawal, student must have to bear difference amount while getting refund money from colleges and University due to dollar rate fluctuation. It will be less approximately Rs. 50,000/- to 60,000/-.
Please explain to all your students as well as their parents in details regarding this difference amounts.

For example: If student is paying one year tuition fees (Approx – 13,000 CAD $) to college and also depositing CAD $ 10,000 for GIC with rate of CAD $ 56 and he/she got refusal from Canadian High Commission, New Delhithan he/she will get refund with the rate of CAD $ 53 something. Because there is always difference with CAD dollar while buying and selling.

How to obtain a Guaranteed Investment Certificate (GIC)

According to Citizenship and Immigration Canada guidelines, you will require pproximately $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 you have paid your tuition.

At present, Scotiabank is the only participating Canadian financial institution.

Apply for the Scotiabank Student GIC Program, by visiting their website, to learn more about the GIC and download the GIC Application form – http://www.scotiabank.com/ca/en/0,,5698,00.html#tab-rates-fees

Once your Scotiabank Student GIC has been opened, you may transfer funds to your account in Canada by using any bank in India in which you hold your account.

Important Note:

Please do not use intermediate forex financial institution to purchase GIC. Students MUST have to use their original personal Bank account to purchase GIC not else method to purchase GIC.