International Student GIC Program
(Effective Dec.14, 2023)
A. BOCC (Bank of China(Canada)) International Student GIC Program
The BOCC international student GIC program can help you meet the study permit requirements of IRCC 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 receive the GIC certificate, which is used to apply for the Study Permit, by simply opening an account with BOCC and deposit the minimum required amount of IRCC. 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 GIC issued by BOCC
| Issuer | Bank of China (Canada) |
|---|---|
| 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 initial lump sum on your activation day. 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. |
D. 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.Passport
3.ID card
E. Procedure of GIC application
You can apply through a designated domestic branch of BOC with required documents mentioned in part D.
1.Fill out and sign the application forms correctly.
2.Send an international wire transfer in a required amount that includes a minimum required amount of IRCC and the non-refundable service fee from Mainland China. Please advise that the bank must receive net amount of any deductions or the GIC certificate would not be issued.
3.Get your GIC certificate via the domestic branch which you submitted your application forms.
4.Complete the Government of Canada’s study permit applications by submitting the GIC certificate we provide.
5.Book an appointment at one of our branches to activate your account with required documents
F. 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:
a. If the Study Permit application has been denied, in which case please provide us with a copy of the ‘Refusal Letter’ issued by the Embassy of Canada in China。
b. If the applicant cancels his/her study plan in Canada due to personal reasons, an application package has to be provided to us, including a statement declaring the reason for cancellation with your signature and other support documentations, such as the letter of acceptance from a college or university in other country/countries or regions. Meanwhile, if the client already got the study visa of Canada when cancelled his/her study plan, the Visa cancellation should also be provided as support documentation.
BOCC will confirm your Study Permit decline or cancellation with the Canadian Embassy in China. Once confirmed, BOCC will wire your funds after deducted service fee to your designated BOC branch in China. Fees associated to the wire sent to your domestic branch will also apply and not be refunded by BOCC. If there are any corrections required, the refund will be delayed.
G. Activation
Once you’ve arrived in Canada, you can choose one of the following ways to activate your account:
1. In person:
You should book an appointment at one of BOCC branches to verify your identity, sign the required documents and activate your account. Please take your valid foreign Passport, Study Permit with you, and you can also get your debit card, credit card and online banking service immediately. For more information of our branches, please check following link of our bank: http//www.szbyj.cn/ca/
2. Remote Activation
You should book an appointment at your home branch of BOCC via your designated email in your application form. You will get the remote activation instruction from your home branch. Required documents may also be applied as below:
a. Photocopies of your passport, including photo page, visa page and your signature page.
b. Photocopy of your Study Permit.
c. Photocopy of your statement showing your Canadian address, such as phone bill, rental agreement, banking statement and so on.
d. Completed and signed the International Student GIC Account Activation Application.
