IRCC will be launching the Study Direct Stream in the Philippines, which is currently implemented in China. Under this system, Applicants will have to submit Guaranteed Investment Certificate (GIC) from a participating Canadian Financial institution (i.e. Scotiabank) instead of providing proof of funds. Meaning, the applicant has to do the following:
- Apply for the Scotiabank Student GIC Program
- Open a Scotiabank Investment Account
- Transfer funds to Scotiabank amounting to Cad$10,000 + Cad$200 for program fee
- Scotiabank to email when funds are already in the account of the applicant
- Applicant to apply for Study permit
- Once in Canada, applicant to open personal bank account
- Scotiabank will deposit funds to new personal bank account
If the application will be denied Scotiabank will return the Cad$10,000 investment.
International Students who will be processed under this stream will receive the Study Visa at a very high approval rate and in less than 30 days!
More exciting times ahead for International Students!
We will keep you posted.
UPDATE: Study Direct Stream Eligibility Requirements
