The 2015 ISU Grand Prix of Figure Skating Final took place in Barcelona for the second consecutive year ©Getty Images

Skate Canada has announced plans to bid for another major event. 

Earlier this week, the governing body revealed they will submit a bid to host the World Figure Skating Championships in 2020.

They have now launched a formal bid to host the 2018 International Skating of Union (ISU) Grand Prix of Figure Skating Final. 

If successful, this will be Canada’s third time hosting the event.

They previously hosted it in 2001 in Kitchener in Ontario and in 2011 in Quebec City. 

The ISU Grand Prix of Figure Skating Final is the pinnacle event of the ISU Grand Prix of Figure Skating Series.

The senior series hosts six stops in the United States, Canada, China, France, Russia and Japan. 

Skaters are awarded points based on their placements at their assigned events.

The top six with the most points at the end of the series, in each of the four disciplines, advance to the Final.

Junior skaters qualify through a similar process; they are awarded points based on their placement from the seven ISU Junior Grand Prix of Figure Skating events.

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Canada last hosted the ISU Grand Prix of Figure Skating Final in 2011 in Quebec City ©Getty Images

The competition was titled the Champions Series Final until 1998, having first been held in Paris in 1995, before it was re-branded.

Last year's Final was held in Barcelona - the second consecutive time it had taken place in the Spanish city - and the 2016 edition is due to take place in Marseille.

“We are excited to be in the running to host the ISU Grand Prix of Figure Skating Final 2018," said Dan Thompson, the chief executive of Skate Canada.

"This event is the most prestigious event in the first half of the skating calendar; we can expect the competition to be extremely competitive.

"We are looking forward to partnering with a great host to deliver this world-class event.”

Skate Canada has launched a tender process for cities interested in hosting the event. 

"Skate Canada is focused on acquiring a host city with strong partners across all aspects of the event that will work with Skate Canada to deliver an outstanding event and inspire Canadians to embrace the joy of skating," they said in a statement. 

A Canadian host city bid will be selected in November 2016 and submit an official bid to the ISU the following month.

In accordance with ISU regulations, Skate Canada will submit a host city along with supporting documents in December 2016.

The 2018 host is due to be chosen by the ISU's ruling Council at a meeting next year.