Using a CD as a proof of funds

[_arelian]

Hello there!

I have this question regarding the proof of funds, my father will write a letter of sponsorship for my studies in Canada, however, he does not have the money in a savings account where like you would regularly do, he has a Certificate of Deposit with around 35k CAD, has any one done a letter with a CD as the proof of funds? another question I have is should the letter that the bank will give him confirming this Certificate of Deposit should be in translated?

 

[fritchou]

Hello there!

I have this question regarding the proof of funds, my father will write a letter of sponsorship for my studies in Canada, however, he does not have the money in a savings account where like you would regularly do, he has a Certificate of Deposit with around 35k CAD, has any one done a letter with a CD as the proof of funds? another question I have is should the letter that the bank will give him confirming this Certificate of Deposit should be in translated?

u need affidavit of support + bank statement + attestation of balance from bank . the funds should be available and accessible. VO doesn't like accounts that were empty and suddenly got filled with money. not sure about certificate of deposit. but ideally u don't wanna rise concerns around your finances. does your father have bank account ?

 

[_arelian]

u need affidavit of support + bank statement + attestation of balance from bank . the funds should be available and accessible. VO doesn't like accounts that were empty and suddenly got filled with money. not sure about certificate of deposit. but ideally u don't wanna rise concerns around your finances. does your father have bank account ?

He does have a bank account, however, he does not save his money on it. The CD can be broken at any time he wants. From a financial perspective it's not wise to have money just sitting on a bank account.

 

[Rafaelhag43]

He does have a bank account, however, he does not save his money on it. The CD can be broken at any time he wants. From a financial perspective it's not wise to have money just sitting on a bank account.

Generally -- VOs prefer to see active bank statements with constant cash inflow and outflow. The inflow should come in small chunks and slowly reach the required amount. Fixed deposits can be showed but that is usually the supporting/additional proof.

If you're a sep 2021 intake and chasing the May 15 deadline, then there's no other choice but to include whatever proof you have right now.