Fixed Deposit as Proof of Funds? Study Permit Application

[WakeUpp]

Hi to all. I will apply for a Study Permit very soon and have some questions about presenting a Fixed Deposit as POF. I'm from South America and most of my money is in the US. I opened a 7-month Fixed Deposit in Dec 2023 for around $65k CAD, can I use it as proof of funds on my study permit application?

The bank doesn't generate a statement every month of the CD, the only documents I have about it are an Account Summary Information and Deposit Receipt that I received the day I opened the deposit at the bank and I wonder if that's enough documentation to present?

My bank account was opened back in 2018 and Fixed Deposit was opened a month and a half ago, do I need to present any documents about the source of these funds?

Thanks a lot!

 

[Naturgrl]

Hi to all. I will apply for a Study Permit very soon and have some questions about presenting a Fixed Deposit as POF. I'm from South America and most of my money is in the US. I opened a 7-month Fixed Deposit in Dec 2023 for around $65k CAD, can I use it as proof of funds on my study permit application?

The bank doesn't generate a statement every month of the CD, the only documents I have about it are an Account Summary Information and Deposit Receipt that I received the day I opened the deposit at the bank and I wonder if that's enough documentation to present?

My bank account was opened back in 2018 and Fixed Deposit was opened a month and a half ago, do I need to present any documents about the source of these funds?

Thanks a lot!

If the funds are not available for another 6 months then no. You want to show documentation of where that money came from because you must show statements going back at least 4 months. When does program start.

 

[canuck78]

Hi to all. I will apply for a Study Permit very soon and have some questions about presenting a Fixed Deposit as POF. I'm from South America and most of my money is in the US. I opened a 7-month Fixed Deposit in Dec 2023 for around $65k CAD, can I use it as proof of funds on my study permit application?

The bank doesn't generate a statement every month of the CD, the only documents I have about it are an Account Summary Information and Deposit Receipt that I received the day I opened the deposit at the bank and I wonder if that's enough documentation to present?

My bank account was opened back in 2018 and Fixed Deposit was opened a month and a half ago, do I need to present any documents about the source of these funds?

Thanks a lot!

You typically need to show that funds are liquid because you need to be able to use them to cover your tuition and living expenses/

 

[steaky]

In both of the above scenarios suggested by both posters, it looks like you would be too early to apply using the CD now. Wait at least 2 months later and then apply.

 

[WakeUpp]

If the funds are not available for another 6 months then no. You want to show documentation of where that money came from because you must show statements going back at least 4 months. When does program start.

Hi, thanks for your answer. I can make the funds available and place them in a checking account now if I want, but I would not like to close the Fixed Deposit until it matures because I would need to pay a penalty if I withdraw them before the maturity date. The funds will be "available" in July, program starts in September.

 

[WakeUpp]

You typically need to show that funds are liquid because you need to be able to use them to cover your tuition and living expenses/

Hi, thanks for your answer. They are liquid! If I want I can close the Deposit and place the funds in a checking account, but I don't want to do that because I would need to pay a penalty if I withdraw them before the maturity date (July 2024)

 

[canuck78]

Hi, thanks for your answer. They are liquid! If I want I can close the Deposit and place the funds in a checking account, but I don't want to do that because I would need to pay a penalty if I withdraw them before the maturity date (July 2024)

Being in a FD isn’t typically cobsidered liquid by IRCC but you can apply and see what happens. You can include the maturity date.

 

[Naturgrl]

Hi, thanks for your answer. I can make the funds available and place them in a checking account now if I want, but I would not like to close the Fixed Deposit until it matures because I would need to pay a penalty if I withdraw them before the maturity date. The funds will be "available" in July, program starts in September.

If you have a minimum of $20k + tuition fees in cash above and beyond the FD then you are fine. IRCC will not consider FD if not in cash over the past 4 months. You can include the funds but IRCC may not consider “future” funds.

 

[mrtravelok]

For my application, I paid the first year tuition fee and the rest of the amount I submitted the proof of Fixed Deposits in banks. As a proof, I have submitted the fixed deposit account statement for last one month and also the summary/receipt of fixed deposit. Also I drafted a finance plan where I mentioned that these deposits are withdrawable at any time.

You may also get a Balance certificate from the bank displaying all the accounts and balances. Ask them to mention that these deposits can be withdrawable at any time.

My study permit application was approved.

 

[Simba112]

Hi to all. I will apply for a Study Permit very soon and have some questions about presenting a Fixed Deposit as POF. I'm from South America and most of my money is in the US. I opened a 7-month Fixed Deposit in Dec 2023 for around $65k CAD, can I use it as proof of funds on my study permit application?

The bank doesn't generate a statement every month of the CD, the only documents I have about it are an Account Summary Information and Deposit Receipt that I received the day I opened the deposit at the bank and I wonder if that's enough documentation to present?

My bank account was opened back in 2018 and Fixed Deposit was opened a month and a half ago, do I need to present any documents about the source of these funds?

Thanks a lot!

You can use fixed deposit as proof of fund provided you can cancel anytime and pay a penalty. Include CD in your application...

 

[WakeUpp]

If you have a minimum of $20k + tuition fees in cash above and beyond the FD then you are fine. IRCC will not consider FD if not in cash over the past 4 months. You can include the funds but IRCC may not consider “future” funds.

Unfortunately 85% of the money is in the fixed deposit

 

[WakeUpp]

For my application, I paid the first year tuition fee and the rest of the amount I submitted the proof of Fixed Deposits in banks. As a proof, I have submitted the fixed deposit account statement for last one month and also the summary/receipt of fixed deposit. Also I drafted a finance plan where I mentioned that these deposits are withdrawable at any time.

You may also get a Balance certificate from the bank displaying all the accounts and balances. Ask them to mention that these deposits can be withdrawable at any time.

My study permit application was approved.

Thanks a lot! Will do this! Do you had the Fixed Deposit in a bank from the US?

 

[WakeUpp]

You can use fixed deposit as proof of fund provided you can cancel anytime and pay a penalty. Include CD in your application...

Thanks!

 

[mrtravelok]

Thanks a lot! Will do this! Do you had the Fixed Deposit in a bank from the US?

Not USA