Need your guidance regarding financial proof !

[Rockyrock]

Dear all,

I have applied for two universities and waiting for their decision . Meanwhile , I would like to prepare documents regarding the financial proof . My sister and my mom have two joint accounts which have been created 9 months ago , and they are worth approximately 200,000 USD. These accounts provide an annual interest of 13 % and we get the interest every month, any amount of money from these account can be withdrawn at any time we want. The bank statement shows the fix deposit plus the interest every month. I do not have any bank account registered by my name , however, I am going to open one soon. My sister will be sponsoring me .

So, my question is , how can I use these two accounts to prove my financial capability for my student permit application ? I can also become a joint account holder.

Your guidance will be highly appreciated. Thank you in advance !

 

[Liquid_231]

This is what I believe you should do, since your sister and mum have these joint account, forget about opening your own account, since you have to show a bank statement of funds of 3 to 6months. That will take a long time to do that.

Now, solely use the bank statements from this two joint accounts from your sister and mum. Since the bank account isnt yours, let your sister and mum write a letter of sponsorship as proof of support. Both of them should sign. To be positive for your application, they can go for an affidavit, to show that they will both release the funds for your study in Canada. Dont forget to add all the documentations and legislations related to the two accounts. I believe this will be enough to show as proof of finance

 

[Rockyrock]

Thanks a lot for your reply.

How can I make an affidavit ? does it mean the letter of sponsorship should be notarized in presence of the sponsors?
In your opinion, in addition to these bank statements , Do I need a GIC account ?

 

[Liquid_231]

Thanks a lot for your reply.

How can I make an affidavit ? does it mean the letter of sponsorship should be notarized in presence of the sponsors?
In your opinion, in addition to these bank statements , Do I need a GIC account ?

Exactly, it has to be notorized by a law practitioner in the presence of your sister and mum. Well, GIC account is optional, ofcourse, unless its madatory per the program you applied.

But this is what I think, if your relatives are really going to sponsor your education, proofong with letter of sponsorship and an oath (affidavit), then forget about the GIC account. Also, I hear GIC account increases your chances for visa, i stand to be corrected on this though. With this you can open the GIC account with your deposit plus a letter of financial support from your sister and auntie stating your relatives gave you that money to open the GIC account (just to clear the doubts as to how you got that money) with an affidavit stating the will continue to supporting you incase of any financial difficulties till you complete your program.

So you decide.

Cheers!

 

[Rockyrock]

Bundle of thanks !

I think I would go for GIC account , too, if it could increase the chances of getting a study permit. I really appreciate your guidance , have a nice day

 

[Liquid_231]

Bundle of thanks !

I think I would go for GIC account , too, if it could increase the chances of getting a study permit. I really appreciate your guidance , have a nice day

You welcome buddy.