Proof of funds coming from stocks

[Orchid3000]

I am currently an American student applying for a study permit. I need to have the application sent out in the next week in order for it to process in time for my start of the semester. For proof of funds I am uploading my student loan information and proof of employment. I understand I need to provide proof of having 10,000 CAD as well. This is no issue for me as I have a brokerage account with more than 70k in it. The issue with this it is entirely comprised of stocks. I have already sold off $10,000 CAD worth and have it currently sitting in a savings account. The problem with this is that the funds have not been in this savings account for the 4 months that are required. To circumvent this I attempted to open a GIC with CIBC but they returned my wire for reasons they still have not explained. I am considering attempting the wire again but since so little communication has been given on CIBC’s side I am not sure I want to do business with them anyways. My question is are there any other alternatives to opening the GIC at my disposal. Would I be able to simply include the brokerage statements from the most recent 4 months as well as my savings it the money transferred to?

 

[rcincanada2019]

I am currently an American student applying for a study permit. I need to have the application sent out in the next week in order for it to process in time for my start of the semester. For proof of funds I am uploading my student loan information and proof of employment. I understand I need to provide proof of having 10,000 CAD as well. This is no issue for me as I have a brokerage account with more than 70k in it. The issue with this it is entirely comprised of stocks. I have already sold off $10,000 CAD worth and have it currently sitting in a savings account. The problem with this is that the funds have not been in this savings account for the 4 months that are required. To circumvent this I attempted to open a GIC with CIBC but they returned my wire for reasons they still have not explained. I am considering attempting the wire again but since so little communication has been given on CIBC’s side I am not sure I want to do business with them anyways. My question is are there any other alternatives to opening the GIC at my disposal. Would I be able to simply include the brokerage statements from the most recent 4 months as well as my savings it the money transferred to?

Suggest to try other banks such as Scotiabank or RBC. When you wired the transfer, did you include the wire transfer fee aside from the $10K?

 

[Orchid3000]

Suggest to try other banks such as Scotiabank or RBC. When you wired the transfer, did you include the wire transfer fee aside from the $10K?

The amount that was wired was the amount they listed on the instruction sheet they provided. I looked into Scotia and RBC but unfortunately they do not offer the GIC program to students in the USA. Do you think providing statements from my brokerage and bank and then explaining it would be a viable option? Or would my only bet at this point be to try the GIC with CIBC again?

 

[rcincanada2019]

The amount that was wired was the amount they listed on the instruction sheet they provided. I looked into Scotia and RBC but unfortunately they do not offer the GIC program to students in the USA. Do you think providing statements from my brokerage and bank and then explaining it would be a viable option? Or would my only bet at this point be to try the GIC with CIBC again?

You can try contacting CIBC again. Also, check with your local bank if they deducted their fee from the amount you wired.

 

[Canada2020eh]

The amount that was wired was the amount they listed on the instruction sheet they provided. I looked into Scotia and RBC but unfortunately they do not offer the GIC program to students in the USA. Do you think providing statements from my brokerage and bank and then explaining it would be a viable option? Or would my only bet at this point be to try the GIC with CIBC again?

Have you tried calling them and speak to somebody?