Proof of funds for 2 year diploma

[TanzilaH]

Hello all
I am planning to reapply after my study visa refusal reason being insufficient funds.
my agent suggested that having 4-5 lakh INR in my fathers account as he is my sponsor would be enough as proof of funds.
I have paid 1st year tuition fees of 16 000 CAD and also got GIC for 10 200 CAD.

second year fee - 16 000 CAD +living expenses. How much approximate balance can i show as proof of funds?
Do I need to have funds in my Indian bank account or should i transfer to canadian bank account?
And does property valuation and jewellery valuation count towards strong home ties or financial proof?If not then I should not waste more money in preparing documents for it.
Thank you in advance for your help

 

[Naturgrl]

Hello all
I am planning to reapply after my study visa refusal reason being insufficient funds.
my agent suggested that having 4-5 lakh INR in my fathers account as he is my sponsor would be enough as proof of funds.
I have paid 1st year tuition fees of 16 000 CAD and also got GIC for 10 200 CAD.

second year fee - 16 000 CAD +living expenses. How much approximate balance can i show as proof of funds?
Do I need to have funds in my Indian bank account or should i transfer to canadian bank account?
And does property valuation and jewellery valuation count towards strong home ties or financial proof?If not then I should not waste more money in preparing documents for it.
Thank you in advance for your help

So reason was only funds? What are you changing between the first and second application? Property and jewelry are not ties or financial proof unless you sell them.

 

[TanzilaH]

So reason was only funds? What are you changing between the first and second application? Property and jewelry are not ties or financial proof unless you sell them.

First application we showed around 7500 CAD in my fathers bank account as additional funds. This time we will try with more liquid funds probably around 17-18000 CAD more if required. And We will transfer funds to my personal bank account

 

[Naturgrl]

First application we showed around 7500 CAD in my fathers bank account as additional funds. This time we will try with more liquid funds probably around 17-18000 CAD more if required. And We will transfer funds to my personal bank account

That may be enough. Transferring the funds to your account is a red flag because it is not your money. You have to explain where the money is coming from and why. If under 22, then yes it makes sense. If in your mid 20s, then you may need to explain why you don’t have the funds for your education.

 

[TanzilaH]

That may be enough. Transferring the funds to your account is a red flag because it is not your money. You have to explain where the money is coming from and why. If under 22, then yes it makes sense. If in your mid 20s, then you may need to explain why you don’t have the funds for your education.

Ok so what do you suggest? Do I show my father as my sponsor and leave the funds in his account. Currently I am not employed so I dont have earnings of my own.
any additional documents that can be required to show him as my sponsor?

 

[Naturgrl]

Ok so what do you suggest? Do I show my father as my sponsor and leave the funds in his account. Currently I am not employed so I dont have earnings of my own.
any additional documents that can be required to show him as my sponsor?

So show your father’s funds. It must be cash in the bank over the last 3 months. Transferring funds when you are not employed will be a red flag for IRCC. Whether it is approved will depend on if IRCC accepts the funds. You are over 22, not employed and don’t have your own funds. IRCC will be concerned that when you come to Canada that your father will have spent the money and you have no funds to continue studies.

 

[TanzilaH]

So show your father’s funds. It must be cash in the bank over the last 3 months. Transferring funds when you are not employed will be a red flag for IRCC. Whether it is approved will depend on if IRCC accepts the funds. You are over 22, not employed and don’t have your own funds. IRCC will be concerned that when you come to Canada that your father will have spent the money and you have no funds to continue studies.

Ok that makes sense. What proof can we show that the funds will be made available to me when I need it?

 

[Naturgrl]

Ok that makes sense. What proof can we show that the funds will be made available to me when I need it?

If your father gave you a “gift deed” for the whole amount, and gave you the money then you can do that too. It is a legal document. Google - gift deed Canada study permit - on the steps. As long as he doesn’t need the money and has enough for his living expenses then that is one way.

 

[TanzilaH]

If your father gave you a “gift deed” for the whole amount, and gave you the money then you can do that too. It is a legal document. Google - gift deed Canada study permit - on the steps. As long as he doesn’t need the money and has enough for his living expenses then that is one way.

Ok perfect . Yes we showed the funds for my study purpose only. Thank you so much for always coming through. Consultancy agents are not very transparent about the process and documents and we end up running around wasting so much money for documents. Appreciate your help

 

[canuck78]

Ok perfect . Yes we showed the funds for my study purpose only. Thank you so much for always coming through. Consultancy agents are not very transparent about the process and documents and we end up running around wasting so much money for documents. Appreciate your help

Will you be able to declare how your fathers saved 10k between the applications. Funds should really be there for 6 months. Even with 17-18k how will you find your second year? It will incredibly difficult to earn enough to pay your second year tuition and living expenses by just working in Canada. There has been such a large number of students that not all area able to find jobs especially in smaller cities and the cost of living in Canada is very high.

 

[RamSatt]

Hello all
I am planning to reapply after my study visa refusal reason being insufficient funds.
my agent suggested that having 4-5 lakh INR in my fathers account as he is my sponsor would be enough as proof of funds.
I have paid 1st year tuition fees of 16 000 CAD and also got GIC for 10 200 CAD.

second year fee - 16 000 CAD +living expenses. How much approximate balance can i show as proof of funds?
Do I need to have funds in my Indian bank account or should i transfer to canadian bank account?
And does property valuation and jewellery valuation count towards strong home ties or financial proof?If not then I should not waste more money in preparing documents for it.
Thank you in advance for your help

Costs in Canada have gone up. I suggest you account for that, at least C$1200-1500 a month, depending on how you plan to live. Yes, IRCC asks for a minimum GIC of C$10,000; but that isn't really enough to survive on for a year anymore.

IMHO = C$16,000 (2nd year tuition) + C$15000 (C$1250 * 12 months, 2nd year living expenses) = C$31,000 is a minimum of what you need to show as additional funds.

 

[TanzilaH]

Will you be able to declare how your fathers saved 10k between the applications. Funds should really be there for 6 months. Even with 17-18k how will you find your second year? It will incredibly difficult to earn enough to pay your second year tuition and living expenses by just working in Canada. There has been such a large number of students that not all area able to find jobs especially in smaller cities and the cost of living in Canada is very high.

Yes thats a concern as well. But for the second year fees I will receive help from
Home as well if I dont get a semester break or a job the first few months. We have a few properties on rent and we can show that as an income

 

[Naturgrl]

Yes thats a concern as well. But for the second year fees I will receive help from
Home as well if I dont get a semester break or a job the first few months. We have a few properties on rent and we can show that as an income

Future income is not counted as funds. A semester break working full time will cover your rent and living expenses, not tuition.