Financial Docs for Visa Application

[sue_in]

Hi All,

Finally with IELTS done and CAQ in progress, I am preparing my financial documents now. I have a few questions regarding the proper docs to be prepared. I am planning to show the following financials for the first year :

External Sources -
1. [Self] Funding letter from University - 20K CAD

Liquid Assets -
2. [Sponsor] Father's Fixed Deposits - 5.3K CAD
3. [Sponsor] Father's Govt Provident Fund account - 7K CAD

Other Assets-
4. [Sponsor] Property evaluation (Two properties in name of my father+maternal grandfather and Mother) - 178000K CAD

The total costs to be incurred for 1st year ~ 3100+2000+12000 (Fees+Travel+Living) = 17100 CAD
Total available money to fund myself (20K + 12.3K) = 32300 CAD

So my questions are :
1. Are the funds available with me sufficient? I mean, is it ok to include funding provided by university as 'funds available' in my application?
2. Is it necessary to take a loan? (I do not wish to take loan )
3. I had quit my job last month. Should I attach joining and relieving letter + payslips with that? Will I have to show my account statement as well?
4. I can show ITRs of my father for last 6 years. Will that help? His salary is ~ INR 12 lacs/pa since last 2 years.
5. What should be the language of the bank manager's letter? How should it be formatted? My father has his FDs, GPF and Savings Account in same bank.

Thanks for reading till now I hope I'll get some good response from you guys.

 

[momi]

1-- funds should be equal to or more than First year Tuition + 12000 C$ for living + 3000 C$ for traveling
2-- Not necessary (But preferred because it is a validated source of funds against some property)
3-- If you show that it will be a added point.
4-- ITR's are excellent way to validate some ones income.
5-- Bank has predefined formats for different letters so let them do it.

Regards............

 

[sue_in]

Thanks for quick reply.

1-- funds should be equal to or more than First year Tuition + 12000 C$ for living + 3000 C$ for traveling

So the funding from university can be included in this calculation as 'available funds' or I can only show my own liquid assets as available funds?

 

[momi]

Show funding from university for Tuition and show your contribution for the rest of the expenses, the more you will show the more it will be good............

 

[dawood2k]

well,friend if u showing the liquid funds in your account then u must show the bank statements of 6months or 1year..as it is the requirement of the visa officer..best thing is if u have liquid funds available for your study in canada u put FD'S (fixed deposite) of ur money and take a loan against it as it will show a strong financial base to the visa officer..that student have the FD'S and also taken loan for the studies..but remember one thing when u put FD'S and take loan it must cover up your 80% of tution fees and living expenses..Best of Luck..

THESE ALL ARE MY PERSONAL OPINIONS BUT U SHOULD CONSULT OTHER SOURCES ALSO..


Regards,
Dawood2k

 

[shahzaman1984]

If ITR's are not available, would salary slips be sufficient to show the source of income? Momi and others please advise.

 

[sue_in]

Show funding from university for Tuition and show your contribution for the rest of the expenses, the more you will show the more it will be good............

Thanks. One last question : In the form IMM1294E, there's a question, "Who will fund your studies?", "Parents", "Myself" or "Others"? What should I mention there? is 'Others' ok? I can mention sources as funding then. Or should I mention 'Parents'?

 

[momi]

Thanks. One last question : In the form IMM1294E, there's a question, "Who will fund your studies?", "Parents", "Myself" or "Others"? What should I mention there? is 'Others' ok? I can mention sources as funding then. Or should I mention 'Parents'?

Write down the one having major part, but do confirm it with someone who has already done it..........

 

[momi]

If ITR's are not available, would salary slips be sufficient to show the source of income? Momi and others please advise.

Yup why not..............but ITR has added advantage because a third party has validated the income..............

 

[sue_in]

So, I have got a letter from bank which says :

This is to certify that <Father's Name> is holding Savings Bank A/C No. <Number> in <Bank Name, Branch> since <Date of Account Opening> till date. The bank statement for last 1 year is enclosed.

In addition to the above mentioned statement he is also having term deposit equivalent to Rs 3 lacs.

With this I'll be attaching :

1. Letter from my father's office (Govt) saying that he is an employee there and he can withdraw his GPF amount anytime for his son's studies (GPF amount is more than sufficient)
2. My university funding letter (CAD 20K)
3. FDs of 3 lacs (CAD 5.3K)
3. Father's bank statement for last 1 year (his salary of ~ CAD 1000K/month gets credited but standing balance is usually low ~ CAD 500)
4. Letter from Father that he is sponsoring me.
5. Receipt of part-payment of 1st sem fees.

I am not taking a loan and also mentioning university funding amount as primary source in Visa application. I am mentioning the other sources of funding (father) as backup. So these docs are sufficient for financial support? Need your views..

 

[momi]

So, I have got a letter from bank which says :

With this I'll be attaching :

1. Letter from my father's office (Govt) saying that he is an employee there and he can withdraw his GPF amount anytime for his son's studies (GPF amount is more than sufficient)
2. My university funding letter (CAD 20K)
3. FDs of 3 lacs (CAD 5.3K)
3. Father's bank statement for last 1 year (his salary of ~ CAD 1000K/month gets credited but standing balance is usually low ~ CAD 500)
4. Letter from Father that he is sponsoring me.
5. Receipt of part-payment of 1st sem fees.

I am not taking a loan and also mentioning university funding amount as primary source in Visa application. I am mentioning the other sources of funding (father) as backup. So these docs are sufficient for financial support? Need your views..

Docs are ok ...but the finances other than funding is low...

 

[sue_in]

Docs are ok ...but the finances other than funding is low...

Thanks for review momi. Actually Dad's GPF amount is > CAD 20K. Will it work or I still need to get a loan? I don't want to get into loan and stuff 'coz I won't be needing any money once I reach there. The GPF letter will be an official letter from Govt. office saying that he can withdraw 90% of that amount for my studies. Will it work?

 

[momi]

Thanks for review momi. Actually Dad's GPF amount is > CAD 20K. Will it work or I still need to get a loan? I don't want to get into loan and stuff 'coz I won't be needing any money once I reach there. The GPF letter will be an official letter from Govt. office saying that he can withdraw 90% of that amount for my studies. Will it work?

It will work, just add GPF document...

 

[sue_in]

It will work, just add GPF document...

Thanks bhai! Lets see what happens...I'll keep everyone updated

 

[abhi141989]

Thanks bhai! Lets see what happens...I'll keep everyone updated

Better check the new checklist from VFS site..

Abhi