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As soon as possible. But u need strong file than before. Otherwise it can be refuse again.
 
Well it was refused because my financial information was not sufficient in their opinion. But we have the sale of our second home going through, is there any way i can show that part of that money will be used for my education since the sale has not been finalized yet (probably not for another month), is there any documents i can show to satisfy the officer?

Secondly, will i have to do a new police record and those additional documents?
 
You can show the sale deed as proof of sudden inflow of cash in your bank account otherwise it's not a good idea if the transaction doesn't match with the patter and income source.

One can reapply anytime and there is no limit on how many times one can apply. Yes, rightly said by Gill that one must prepare file with caution and must know the reason of rejection.
 
I appreciate the information. I intend to reapply as soon as i can. I was unaware of how many times you could reapply and when. I am aware that i would have to have NEW information to present with my application and the sale of the home would be it.

I am going to get in contact with our real estate lawyer and see if i could be provided with any document(s) to satisfy the officer and to show i will have sufficient funds for the duration of my program.