₦airaland Forum

Mavor:
Yes, you can, but don’t lean on it.

Mutual funds count as liquid investments, so IRCC will consider them if you include the fund manager’s statement showing current value and a letter confirming you can redeem at any time. Several people here have used them successfully.

The catch is the IRCC visa officer's discretion. Some officers want to see money sitting in a bank account with 4–6 months of history, not an investment that still needs to be redeemed. A 20m fund with only 5m in the bank gives a sceptical officer an easy excuse.

If I were you, I’d redeem at least part of it into the bank account 3–4 months before applying, so the bulk of the funds show as settled cash with a clear trail. Keep whatever stays in the fund as a top-up, with the statement and access letter attached, and explain the whole picture in one short paragraph in your Letter Of Explanation (LOE). IRCC Visa Officers refuse for “unclear source and availability of funds” far more than for “not enough money.”

Thank you very much

Mavor:
Yes, that split works — GIC for living costs, mutual fund as your own extra asset.

For anyone wondering what a GIC is: you deposit CAD 20,635+ with a Canadian bank (Scotia, CIBC, RBC, ICICI, SBI Canada) before you apply. They lock it and give you a certificate for your application. When you land, you get about CAD 2,000–3,000 upfront and the rest comes back to you in equal monthly chunks over 12 months. No early withdrawal. That’s exactly why IRCC loves it — it’s living money they know you can’t touch.

Fund it once, lump sum. Monthly top-ups just look like money being gathered.

And no, you can’t send naira straight — the bank takes a wire in CAD or USD, so there’ll be a trail regardless. Don’t fight that; use it. Wire from your sister’s account, or from yours with her transfer plus her sponsorship letter. “My sister sponsored me, here’s her letter and statement” is a one-line story officers approve every day. Trying to hide where the money came from is what gets people refused.

Thank you so much mayor. I really appreciate it. Another thing, can one use mutual funds to apply Asin put 20m in a mutual fund and put 5 in a normal bank account? Tho one will get a letter from the bank saying the money is accessible anytime

Mavor:
Seems you are not ready to learn. Use google and learn what GIC is. Good luck to you.

I will
Check, thank you so much.
Can I put 20k plus in the gic and put the remains like 4m in my mutual fund. And can I put the money in the gic from naira straight so I won’t have to explain how the money got to the gic and what’s the best way to put money in gic, lump sum or schedule payment every month before applying?

Okay
What do you mean by I should buy a gic with 20k minimum…when I get there will I be able to withdraw the gic funds back?

I’m a fresh graduate also…so no assets per se….can I use my mutual fund account to apply?

Hello Guys, I don’t know how to create a standalone post. I wanna explain what’s bothering me. So I will be applying for my study permit next year, and now I have a sister in Canada she will be the one to pay my fees for 1year cause it’s a 1 year MA course and my other sister is in the UK she will be the one to sponsor my living expenses. So now the thing is she’s has been putting money in my bank account which I have been putting back to my mutual fund and maybe a month before I apply I will deposit the money back to my normal bank account with explanation of why I kept the money there for safekeeping. What do my sponsors need to do for me