Hi! I am new to this community and I’ve come across some really helpful answers on this thread. I am hoping someone would be able to shed some light on this topic -
I have an Indian HDFC bank account with money I have saved up from my salary (I saved up above the limit of 13K CAD required by IRCC). I am about to head to Canada August 2022 for my Masters and I plan on opening a Canadian bank account and transferring the money from HDFC bank account to this Canadian bank account. I plan on applying for my PR through FSW in August 2023 once I complete my Masters.
While showing proof of funds, do I have to explain how I have this money in my Canadian bank account in just a year considering I am not working while being a student in Canada ?
Should I show proof that this amount was transferred from my HDFC account a year prior and that is how I managed to have this balance in my Canadian account and maintained it during my Masters to show as proof of funds?
In addition, if I wanted to put this money in a GIC instead of just storing it in the Canadian bank account, would this be fine to show as Proof of funds?