ONIP proof of fund requirements

[Sohel56]

Dear All,

I trust this message finds you well. I've received a Notification of Interest (NOI) from Ontario under the Human Capital Priority Stream. My spouse is contributing to the Proof of Funds (POF) through a Monthly Deposit Scheme opened on 01.01.2020, with a regular deposit of Rs 20,000 from her salary account (POF account is different from salary account). To meet Ontario's settlement fund criteria, we plan to submit the following documents for POF:

1. Statement of the Monthly Savings Scheme from 01.01.2020.
2. Bank letter indicating fund availability with a liquidation line.
3. Spouse's authorization for fund access.

Ontario's criteria also include providing "copies of the most recent bank statements belonging to your spouse or common-law partner showing the last three months of activity."

If I submit the Monthly Savings Scheme statement without including the salary account statement, will it be sufficient to meet the requirements?

 

[Chasechs]

Dear All,

I trust this message finds you well. I've received a Notification of Interest (NOI) from Ontario under the Human Capital Priority Stream. My spouse is contributing to the Proof of Funds (POF) through a Monthly Deposit Scheme opened on 01.01.2020, with a regular deposit of Rs 20,000 from her salary account (POF account is different from salary account). To meet Ontario's settlement fund criteria, we plan to submit the following documents for POF:

1. Statement of the Monthly Savings Scheme from 01.01.2020.
2. Bank letter indicating fund availability with a liquidation line.
3. Spouse's authorization for fund access.

Ontario's criteria also include providing "copies of the most recent bank statements belonging to your spouse or common-law partner showing the last three months of activity."

If I submit the Monthly Savings Scheme statement without including the salary account statement, will it be sufficient to meet the requirements?

Provide the proof of funds that will satisfy the settlement requirement. Several months of statement from the deposit scheme would show regular deposits but what it will not show is from whom. You are clearly not the one doing it but this would show up on your spose pay stub as a deduction. I suggest showing her pay stubs as the one contributing to the deposit account. Also, by showing her paystub, you can even make future projections on savings. Example, if the application period is estimated to be 8 months you can estimate saving of another Rs 160,000. Without showing her income, you can't do this. At the end of the day, it is best to show more than the minimum funds requirement but that's my opinion.

 

[Sohel56]

Many thanks for your cordial reply with details explanation. I do agree with you. However, my spouse does not have a pay slip reflecting this deduction. It was directly debited from the salary account every 2nd week of each month. Meanwhile, my spouse took a loan amounting 950000 last December against his Provident Fund and he repaid the full amount in the same month upon receiving NOI. The loan was disbursed in his salary account and adjusted from the same account. To avoid ADR related to large deposit in the salary account we plan to omit salary account statement. While we have every proof of the loan adjustment, it involves a significant amount of paperwork.. What are your thoughts on this? Please suggest.. .

Look forward to hearing from you soon.

Thanks again