Proof of Funds - Inherited Funds

[haceeb]

I have inherited around 20,000 CAD and I have opened bank account last month and I am gradually depositing funds in it.

I asked some immigration consultants, they said apply now & there is no need to maintain funds for ''6 months''. Closing balance of 20,000 CAD would be fine.

I need help from people who had actual experience related to Proof of Funds. What should I do?

 

[haceeb]

Anyone ?

 

[haceeb]

There is no need to show funds over a period of 6 months, but CIC will want to see the bank balance over the last 6 months. If there are large and sudden deposits, they will ask for an explanation to determine whether or not you borrowed the money.

Preempt this by including official documents that clearly prove that you inherited the money.

What kind of document would be deemed as official by CIC for inherited funds?

 

[scylla]

What kind of document would be deemed as official by CIC for inherited funds?

Provide a copy of the will that mentions the inheritance.

 

[haceeb]

What documents do you have?

I have a Stamped Paper that states that parents have given me specific sum of money as a gift. This doc is attested and notorized.

Does CIC accept such doc ?

 

[scylla]

This doesn't sound like an "inheritance" - you should be calling it a "gift".

 

[haceeb]

This should be fine, but, as scylla mentioned, it's not an inheritance.

My mistake.

So as a gift, would it be fine for CIC? Have you guys seen or heard such cases?

 

[scylla]

My mistake.

So as a gift, would it be fine for CIC? Have you guys seen or heard such cases?

It should be fine provided it really is a gift rather than a loan (i.e. you are keeping the money and not returning it at a later date).

 

[dobes]

My mistake.

So as a gift, would it be fine for CIC? Have you guys seen or heard such cases?

A gift is fine. A lot of people have really stirred up a fuss about nothing over the 6-months thing!

CIC cares only that the money is yours to use, free and unburdened. If you had a loan for that amount, you would have to pay it back eventually, and that would have an impact on your being able to start a new life in Canada. If it's a gift, it's yours to use, and not a problem. The paper from your parents is enough, though it should be in a form that has legal implications.

Think of it this way: If CIC just wanted proof that you had that much money in your account, you could get someone to put it in, take a "snapshot" of your account, then give the money back to them. CIC wants to make sure that isn't the case - and that is the only reason for the 6 months. If CIC can see that you have had it all along, or have saved it gradually, you're good to go. If CIC sees a sudden influx of money, they just want to know why - and that it is really yours to use. That's all.

 

[mf4361]

@dobes made a good point. They don't care how long you have owned the money for, they care if the money is rightfully owned by you and able to bring it while landing in Canada. Even a large influx that is explainable (E.g. Tax return, lottery ticket) would be fine as long as you can proof it.

 

[haceeb]

Do you guys have personal experience regarding this issue ?

 

[vickyraval]

Hi All,

Can anyone please confirm if LIC can be considered in Proof of Funds for Canada?

 

[hirasalam]

Is it mandatory to attach bank statements for last 6 months or does a letter from bank stating average balance suffice?

 

[rhmalik]

Hi all, I have following important questions:-

1. My wife is the Principal Applicant in our case and we are yet to initiate EE. She does not have a bank account with sufficient funds in it. Since I will be accompanying her to Canada, will it be ok if I transfer the required finds from My account to her account ? or,

2. Is it better that we open a joint account and transfer funds from my account to our new account? With a proof of transfer from my account.

3. We also intent to open a Joint foreign currency account (Joint with my wife ) where we plan to take some cash out from my current local currency account, get it converted to US $ and then deposit it for investment purposes. Will it suffice as POF in the first place? and if yes then will it be acceptable if this foreign currency account is less than 6 months old?

Any help will be greatly appreciated.

 

[rhmalik]

Is it mandatory to attach bank statements for last 6 months or does a letter from bank stating average balance suffice?

Hello hirasalam,

I believe bank statement is not mandatory. However in certain cases it might become necessary to prove through bank statement that the finds have not been borrowed. The answer to your question can be found in the following discussion :- http://www.canadavisa.com/canada-immigration-discussion-board/threads/when-is-bank-statement-mandatory-asivad-other-seniors.394036/#post-4914186

If this helped, please do hit like.