Proof of Fund

[Diniku]

Dear All,
I am an applicant and have received my ITA on Nov 7.
i have a doubt regarding showing Proof of funds. My doubt are :

1) i have a joint account with my father.. will this be a problem in showcasing the fund ?
2) my father have gifted me the amounted out of his love.. i have also obtained gift of deed , Affidavit showing that my father have willingly gifted the money.. will this suffice ?
i am really concerned regarding the 1st issue.. It would really be of great help if someone have suggestions on this......As many of you would have gone through this...thanks in advance.

 

[mulzi]

The joint account can be an issue. according CIC website they only accept joint statements of spouse.

But you can always attach a letter from your father stating that you have full unencumbered unconditional access to those funds and you may use them in any way you want for settling down in canada etc.

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

My understanding is that affidavit/gift deed can be used to explain any large or unexplained transactions beyond your regular means of income. not sure if it ll be helpful if you have a joint account because the money will already be in the account through your fathers income.. you can combine the letter and gift deed into a single document though.

 

[mgnlky]

The gift deed is fine. The likely issue is going to be the joint account. Read further here https://www.canadavisa.com/canada-immigration-discussion-board/threads/proof-of-funds-joint-account-with-father.517278/

 

[Diniku]

The joint account can be an issue. according CIC website they only accept joint statements of spouse.

But you can always attach a letter from your father stating that you have full unencumbered unconditional access to those funds and you may use them in any way you want for settling down in canada etc.

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

My understanding is that affidavit/gift deed can be used to explain any large or unexplained transactions beyond your regular means of income. not sure if it ll be helpful if you have a joint account because the money will already be in the account through your fathers income.. you can combine the letter and gift deed into a single document though.

Thanks... I have also obtained a lettter from the bank stating that both have unconditional withdrawal of money.. hope this must suffice... or is it better to open a FD now and show only it as a proof

 

[Diniku]

The gift deed is fine. The likely issue is going to be the joint account. Read further here https://www.canadavisa.com/canada-immigration-discussion-board/threads/proof-of-funds-joint-account-with-father.517278/

Is it accepted if I open a new account now only and then transfer the amount and show it as a POF... and attaching a gift of deed and affidavit ??

 

[mgnlky]

Is it accepted if I open a new account now only and then transfer the amount and show it as a POF... and attaching a gift of deed and affidavit ??

Personally I would go this route. Open a new account, transfer the funds, & provide the gift deed & affidavit to CIC, as well as proof of transferring the funds from one account to the other. I did this using print outs from each account showing the debit/credit amounts.

 

[Diniku]

Personally I would go this route. Open a new account, transfer the funds, & provide the gift deed & affidavit to CIC, as well as proof of transferring the funds from one account to the other. I did this using print outs from each account showing the debit/credit amounts.

Thanks a lot... I’ll follow the same process... but is the above method you stated Is accepted ??

 

[Diniku]

Thanks a lot... I’ll follow the same process... but is the above method you stated Is accepted ??

Sorry to ask this but just a confirmation because the CIC asks 6 months statement

 

[Cynicalmonk]

Sorry to ask this but just a confirmation because the CIC asks 6 months statement

It depends on officer reviewing your file, I only submitted FD certificate (no gift deed, no bank statements etc) provided by the bank which was not even 6 months old and it was accepted by CIC. I was lucky.

 

[Diniku]

It depends on officer reviewing your file, I only submitted FD certificate (no gift deed, no bank statements etc) provided by the bank which was not even 6 months old and it was accepted by CIC. I was lucky.

So which method you would suggest... open new account and transfer and just submit a FD in my account and submit

 

[Cynicalmonk]

So which method you would suggest... open new account and transfer and just submit a FD in my account and submit

As suggested by @mgnlky

 

[mgnlky]

Thanks a lot... I’ll follow the same process... but is the above method you stated Is accepted ??

It was accepted with no questions asked. My application was approved in March 2017 and I've been a PR since September.