Take a personal loan for Proof of Funds??

[AshwiniVadivel]

Hi,

I am currently waiting for my ITA and am making arrangements for my POF, can I take a personal loan and show that money for the same?

If that is not good enough, then can I submit a LOE stating that it is a gift from my father(as per requirement)?

Thanks.

 

[Kucuy15]

Hi,

I am currently waiting for my ITA and am making arrangements for my POF, can I take a personal loan and show that money for the same?

If that is not good enough, then can I submit a LOE stating that it is a gift from my father(as per requirement)?

Thanks.

CIC requires that you maintain on avg the minimum amount required for your application for at least 6 months prior to submitting your application. If you take a personal loan now and you get ITA soon then CIC will become suspicious and will question the provenance of such money. I strongly believe that with immigration issues it is better to be honest all the time, if they discover that your really don't have the required amount available they are going to refuse your application and you could be banned from applying to Canada in the near future.

If you do have a gift from your father aside from the personal loan then you could submit the LOE stating this... you need to be very carefully on how you word your letter though; other members have been rejected even after submitting LOE for several reasons. There are many threads on POF already in this forum, you might find some valuable information by reading them.

Good luck!

 

[sraj07]

Hi Aswin,

NEVER DO THAT MISTAKE !!!!

 

[OmarSarfraz]

CIC requires that you maintain on avg the minimum amount required for your application for at least 6 months prior to submitting your application. If you take a personal loan now and you get ITA soon then CIC will become suspicious and will question the provenance of such money. I strongly believe that with immigration issues it is better to be honest all the time, if they discover that your really don't have the required amount available they are going to refuse your application and you could be banned from applying to Canada in the near future.

If you do have a gift from your father aside from the personal loan then you could submit the LOE stating this... you need to be very carefully on how you word your letter though; other members have been rejected even after submitting LOE for several reasons. There are many threads on POF already in this forum, you might find some valuable information by reading them.

Good luck!

LOE has to clearly state the transfer # and the account from which money was transferred and the date it was transferred together with affidavit.

 

[EFK]

CIC requires that you maintain on avg the minimum amount required for your application for at least 6 months prior to submitting your application.

Is the minimum amount required for all 6 months? I didn't have the minimum average in the first 2 months or so.. I reached minimum a couple of salaries later, in my preceding 6 month period... and then my dad transferred extra to be 100% sure... isn't that acceptable too? (ofcourse with ALL the possible proof)

 

[sraj07]

I also having same doubt . In my case I have the fund now for past 3 months . But 100% of fund is my earning and saving . No gift .

 

[Asivad Anac]

To reiterate, gift is not the problem. Not conclusively proving the gift is the problem.

It is fine to be gifted money or inherit money. CIC doesn't and cannot say No to that because it is legal and legitimate. But you will have to prove that you were gifted the money and the easiest way of doing that is by showing bank transfer statements coupled with signed self-declaration from the donor. If by doing all this, you can prove to CIC that you have unfettered and unencumbered access to the required funds, you are good to go.

 

[sraj07]

Thanks Asvid ,

Must be your fingers got tired by typing a lot on this fund topic .

I should show 18000+ CAD for my family as POF . I have this money untouched for past 3 months in same salary acct . Ofcourse my 6 month average must be close to 16000+ .... (my avg doesnot equal my fund value , since it is build by every month's saving from salary ) . Do you see it as a issue ? . If there is a draw this weekend , I am in . So if I submit my docs at September end , the average may go up a few .

Is that ok ? Or you want me to decline ITA ?(I don't have freedom on that , because my PNP nomi expires on October end )

Or get some notary , affidavit ?? (OMG !!! they are as bad as sick medicines )

 

[kateg]

I should show 18000+ CAD for my family as POF . I have this money untouched for past 3 months in same salary acct . Ofcourse my 6 month average must be close to 16000+ .... (my avg doesnot equal my fund value , since it is build by every month's saving from salary ) . Do you see it as a issue ? . If there is a draw this weekend , I am in . So if I submit my docs at September end , the average may go up a few .

It's up to the agent. If you were close for the 3 months prior, it looks better. If you have regular salary coming in and things coming out of the account, that helps too.

It's up to the agent - the better your letter of explanation, the more likely you are to be OK. For example, if you were paying off your debt in preparation of coming, the $16,000 would likely not be a problem at all. That shows financial prudence and that the funds are unencumbered.

 

[amit_saha1986]

So did personal work? My plan is take the loan and move it to my parents account. and show gift deed. transferring the money to my wife's account from there as she is the primary applicant.

Guys your comments.

As far as I know so far CIC never did any searching on the donar's account asking where the people (my father/mother) got the fund from.

 

[BEA78]

So did personal work? My plan is take the loan and move it to my parents account. and show gift deed. transferring the money to my wife's account from there as she is the primary applicant.

Guys your comments.

As far as I know so far CIC never did any searching on the donar's account asking where the people (my father/mother) got the fund from.

I would not do this. It's a sketchy way to get around the requirements. Also CIC specifically says you can't borrow the money AND that letters from the banks should mention outstanding debt: https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/become-candidate/eligibility/proof-funds.html

Yes, you might be able to hide the issue with all that triangulation but I would not risk it. Also if you get PR and move but don't find a job right away, how would you pay off the personal loan and/or support yourself?

Finally I don't know how taxes work in your country but you might cause trouble for your parents or your wife by putting the money in their account. You should talk to an accountant first if you go through with it.

 

[jeet171293]

So did personal work? My plan is take the loan and move it to my parents account. and show gift deed. transferring the money to my wife's account from there as she is the primary applicant.

Guys your comments.

As far as I know so far CIC never did any searching on the donar's account asking where the people (my father/mother) got the fund from.

Did it worked for you or you tried other way

 

[Fabiog]

I would not do this. It's a sketchy way to get around the requirements. Also CIC specifically says you can't borrow the money AND that letters from the banks should mention outstanding debt: https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/become-candidate/eligibility/proof-funds.html

Yes, you might be able to hide the issue with all that triangulation but I would not risk it. Also if you get PR and move but don't find a job right away, how would you pay off the personal loan and/or support yourself?

Finally I don't know how taxes work in your country but you might cause trouble for your parents or your wife by putting the money in their account. You should talk to an accountant first if you go through with it.

what do you think about personal loan for student visa? get the loan in my account and father will co-sign and he writes a letter that he will pay my monthly loan installments.