Proof of funds requirements - Explained

[Peacekeeper87]

If anyone could please solve my query, I shall be more than thankful. I didn't have the required money to show as a proof of funds in my account. However I had cash.
I told my father and mother to transfer the money to their savings account and then transfer to mine. They did so and I created FDs. The problems is that these FDs are relatively new and I have my ITA. What should I do? Are they eligible as they are in my name. Is this ok and will it cause any suspicion or doubts.


Please please please help me out

Whatever you mean by FD, i'm guessing you mean the funds transferred to your account are new, and you're worried officer will suspect something.
No worries, as long as your parents "gave" you the money, ask for a gift deed to show that the funds are irrevocable and yours to be used for immigration purposes.
Cheers

 

[Jasdeogan]

Hi there i have query
Should i have to explain the source of money even if it was deposited before 6 month's as per the cic requirements?

 

[Peacekeeper87]

Hi there i have query
Should i have to explain the source of money even if it was deposited before 6 month's as per the cic requirements?

CIC asks for 6 months of bank statements to look for sudden rise in funds in account, to detect loans or ephemerous money to meet POF requirements.
In your case, since it was deposited well before your application date and before the 6th oldest month, no need for explanation, as it's considered "old" or "settled" money and they won't even see the large deposit.

 

[Jasdeogan]

One more what should be the time period of 6 month's statement ?
From the day of ITA to back 6 months or From the day of submission of file?

 

[Peacekeeper87]

One more what should be the time period of 6 month's statement ?
From the day of ITA to back 6 months or From the day of submission of file?

Submission date.

 

[Jasdeogan]

Submission date.

Thankyou very much..

 

[Chael713]

A pleasant day to everyone.

I recently received an invitation to apply for permanent residency. Unfortunately, I don't have the required funds reflected on my account within the last 6 months. However, my family just recently sold our beach property mainly for the purpose of having financial support in our immigration to Canada. The proceeds of the sale after being divided among siblings is more than enough to cover the required funds. I'm just worried that cic might be suspicious of this fund since this is a spike in the deposit of my account. Is it acceptable if I attach additional documents as proof of this sale?

 

[Peacekeeper87]

A pleasant day to everyone.

I recently received an invitation to apply for permanent residency. Unfortunately, I don't have the required funds reflected on my account within the last 6 months. However, my family just recently sold our beach property mainly for the purpose of having financial support in our immigration to Canada. The proceeds of the sale after being divided among siblings is more than enough to cover the required funds. I'm just worried that cic might be suspicious of this fund since this is a spike in the deposit of my account. Is it acceptable if I attach additional documents as proof of this sale?

In your case, you need to attach a gift deed signed and preferably notarised by your parents. It should say that this money is a gift from them to you, of the amount of XX$, and that they expect no reimbursement whatsoever. You can add proof of sale, but really not necessary as you only need to show where the money comes from (your parents), and that it's not a loan.

 

[Chael713]

In your case, you need to attach a gift deed signed and preferably notarised by your parents. It should say that this money is a gift from them to you, of the amount of XX$, and that they expect no reimbursement whatsoever. You can add proof of sale, but really not necessary as you only need to show where the money comes from (your parents), and that it's not a loan.

Thanks a lot for your help.

 

[SJPLAMA]

hi All,

I made a transfer from saving to my checking account, so i can get an official letter from my main bank.
Since my saving account is an online bank I'm not able to get an official letter from them in time.

Is it ok to provide just regular statements from last 6 months from my online saving account?

thanks

 

[Peacekeeper87]

hi All,

I made a transfer from saving to my checking account, so i can get an official letter from my main bank.
Since my saving account is an online bank I'm not able to get an official letter from them in time.

Is it ok to provide just regular statements from last 6 months from my online saving account?

thanks

Highly doubt it. Online bank statements are very likely to be rejected. They should be at least stamped by your bank.
You can do a transfer to your own regular checking account, and provide proof that the money comes from yourself.

 

[Kunnu88]

Hi All,

I have recently received ITA for permanent residency and in the process of collecting proof of funds. Please note my case below :-

1. Account X (salary account) - Account in which i receive my salary and from which home loan EMI is deducted every month.
1. Account Y (savings) - has approx. INR 10 lakh. Balance has been built up through monthly systematic transfer of funds from account X.

As a proof of funds I have shown statement and balance certificate of Account Y. Since I will have to produce statement of account X as an additional document to substantiate the systematic transfers (from account X to account Y), I am skeptical that CIC may raise an objection due to the EMI reflected in account X (as it represents an outstanding liability at my end).

Can anyone please suggest here that what should I do, or if anyone has faced similar situation in the past ?

 

[antonioalonzo]

Hello,

Just received an ITA, I have the funds (CAD$30,000) but in a financial bond issued by the local goverment (Dominican Republic), I can get a letter from the broker that sold it to me with all the details of the invesment, time, value, etc.

Do you all think i should sell it anyways? or the letter is good enough for CIC?

 

[ready_to_rumble]

In your case, you need to attach a gift deed signed and preferably notarised by your parents. It should say that this money is a gift from them to you, of the amount of XX$, and that they expect no reimbursement whatsoever. You can add proof of sale, but really not necessary as you only need to show where the money comes from (your parents), and that it's not a loan.

Hi Peacekeeper87, will a gift deed from in-laws acceptable ?

 

[Peacekeeper87]

Hi Peacekeeper87, will a gift deed from in-laws acceptable ?

Of course.