Hi,
My husband and I are in the pool waiting ITA. A query regarding POF. I intend on showing a major part of my funds as FD created in May 2019 and a smaller part as savings. Do I need to show the source of income for the FD?
Is the money looked in for numerous years? No you don’t have to prove a source as long as the money has been in your account for over 6 months and it makes sense based on your income. The proof of funds is there because relocating to Canada is expensive and you are expected to use these savings to resettle in Canada. It may take numerous months to secure a job so you need to have this money easily available to support your resettlement and not try to access government funds.
Is the money looked in for numerous years? No you don’t have to prove a source as long as the money has been in your account for over 6 months and it makes sense based on your income. The proof of funds is there because relocating to Canada is expensive and you are expected to use these savings to resettle in Canada. It may take numerous months to secure a job so you need to have this money easily available to support your resettlement and not try to access government funds.
