Help with Proof of Funds

[Y@sir]

Hi eveyeone I'm currently in the process of applying for express entry. I have everything in order but I just need someone's advice on one thing.
I have a joint bank account with my mom, which was created about 6 years. She is the primary holder and I am the supplementary holder. I never bothered changing this and my salary gets transferred to this account. I currently have enough funds in there but I was told that this joint account wouldn't be proof enough for the immigration officer.
So I decided to open up another bank account only under my name and my plan is to get a bank statement before and after I decide to transfer all the money into my new account and make a letter of explanation to describe the situation. Can someone please tell me if this is the right thing to do? I have 465 points at the moment and am confident that I would get the ITA in the next draw which would hopefully be in the last week of September. The problem would be that I wouldn't have a 3 month bank statement in my new account since it opens up only after 2 days.
Would really appreciate any advice or support.
Thank you

 

[Canadavisa92]

Usually an account that is 6 months old with the unencumbered amount is required as a minimum proof of POF. In case this is not met you should explain that in a LOE.
Ask your mother to send you the full amount to your account and then sign a gift of deed (you can find the format of that online) this will work as a gift deed is accepted from blood relatives.

 

[Y@sir]

Usually an account that is 6 months old with the unencumbered amount is required as a minimum proof of POF. In case this is not met you should explain that in a LOE.
Ask your mother to send you the full amount to your account and then sign a gift of deed (you can find the format of that online) this will work as a gift deed is accepted from blood relatives.

Usually an account that is 6 months old with the unencumbered amount is required as a minimum proof of POF. In case this is not met you should explain that in a LOE.
Ask your mother to send you the full amount to your account and then sign a gift of deed (you can find the format of that online) this will work as a gift deed is accepted from blood relatives.

So even if it's a joint account that her and I have, It's better to take the gift deed option as opposed to the one I was thinking off earlier?

 

[Canadavisa92]

So even if it's a joint account that her and I have, It's better to take the gift deed option as opposed to the one I was thinking off earlier?

Yes because if you have an injustifiable influx of funds in your account over the past 6 months then it might be an issue and even if you explain the LOE that the account is a joint account between you and your mother, they cant be sure about that.
Anyways the guys I know who are in the same situation as yours either they dont have the amount in hand or they have joint accounts have gone through the gift deed option.

 

[dotslash227]

Hi eveyeone I'm currently in the process of applying for express entry. I have everything in order but I just need someone's advice on one thing.
I have a joint bank account with my mom, which was created about 6 years. She is the primary holder and I am the supplementary holder. I never bothered changing this and my salary gets transferred to this account. I currently have enough funds in there but I was told that this joint account wouldn't be proof enough for the immigration officer.
So I decided to open up another bank account only under my name and my plan is to get a bank statement before and after I decide to transfer all the money into my new account and make a letter of explanation to describe the situation. Can someone please tell me if this is the right thing to do? I have 465 points at the moment and am confident that I would get the ITA in the next draw which would hopefully be in the last week of September. The problem would be that I wouldn't have a 3 month bank statement in my new account since it opens up only after 2 days.
Would really appreciate any advice or support.
Thank you

You have two options :-
1. Remove your mother from the joint account holder's and be the sole account holder. [Best Option] OR
2. Transfer the amount from your joint account to an account that is under only your name and get a declaration (on an affidavit) from your mother that the funds are yours and yours only. [Not a good option].
3. Create an FD from the funds of your joint account under only your name and use the FD as POF. You can show the statement of your joint account that the funds are old enough and not borrowed. [Equally good option to option 1]

 

[Y@sir]

Yes because if you have an injustifiable influx of funds in your account over the past 6 months then it might be an issue and even if you explain the LOE that the account is a joint account between you and your mother, they cant be sure about that.
Anyways the guys I know who are in the same situation as yours either they dont have the amount in hand or they have joint accounts have gone through the gift deed option.

Perfect! Thank you so much for the advice buddy!

 

[Y@sir]

You have two options :-
1. Remove your mother from the joint account holder's and be the sole account holder. [Best Option] OR
2. Transfer the amount from your joint account to an account that is under only your name and get a declaration (on an affidavit) from your mother that the funds are yours and yours only. [Not a good option].
3. Create an FD from the funds of your joint account under only your name and use the FD as POF. You can show the statement of your joint account that the funds are old enough and not borrowed. [Equally good option to option 1]

Unfortunately I can't do option 1 at this time because she is the primary holder and the bank refused to do so.
Please excuse my ignorance by why is option 2 not a good idea?
As for option 3, I'm assuming FD stands for fixed deposits, don't the immigration authorities disregard this method of finance since the FD has to be fixed for a period of time?

 

[dotslash227]

Unfortunately I can't do option 1 at this time because she is the primary holder and the bank refused to do so.
Please excuse my ignorance by why is option 2 not a good idea?
As for option 3, I'm assuming FD stands for fixed deposits, don't the immigration authorities disregard this method of finance since the FD has to be fixed for a period of time?

For, (2), too much of paperwork involved.

FD's can be used as POF. Maximum people in India submit FD'as POF. It is not necessary that Fixed Deposits have to be a for certain period of time. The bank guarantees you a certain interest rate if you keep the principal amount as FD for a certain period of time, for example, the bank will return you 8% interest if you keep the FD for 3 years. If you decide to withdraw the funds before maturity, the bank will give you interest at 7% instead of 8% because you withdrew it before maturity, that is how FD's work. By law and design, FD's are short-term deposits and taxable and can be withdrawn before maturity, under deposits like, Mutual Funds, PPF can't be withdrawn maturely.

FD's are always better than keeping the account in your savings/current account. Why? There are 0% chances you getting tempted to use this funds since it is slightly inconvenient to withdraw a FD. Second, you earn substantial interest while they are parked and you wait for your visa, while your average savings bank account gives you 4% interest, of which 10-20% will be deducted as taxes.

 

[uppperkut]

FDs are fine as long as you show their source if they were newer than 6 months.