Proof of funds after ITA

[fantazee]

Hello,

My husband has taken a car loan for $10,000 USD. Presently we are only able to show to funds approx 18000 CAD from money in India. So how do we compensate this difference. Is it okay since the car has a value, and we would write a letter stating that we would sell the car, will that work?

 

[Fahadkazmi]

Hello,

My husband has taken a car loan for $10,000 USD. Presently we are only able to show to funds approx 18000 CAD from money in India. So how do we compensate this difference. Is it okay since the car has a value, and we would write a letter stating that we would sell the car, will that work?

Hi,
What is the requirement of funds as per CIC for your family?

 

[rajapanesar]

Hello,

My husband has taken a car loan for $10,000 USD. Presently we are only able to show to funds approx 18000 CAD from money in India. So how do we compensate this difference. Is it okay since the car has a value, and we would write a letter stating that we would sell the car, will that work?

Sell it, then it will be funds.

 

[fantazee]

Hi,
What is the requirement of funds as per CIC for your family?

It is 16000 cad

 

[fantazee]

Sell it, then it will be funds.

But we need car here for commute to work , is there any other option?

 

[rajapanesar]

But we need car here for commute to work , is there any other option?

You need to show full funds when asked. No compromises on that front. Selling a car will boost it.
If you cannot sell it now, sell something else of value to create required funds.

 

[Fahadkazmi]

It is 16000 cad

Required is 16000 and you have 18000 to show. Iam sorry whats the problem here?

 

[rajapanesar]

Required is 16000 and you have 18000 to show. Iam sorry whats the problem here?

Net funds are 8000.
18000-10000 = 8000.

 

[Fahadkazmi]

Net funds are 8000.
18000-10000 = 8000.

Car loan is paid in monthly installments from future income, hence they do not affect the POF (provided the amount is more than the required amount). In this case it is.
Please see below threads for reference:
https://www.canadavisa.com/canada-immigration-discussion-board/threads/how-does-a-car-loan-and-mortgage-affect-proof-of-funds.505885/
https://www.canadavisa.com/canada-immigration-discussion-board/threads/will-car-loan-affect-my-pr-application.606419/

 

[NMS@]

Hey everyone.
I have a little doubt. I am the main applicant and the funds are me and my husband's joint account. I was thinking of showing just this account for POF. But I need to show my husband's bank statements for employment proof which will be another bank account on his name. Can I show only one bank account for POF and at the same time show another bank account's statements in the employment section?
Please help!

 

[rajapanesar]

Hey everyone.
I have a little doubt. I am the main applicant and the funds are me and my husband's joint account. I was thinking of showing just this account for POF. But I need to show my husband's bank statements for employment proof which will be another bank account on his name. Can I show only one bank account for POF and at the same time show another bank account's statements in the employment section?
Please help!

I would like to know this too.
I have a savings account containing POF, and same for my wife. The total exceeds funds required, but individually, the accounts are insufficient.
These savings accounts are fed from my checking account quarterly or semi-annually, whichever feels better at the moment.
The question is:
Do I have to show my checking account too because that is where I receive my salary (thus shows employment record) but has about $1800-2000 maximum at any time before expenses?

 

[Fahadkazmi]

Hey everyone.
I have a little doubt. I am the main applicant and the funds are me and my husband's joint account. I was thinking of showing just this account for POF. But I need to show my husband's bank statements for employment proof which will be another bank account on his name. Can I show only one bank account for POF and at the same time show another bank account's statements in the employment section?
Please help!

Hi,
If you are the main applicant than you don't have to show your husband's (secondary applicant) employment proof as you wont get any points for his employment.
Just show your joint account with sufficient funds in proof of funds section

 

[NMS@]

Hi,
If you are the main applicant than you don't have to show your husband's (secondary applicant) employment proof as you wont get any points for his employment.
Just show your joint account with sufficient funds in proof of funds section

Oh is it? We wasted a lot of time getting his job reference letters.
But the checklist generated demands his job proofs also. I am confused now

 

[rajapanesar]

Oh is it? We wasted a lot of time getting his job reference letters.
But the checklist generated demands his job proofs also. I am confused now

Well, if they're asking for it, it becomes mandatory.

 

[NMS@]

Well, if they're asking for it, it becomes mandatory.

Okay. Thanks
So what are your suggestions for my initial question? Can I avoid show my husband's account in the POF section if I am showing it in the employment section? Can I show just one account which has all the funds for the POF section?