A complete way to nail 'Source of fund' dilemma!

[anujgupta84]

Hi anujgupta84. Thank you for such a detailed explain action. You have brought relief to so many applicants as this issue was nagging so many. My funds are a gift from my mother too. However these funds are in my joint account with my husband holding the first name and I am the PA for our application. I would like your advise for these confusions

1. Would a joint account be a problem as husband holds first name?
2. If I open an account with just my name and transfer the funds than it won't be 6 months old. Would that create a problem? (Assuming if I get an ITA soon. I am at 453)
3. Did you maintain the funds for sometime?
4. Did you hire anyone to help you?

Anujgupta84 and seniors please advise.

Thanks

The main idea to create this thread to clear the ambiguity. I couldn't find a single thread that stated what needs to be done (when I desperately needed it) and that it was finished successfully. I hope it will simplify things for you and others alike.

1. Yes, account SHOULD be in your name.
2. That means you would show 3 accounts. Your new account, Your joint account and your mother's account. Right? Prepare a detailed LOE and all the three bank statements showing transfer of funds from mother's account to your joint account and then to your new account.
You would be absolutely fine this way. No worries at all.
3. No I didnt. My AOR was 24th Apr. I got funds credited on 18th Apr.
4. No. No need to hire anyone. Trust me, you know better than your consultant would possibly know!!

 

[OmarSarfraz]

The main idea to create this thread to clear the ambiguity. I couldn't find a single thread that stated what needs to be done (when I desperately needed it) and that it was finished successfully. I hope it will simplify things for you and others alike.

1. Yes, account SHOULD be in your name.
2. That means you would show 3 accounts. Your new account, Your joint account and your mother's account. Right? Prepare a detailed LOE and all the three bank statements showing transfer of funds from mother's account to your joint account and then to your new account.
You would be absolutely fine this way. No worries at all.
3. No I didnt. My AOR was 24th Apr. I got funds credited on 18th Apr.
4. No. No need to hire anyone. Trust me, you know better than your consultant would possibly know!!

Now in my case, I showed affidavit stating that my father put cash in my account of CAD 5,000. Plus my own salary slips were shown which are indicated on my bank statements that I am getting my salary into my bank account. Total of CAD 12,000 was shown for me.

Also once I received AOR I sent additional bank statements and payslips of 3 months to re-confirm that I have the settlement funds.

Will that be good enough or we need all the other things as well?

 

[hrc7777]

Anujgupta84,,,Many Congratulations man. Happy for you. Your perseverance is rewarded in best way possible. Just on a lighter note - people like me have benefited immensely because of your suggestions so please hang around on this forum for a little longer.

 

[ADteam]

Thanks anujgupta84 for your help. You have accomplished a big task.. Congratulations

 

[anujgupta84]

Anujgupta84,,,Many Congratulations man. Happy for you. Your perseverance is rewarded in best way possible. Just on a lighter note - people like me have benefited immensely because of your suggestions so please hang around on this forum for a little longer.

Thanks hrc7777! Trust me there are people who know far far more than I do and it wouldnt matter if I left.

You shouldn't worry at all, you know about your applications much better than me or anyone. You are clear with your thoughts, nothing will stop you from PPR!

Now in my case, I showed affidavit stating that my father put cash in my account of CAD 5,000. Plus my own salary slips were shown which are indicated on my bank statements that I am getting my salary into my bank account. Total of CAD 12,000 was shown for me.

Also once I received AOR I sent additional bank statements and payslips of 3 months to re-confirm that I have the settlement funds.

Will that be good enough or we need all the other things as well?

I think you did all very well. All the best

 

[anujgupta84]

Thanks anujgupta84 for your help. You have accomplished a big task.. Congratulations

Thanks ADteam. I wish speedy processing for you

 

[Kitua85]

GIFT DEED
I, _________________ (name of donor), S/o _________________ (father's name), R/o _____________________ (address), do hereby on dated __________ make a gift-deed for a gift made on dated of ___________, Rs. ______/- (Rupees in word) out of love and affection to my ____________ (mention the relationship & name of receiver), S/o or W/o _______________, R/o _________________________. I confirm that I am a resident Indian. I, further confirm that this gift is being made out of my own funds standing to the credit of my A/c No.- __________ in
____________(mention the Bank name & address).
I, further confirm that the consideration for this gift is the love and affection for my ____________________ (mention the relationship & name of receiver) and no other consideration.
I am an Income Tax assessee having PAN/GIR # A-984 / N and assessed with Income Tax ward 1, Noida and this gift is made out of my past savings from profession in India. Strictly Confidential 2 P A R Y & Co.
I further confirm that the gift has been made by Cheque No ___________ dated _______ drawn on ___________________________ (mention the Bank name & address). This gift is irrevocable and I have no claim left whatsoever on the said gifted amount and he/she is free to utilise it in any manner.

PLACE:
DATED: _______________________
(Donor name)


Witness:
The gift as stated above is accepted




______________________
(Name of receiver)

Thank for very much for this
I wish you all the best

 

[forcanada]

First of all, I want to let the members know that this is a great place to get all the information about Immigration to Canada. I was eager to make this thread as and when I got PPR which confirmed that whatever I did my 'Source of funds' request was right. There is a lot of confusion around this part of the application. Most of the candidates are sure about remaining part of their application but we all get confused whenever money gets involved, since we all are not well-versed with the laws, etc. So for the benefit of new applicants or someone you got this kind of request, I would like to contribute by providing some clarity!

This is my timeline:

10/04 FSW ITA (CRS:473, India)
24/04 AOR
19/05 Med Passed
22/05 ECAS App Received
24/05 BG Not Started
19/06 ECAS In Process
04/08 Travel History Request
20/08 Source of Fund Request
08/09 BG In Progress
10/09 ECAS Decision Made
14/09 PPR

My case was as common to most of us ie, Not enough money in the account few days back to application submission and then a sudden transfer of funds in the bank account and that account is shown as 'Proof of funds'. As you can see I got a 'Source of funds' request on August 20, 2015. I submitted following documents for the same:

1) An e-stamped affidavit (Article 4 Affidavit) citing my Father as Deponent about that big transaction via Cheque XXX dated XXX drawn on Bank XXX. Letter had my father's signature. This costed me Rs. 10.
2) An e-stamped Gift deed (Article 33 Gift) showing my father as Donor, me as a Donee. Also stating that these funds were out of his past savings, mentioning his PAN number and that he doesn't expect the money in return. Letter had me and my father's signature. This costed me Rs. 100.
3) Net-worth certificates of me, my father and my mother as on August 22, 2015, for the reason that my family hasn't exhausted all their savings to support me and that they can survive easily. This Net-worth certificate should be issued by a reputed Chartered Accountant on his letter-head. This costed me Rs. 500. CAs might demand more, but don't pay them more, choose another CA.
4) My Bank statement till August 22, 2015 showing the funds being untouched and only a large number of credits happening with very few debits.
5) I detailed LOE with all the transactions and explanation.

That means a maximum cost of Rs. 1000. You don't need to pay hefty amount and take the help of any consultancy for solving 'Source of funds' puzzle. Just include everything specific beforehand at the time of Application submission, so that they don't ask for Additional documents later (as they did in my case).

In a nut-shell here are what I suggest you submit at the time of AOR, to answer the questions of a sudden large transaction:
1) Gift Deed (Article 33 Gift)
2) An Affidavit (Article 4 Affidavit)
3) Net-worth certificates of your whole family from CA
4) Bank Statements showing all the transactions involved (Yes, include your father's bank account statement as well)

Note: No Notarization is necessary, since, you would be scanning and uploading original documents. Don't spend money on the lawyers roaming around in district courts for this.

I hope this would have helped. All the best to all the members here for their Canadian dream. I hope the best for all of you.

Hi Anuj
Congratulations!
I have 2 queries :
1. What is meant by e-stamp here?
2. You said that join account won't work. How good is it to open a new account and transfer a huge amount into it?

 

[anujgupta84]

Hi Anuj
Congratulations!
I have 2 queries :
1. What is meant by e-stamp here?
2. You said that join account won't work. How good is it to open a new account and transfer a huge amount into it?

Thanks forcanada!

1. e-stamp as in Stamp paper. E-stamp is easy to get available everywhere. I have mentioned the cost in my starting post.
2. I suggest you to include a detailed LOE on why you opened a new bank account. If you are not hiding anything from CIC and not borrowing funds, all is well!

 

[dobes]

Nope! I didnt submit anything with my application. Not even LOE, I just submitted Bank Statements. When I saw Asivad's case, I couldn't sleep. But God was kind to me. CIC gave me an opportunity to clear their questions.

You are exactly right. You had a VO who asked questions, and got you to clear up the situation. Asivad had one who cared more about clearing his/her desk. It's that luck of the draw that is so crazy-making!

 

[anujgupta84]

You are exactly right. You had a VO who asked questions, and got you to clear up the situation. Asivad had one who cared more about clearing his/her desk. It's that luck of the draw that is so crazy-making!

Yeah dobes. That's why I created this thread to let people know that CIC will not ask for certain things, but it's better to provide them beforehand!

 

[Asivad Anac]

You are exactly right. You had a VO who asked questions, and got you to clear up the situation. Asivad had one who cared more about clearing his/her desk. It's that luck of the draw that is so crazy-making!

Thanks dobes. The actual act of refusal doesn't hurt as much as the arbitrariness.

 

[forcanada]

Thanks forcanada!

1. e-stamp as in Stamp paper. E-stamp is easy to get available everywhere. I have mentioned the cost in my starting post.
2. I suggest you to include a detailed LOE on why you opened a new bank account. If you are not hiding anything from CIC and not borrowing funds, all is well!

Thanks Anuj.
I think e-stamping is not available for all states. I live in Haryana.

 

[thenumbiceman]

Nailed it! Thanks!

First of all, I want to let the members know that this is a great place to get all the information about Immigration to Canada. I was eager to make this thread as and when I got PPR which confirmed that whatever I did my 'Source of funds' request was right. There is a lot of confusion around this part of the application. Most of the candidates are sure about remaining part of their application but we all get confused whenever money gets involved, since we all are not well-versed with the laws, etc. So for the benefit of new applicants or someone you got this kind of request, I would like to contribute by providing some clarity!

This is my timeline:

10/04 FSW ITA (CRS:473, India)
24/04 AOR
19/05 Med Passed
22/05 ECAS App Received
24/05 BG Not Started
19/06 ECAS In Process
04/08 Travel History Request
20/08 Source of Fund Request
08/09 BG In Progress
10/09 ECAS Decision Made
14/09 PPR

My case was as common to most of us ie, Not enough money in the account few days back to application submission and then a sudden transfer of funds in the bank account and that account is shown as 'Proof of funds'. As you can see I got a 'Source of funds' request on August 20, 2015. I submitted following documents for the same:

1) An e-stamped affidavit (Article 4 Affidavit) citing my Father as Deponent about that big transaction via Cheque XXX dated XXX drawn on Bank XXX. Letter had my father's signature. This costed me Rs. 10.
2) An e-stamped Gift deed (Article 33 Gift) showing my father as Donor, me as a Donee. Also stating that these funds were out of his past savings, mentioning his PAN number and that he doesn't expect the money in return. Letter had me and my father's signature. This costed me Rs. 100.
3) Net-worth certificates of me, my father and my mother as on August 22, 2015, for the reason that my family hasn't exhausted all their savings to support me and that they can survive easily. This Net-worth certificate should be issued by a reputed Chartered Accountant on his letter-head. This costed me Rs. 500. CAs might demand more, but don't pay them more, choose another CA.
4) My Bank statement till August 22, 2015 showing the funds being untouched and only a large number of credits happening with very few debits.
5) I detailed LOE with all the transactions and explanation.

That means a maximum cost of Rs. 1000. You don't need to pay hefty amount and take the help of any consultancy for solving 'Source of funds' puzzle. Just include everything specific beforehand at the time of Application submission, so that they don't ask for Additional documents later (as they did in my case).

In a nut-shell here are what I suggest you submit at the time of AOR, to answer the questions of a sudden large transaction:
1) Gift Deed (Article 33 Gift)
2) An Affidavit (Article 4 Affidavit)
3) Net-worth certificates of your whole family from CA
4) Bank Statements showing all the transactions involved (Yes, include your father's bank account statement as well)

Note: No Notarization is necessary, since, you would be scanning and uploading original documents. Don't spend money on the lawyers roaming around in district courts for this.

I hope this would have helped. All the best to all the members here for their Canadian dream. I hope the best for all of you.

 

[anujgupta84]

Thanks Anuj.
I think e-stamping is not available for all states. I live in Haryana.

You are right. One fellow forum member from Haryana got the regular stamp paper for submission.