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

[choprakart]

No. CIC is not asking for 6 months bank statement. They require a letter from your bank that covers average balance for 6 months along-with other information such as applicant’s name, the contact information, account numbers, the date each account was opened etc.

Some applicants use bank statements as a workaround when their banks refuse to provide average balance information.

Thanks Joel for helping me confirm this..

Now help me understand, does the avergae balance of 6 months have to be $12,000..

I am able to manage $12,000 as end of balance (or current balance) but my 6 months balance is hardly $1000
Wont this look odd to a CIC officer?

 

[joelmath]

Thanks Joel for helping me confirm this..

Now help me understand, does the avergae balance of 6 months have to be $12,000..

I am able to manage $12,000 as end of balance (or current balance) but my 6 months balance is hardly $1000
Wont this look odd to a CIC officer?

Yes. In ideal cases it should be avg 12k for all 6 months. This convinces CIC that you are financially stable and have enough liquid funds to manage in Canada. But that is usually not the case with a large number of applicants. This whole thread is probably the best source of info on this forum to deal with this situation.

A sudden spike in your average balances raises the possibility that the funds are actually borrowed. A gift deed and affidavits can be used if your settlement fund was a gift from your relatives.

 

[choprakart]

Yes. In ideal cases it should be avg 12k for all 6 months. This convinces CIC that you are financially stable and have enough liquid funds to manage in Canada. But that is usually not the case with a large number of applicants. This whole thread is probably the best source of info on this forum to deal with this situation.

A sudden spike in your average balances raises the possibility that the funds are actually borrowed. A gift deed and affidavits can be used if your settlement fund was a gift from your relatives.

How does gift deed work in case of gift obtained from someone in Canada, I know him from religious/community hall but he is not related to me. Just helping me out.

 

[joelmath]

Since gift-deed is a workaround there is no clear definition on the extent to which it can be accepted. The final decision is at VOs discretion.

I personally do not think a gift deed may be accepted in your situation.

Firstly, there are legal issues. If people could simply gift large sums to non-relatives a tax system would not exist. I do not think such a gist would be legal.
Secondly, it is hard for a VO to be convinced that a third party decided to gift you a large sum for you to settle in Canada without expecting something in return.

 

[NovaProspekt]

I found a bank that is willing to do the bank letter like CIC wants but I would have to open a brand new account with them. Is this advisable? Obviously I won't have the 6 months average balance but they are the only ones I've found willing to write the letter

 

[anujgupta84]

I found a bank that is willing to do the bank letter like CIC wants but I would have to open a brand new account with them. Is this advisable? Obviously I won't have the 6 months average balance but they are the only ones I've found willing to write the letter

It isn't advisable. Get a letter from an account atleast 6 months old. Any bank will issue you the balance certificate.

 

[joelmath]

I found a bank that is willing to do the bank letter like CIC wants but I would have to open a brand new account with them. Is this advisable? Obviously I won't have the 6 months average balance but they are the only ones I've found willing to write the letter

Yes you can do that. But it creates new situations. Firstly, you will not be able to satisfy the 6 months average balance requirement. Secondly, a fresh bank account could raise a red flag that you might not be disclosing everything or hiding a debt in original account.

My personal opinion is that you do not have to set-up a new account to meet format requirements. If your current bank ius ready to provide multiple documents that collectively cover all of CICs requirement then go ahead with your current bank and submit multiple docs and explain this through LOE. Banks usually give a Balance certificate. Try to send your bank an e-mail query if your lucky they'll reply back stating they cannot provide you the letter. You can use that as part of your LOE. Then use your bank statements to highlight relevant information.

Alternatively, you can set-up a new account and provide CIC documents from both the banks and explain that you changed your bank because the previous bank refused to provide the requested docs.

 

[hasanul_murad]

Net worth certificate is needed to show the Visa Officer that the person gifting the funds is financially sound and is capable of surviving without the money gifted. So only your Father's net worth would be needed.

Many Thanks anuj. I will prepare all the papers by Dec-15. Now Just praying for new PNP openings by Jan-16.

Murad

 

[cristian240]

Hello guys my situation is as follows:

I worked in Canada for 6 months and have enough to cover the minimum $12,000 CAD required. The thing is that when I worked there I was paid to my business account which is not technically under my name but under some Canada Inc. name. I have all my payslips and they do show my name and the business account number however.

I kept very little money in my personal account and kept most of it in my business account. When I stopped working, I transferred everything to my personal account and closed the business account but this was less than 6 months ago so my personal account shows a very small balance and then a huge deposit.

What do you guys recommend?

 

[joelmath]

Hello guys my situation is as follows:

I worked in Canada for 6 months and have enough to cover the minimum $12,000 CAD required. The thing is that when I worked there I was paid to my business account which is not technically under my name but under some Canada Inc. name. I have all my payslips and they do show my name and the business account number however.

I kept very little money in my personal account and kept most of it in my business account. When I stopped working, I transferred everything to my personal account and closed the business account but this was less than 6 months ago so my personal account shows a very small balance and then a huge deposit.

What do you guys recommend?

Can you prove that you were the sole account holder of the business account which was under Canada Inc name (preferably through bank documents)??

If yes, then I personally do not think you will face any issues. All you have to do is provide sufficient documents and connect the dots with a well written LOE.

 

[anujgupta84]

Someone asked for a letter format wherein an applicant can use it to get the rights to use all the funds of a Joint account with a Parent .. Hope it helps!

 

[sunshinejan]

Guys do you provide gift deed without providing the source of the gifted money? I mean do i also need to show how my father got the funds?

 

[forcanada]

Someone asked for a letter format wherein an applicant can use it to get the rights to use all the funds of a Joint account with a Parent .. Hope it helps!

Thank you very much Anuj.
How are you doing there?

 

[joelmath]

Guys do you provide gift deed without providing the source of the gifted money? I mean do i also need to show how my father got the funds?

Its not necessary. You do not have to show how the donor got the funds.

All of these documents (gift-deed, affidavits, net worth certificates) are supporting documents intended to satisfy the VO that you can easily manage your settlement in Canada. Gift deed and affidavits confirm exchange of liquid funds and asset certificate shows that the donor has not exhausted all the resources to arrange the settlement funds.

 

[sunshinejan]

Its not necessary. You do not have to show how the donor got the funds.

All of these documents (gift-deed, affidavits, net worth certificates) are supporting documents intended to satisfy the VO that you can easily manage your settlement in Canada. Gift deed and affidavits confirm exchange of liquid funds and asset certificate shows that the donor has not exhausted all the resources to arrange the settlement funds.

Thanks.
And what about the affidavit? Is it a legal document? Wouldn't a bank statement showing the transaction suffice?

And could you please explain in two words what the net worth certificate shows and do you get it?
What if I can't get that?
Thank you