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

[StAnger]

Thanks StAnger
My bank account is not a joint-account with my wife. so what should I do with this?

Get it transffered to PA account and prepare proper documentation to prove that the transfer was from your spouse account and not a loan.

 

[mahfuzul80]

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,

I have home loan which is more than the required amount I current have. However, my current cash is more than enough required by CIC.

My question is, Will declaring loan amount be a risk? Or I shouldn't declare it! Please suggest.

Secondly, Net-worth certificate - Can I show my property over there or only the liquid amount in hand?

Thanks in advance for your suggestion!

 

[StAnger]

Hi,

I have home loan which is more than the required amount I current have. However, my current cash is more than enough required by CIC.

My question is, Will declaring loan amount be a risk? Or I shouldn't declare it! Please suggest.

Secondly, Net-worth certificate - Can I show my property over there or only the liquid amount in hand?

Thanks in advance for your suggestion!

Showing home loan wherein the net Pof falls below the required will have a negative affect on your file. If you can avoid showing it, that would be good.

Only liquid cash in your account.

 

[anujgupta84]

Hi,

I have home loan which is more than the required amount I current have. However, my current cash is more than enough required by CIC.

My question is, Will declaring loan amount be a risk? Or I shouldn't declare it! Please suggest.

Secondly, Net-worth certificate - Can I show my property over there or only the liquid amount in hand?

Thanks in advance for your suggestion!


Your Net-worth isn't required. Only your parents's net worth is needed to make your case strong in case they gifted you the money.

 

[cuwat]

Get it transffered to PA account and prepare proper documentation to prove that the transfer was from your spouse account and not a loan.

Do they will ask where the funds come from? in this case, do I need to create a give deed letter?
Secondly, does the fund need to be in the account at least 6 months?

many thanks

 

[anujgupta84]

Do they will ask where the funds come from? in this case, do I need to create a give deed letter?
Secondly, does the fund need to be in the account at least 6 months?
If it's not your money, then only you need to produce a Gift Deed else not. Yes, ideally funds should be in your account for 6 months. If you are the owner of the funds and it is in form of an asset, you can produce selling documents to be included in the application. But before filling the application, funds should be in your Bank account.
many thanks

 

[Aragorn165]

Hi!
I have one question still:

For POF, my mother has money set aside for me that will be used for my immigration. So in this case, do I show her bank account balance, as well as a notarized statement from her saying the money is meant for me and she does not expect it back? Or is there anything more?

Plus I just moved back home a few months ago, and I don't have a bank account here in this country, since the last time I lived here was when I was still a minor and didn't need an account of my own. So I can get an account opened in my name tomorrow without issues, I don't mind, but my question is, will it look a bit weird that I had an account opened up specifically right as soon as I had to demonstrate my PoF? Should I have a letter of explanation to explain the circumstances? Is this going to be a problem? Because if so, I can decline this ITA and apply a bit later when I have a more stable bank account history, I don't mind it if that's what I need to do.

 

[joelmath]

Hi!
I have one question still:

For POF, my mother has money set aside for me that will be used for my immigration. So in this case, do I show her bank account balance, No. CIC expects the applicant to show POF documents

as well as a notarized statement from her saying the money is meant for me and she does not expect it back? Yes get this done after getting funds transferred to your account

Or is there anything more? You can provide additional supporting docs. You can find more information in the first few pages of this thread

Plus I just moved back home a few months ago, and I don't have a bank account here in this country, since the last time I lived here was when I was still a minor and didn't need an account of my own. So I can get an account opened in my name tomorrow without issues, I don't mind, but my question is, will it look a bit weird that I had an account opened up specifically right as soon as I had to demonstrate my PoF? Should I have a letter of explanation to explain the circumstances? Is this going to be a problem? Because if so, I can decline this ITA and apply a bit later when I have a more stable bank account history, I don't mind it if that's what I need to do.

It does look weird but should not be a problem in your case as there is a genuine reason behind your account being new. Explain everything through a letter of explanation.

 

[Aragorn165]

Thank you!
A further question- I applied to, and was nominated by, Ontario a few months ago. When I applied to Ontario, I was in the US, and I used my US account to demonstrate my POF. If I attach the statements from my US account that I sent to Ontario demonstrating those funds as a supporting document, to prove that I had an account abroad, and that it already had this money, it hasn't been conjured up out of nowhere in a new account, will that help my case further? Or should I refrain from mentioning that account at all?

 

[anujgupta84]

Thank you!
A further question- I applied to, and was nominated by, Ontario a few months ago. When I applied to Ontario, I was in the US, and I used my US account to demonstrate my POF. If I attach the statements from my US account that I sent to Ontario demonstrating those funds as a supporting document, to prove that I had an account abroad, and that it already had this money, it hasn't been conjured up out of nowhere in a new account, will that help my case further? Or should I refrain from mentioning that account at all?

The account should be in your name and it should have the minimum funds, that's it.

 

[kool_buddy]

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.

I was aware of this thread but I didn't think I would come to it as I didn't expect my profile to be accepted as I had low CRS points. Seems like I might get an Ontario PNP anytime soon, so now I think I have to keep things ready.

This is a great list but I am still bit confused. Firstly, I have a different question, related to which of my bank accounts to use.

I have been working at an organization from sept 2013 until april 2015 and I had a salary account (with ICICI bank) and now it has almost zero bank balance.

I joined a new organization in Oct 2015 and now I get reasonable monthly salary in my new salary account (with CITI bank).

I might get some lump sum amount transferred from my father to my bank account (didn't decide which one yet). My question is, which bank account, ICICI or CITI is recommended to use to show the PoFs?

My second question is about, do I need to get the e-stamped affidavit and gift deed, right away when my father transfers the money (if it's say today)? or is it fine if I get it later (before I submit, though, if at all I receive PoF request).

Sorry, for such a long post. It would be great if you can please answer. Thanks a lot.

By the way, Anuj, which city are you living in now? Toronto? Is this your first time in Canada? How is winter treating you! ;D (I lived there few years ago). Once again, thanks!

 

[anujgupta84]

I was aware of this thread but I didn't think I would come to it as I didn't expect my profile to be accepted as I had low CRS points. Seems like I might get an Ontario PNP anytime soon, so now I think I have to keep things ready.

This is a great list but I am still bit confused. Firstly, I have a different question, related to which of my bank accounts to use.

I have been working at an organization from sept 2013 until april 2015 and I had a salary account (with ICICI bank) and now it has almost zero bank balance.

I joined a new organization in Oct 2015 and now I get reasonable monthly salary in my new salary account (with CITI bank).

I might get some lump sum amount transferred from my father to my bank account (didn't decide which one yet). My question is, which bank account, ICICI or CITI is recommended to use to show the PoFs?
You can use any of the two accounts or combination of the two as well. Just the summation of the funds should be more than what CIC asks.

My second question is about, do I need to get the e-stamped affidavit and gift deed, right away when my father transfers the money (if it's say today)? or is it fine if I get it later (before I submit, though, if at all I receive PoF request).
I would suggest to show the Gift Deed and the Affidavit at the time of application submission. If you want to wait for CIC to ask for the document, then you can get these made then. Both ways can work.

Sorry, for such a long post. It would be great if you can please answer. Thanks a lot.

By the way, Anuj, which city are you living in now? Toronto? Is this your first time in Canada? How is winter treating you! ;D (I lived there few years ago). Once again, thanks!
I landed at Vancouver airport. I am living in Surrey. Winters are not as bad here. These areas are less windy and it doesn't snow here.

 

[kool_buddy]

wow..that was a quick reply. Thanks a lot.
About the time of application of gift deed, I mean, if the transfer happens today should I get the gift deeds today or anytime soon?

Good luck with your life!

 

[anujgupta84]

You can get the Gift Deed anytime after the Transfer of Funds. The transaction should reflect in your Bank account to connect the dots and convince the reader, that's it. Thanks kool_buddy!

 

[kool_buddy]

You can get the Gift Deed anytime after the Transfer of Funds. The transaction should reflect in your Bank account to connect the dots and convince the reader, that's it. Thanks kool_buddy!

Got it. Thanks.