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

[anujgupta84]

I have accounts both in my country of citizenship, and country of residence. Will it be an issue if I include both countries' accounts?

The major funds are in joint accounts, and have had more than sufficient funds for the last six months. I have obtained "Balance Confirmation" letters form all my bank accounts for my self and my spouse (3 banks in total). The letters do not show the average balance for the last six months though.

It won't be an issue. Bank Certificate with current balance will suffice.

1. Can I include statements for six months for all the accounts along with the bank letters?
Yes
2. Should I leave out accounts that are in my spouse's name altogether? This won't affect my balance as required by CIC. If I include this account, do I need an affidavit from my spouse?
Leave the accounts out if CIC's monetary is taken care of without them.
3. Do we need an affidavit from spouse for Joint accounts as well?
The Primary Account holder should be the Principal applicant preferably.
3. Counting all the pages with statements, bank letters etc, the PDF will be more than 65 pages. Should I include a summary of all the accounts as a cover or will they calculate the available balance themselves? I can also add a conversion rate as on the day of the submission.
There are many pdf compression tool available online. DO NOT tamper with the official documents by putting some details by yourself. Just explain the case in LOE, that's it.


Any advice will be helpful.

 

[anujgupta84]

I have another situation where my Mother in law is gifting us funds. She is employed.

1. She made a online transaction to my account. So the e-stamped affidavit with the transaction number will suffice. No cheque involved.
Yes

2. Since she is employed, she has proper salary statements. In this case, is a net worth certificate required?
Net-worth just adds weight to your case. If you feel the Visa Officer will be convinced without the Net-worth, then let it be. Net-worth is just added to show that the Donor can easily survive without the donated money. Mention this in the LOE nad if it convinces you as the applicant, then don't listen to me or anyone.

3. Is mother in law eligible for this activity.
Yes, why not?

Please help !!

 

[edapras]

Thanks a ton ! Appreciate it !

 

[anasalee]

I have a situation here which many of the people might face. I do not have sufficient funds nor my mother has, so I am borrowing someone from now on up to 8 months so that I can manage my bank statement genuine. So how can I make the source of fund thing? If I make a gift deed from my mother, she will have no bank statement to show the transaction as the funds are not from here basically.
anyone assist.

 

[darklord]

I have a situation here which many of the people might face. I do not have sufficient funds nor my mother has, so I am borrowing someone from now on up to 8 months so that I can manage my bank statement genuine. So how can I make the source of fund thing? If I make a gift deed from my mother, she will have no bank statement to show the transaction as the funds are not from here basically.
anyone assist.

CIC precisely want to identify these kind of situations. If you are borrowing money from someone other than your blood relative, this will raise an alarm flag with CIC and gift deed will not be of any help. If you proceed with this, chances are 50/50 as you are saying you will maintain funds for 8 months. They might ask you to explain the source of one large deposit or they may not. Most probably CIC will ask you to explain the large fund deposited.

 

[Hot2Cold]

Thank you Anuj.

 

[anasalee]

CIC precisely want to identify these kind of situations. If you are borrowing money from someone other than your blood relative, this will raise an alarm flag with CIC and gift deed will not be of any help. If you proceed with this, chances are 50/50 as you are saying you will maintain funds for 8 months. They might ask you to explain the source of one large deposit or they may not. Most probably CIC will ask you to explain the large fund deposited.

oh ok. what if some blood relative, lets say my maternal uncle lending me that amount and makes a gift deed. will it work? and one thing more. if someone is lending me that amount along with gift deed so theres no need to show the several months statement right? because obviously I borrow money from xyz on this month and applying next month so there will be no statement showing that particular amount in rolling for 6 or 4 months. or I have to deposit it and make it there for 6 months first?

 

[StAnger]

oh ok. what if some blood relative, lets say my maternal uncle lending me that amount and makes a gift deed. will it work? and one thing more. if someone is lending me that amount along with gift deed so theres no need to show the several months statement right? because obviously I borrow money from xyz on this month and applying next month so there will be no statement showing that particular amount in rolling for 6 or 4 months. or I have to deposit it and make it there for 6 months first?

If you cannot show average balance on the Bank letter, you will have to attach 6 months statement. You need to explicitly fulfill all the requirement of POF outlined by CIC.

 

[anasalee]

If you cannot show average balance on the Bank letter, you will have to attach 6 months statement. You need to explicitly fulfill all the requirement of POF outlined by CIC.

If I am borrowing from my blood relative and making a gift deed then what is the point of showing 6 months statement? Obviously I am borrowing as a gift because I didnt have much amount in my balance before that. Did you get my point?

 

[StAnger]

If I am borrowing from my blood relative and making a gift deed then what is the point of showing 6 months statement? Obviously I am borrowing as a gift because I didnt have much amount in my balance before that. Did you get my point?

I got your point, but obviously you didn't get mine.

I hope you are depositing these funds into a savings account? An I hope this account has been running well over past few months? If yes, you have to show what has been happening with this account over these months. What funds have went in and out of this account.

If you are creating a brand new account and going to make one large deposit of POF, well than it will raise red flag for obvious reasons.

I am no expert, but I do understand what CIC is looking out for.

 

[anasalee]

I got your point, but obviously you didn't get mine.

I hope you are depositing these funds into a savings account? An I hope this account has been running well over past few months? If yes, you have to show what has been happening with this account over these months. What funds have went in and out of this account.

If you are creating a brand new account and going to make one large deposit of POF, well than it will raise red flag for obvious reasons.

I am no expert, but I do understand what CIC is looking out for.

I have normal current account in which I get my monthly house income in some thousands. Gift deed is something which you will make to clearly showing that someone is lemding you certain amount for that particular reason. Onviously anyone will get the amount of 12000 CAD dollar for immigration and that amount is being gifted by my guardian or whoever. Because I didnt have sufficient amount rolling thats why ai am getting the whole amount from my blood relative at a go. Why raising alarm when it clearly states that my relative is giving me that amount for immigration reaason. I hope I am making sense here. No matter of my account is balance zero last month but I am getting a valid gift from my mother or father or uncle for the sole reason of immigration.

 

[StAnger]

I have normal current account in which I get my monthly house income in some thousands. Gift deed is something which you will make to clearly showing that someone is lemding you certain amount for that particular reason. Onviously anyone will get the amount of 12000 CAD dollar for immigration and that amount is being gifted by my guardian or whoever. Because I didnt have sufficient amount rolling thats why ai am getting the whole amount from my blood relative at a go. Why raising alarm when it clearly states that my relative is giving me that amount for immigration reaason. I hope I am making sense here. No matter of my account is balance zero last month but I am getting a valid gift from my mother or father or uncle for the sole reason of immigration.

This is what CIC wants or is looking out for:

a) Either show the past 6 months average balance on the letter issued by bank or b) Show 6 months bank statement.

To support your large deposit, Gift deed will be necessary.

Its not about what you imply, its about what CIC wants as part of their assessment and the way they want it. Looking at your bank letter, they will conclude things and than look for your other explanation on where these funds came from. Don't let them second guess things or make obvious assumptions.

 

[darklord]

I have normal current account in which I get my monthly house income in some thousands. Gift deed is something which you will make to clearly showing that someone is lemding you certain amount for that particular reason. Onviously anyone will get the amount of 12000 CAD dollar for immigration and that amount is being gifted by my guardian or whoever. Because I didnt have sufficient amount rolling thats why ai am getting the whole amount from my blood relative at a go. Why raising alarm when it clearly states that my relative is giving me that amount for immigration reaason. I hope I am making sense here. No matter of my account is balance zero last month but I am getting a valid gift from my mother or father or uncle for the sole reason of immigration.

As StAnger said, CIC requirements post ITA for Proof of Funds is a 6 months account statement and a Bank Certification Letter. Regardless of whether you had gift for the required amount etc does not matter.

One large deposit raises an alarm because it means you might have borrowed money only for the purpose of immigration and you might actually not have it when you land in Canada (assuming you got PR) and you would have addressed this issue by providing a gift deed. Whether CIC will accept the gift deed argument is something no one can answer. Generally they have accepted it so far. In your case, Maternal Uncle is not actually a blood relative. Blood relatives are generally Father/Mother/Brother/Sister. Experts/Senior members please chip-in and provide your feedback also.

Proof of funds requirement is not to borrow money as a gift. The whole purpose is to make sure you will have funds when you land in Canada, its not just to see you have money in account.

 

[anasalee]

As StAnger said, CIC requirements post ITA for Proof of Funds is a 6 months account statement and a Bank Certification Letter. Regardless of whether you had gift for the required amount etc does not matter.

One large deposit raises an alarm because it means you might have borrowed money only for the purpose of immigration and you might actually not have it when you land in Canada (assuming you got PR) and you would have addressed this issue by providing a gift deed. Whether CIC will accept the gift deed argument is something no one can answer. Generally they have accepted it so far. In your case, Maternal Uncle is not actually a blood relative. Blood relatives are generally Father/Mother/Brother/Sister. Experts/Senior members please chip-in and provide your feedback also.

Proof of funds requirement is not to borrow money as a gift. The whole purpose is to make sure you will have funds when you land in Canada, its not just to see you have money in account.

Yes I got it now. I will borrow the amount from my 2nd mother who is my guardian throught the life. I will make a gift deed which will state that this amount will never be claimed back or something like that which I think is enough for them to believe that this amount now belings to me and I am taking it with me over there. Is this ok?

 

[Hsalaheldeen]

Hello everyone,
I'm to apply next week and I have a gift from parent as a direct transaction from my father's account to mine besides some money was gifted before as cash ( there are no evidence for it) , kindly assure me if the attached docs are enough or i need something else, I'll attach
(as directed by threads on this great forum) :
1- Bank statement ( includes the date of the transaction date and the date of the deposit of the cash money)
2- Transaction receipt from his bank.
3- his current balances (states that he gifted me only 1/5 of his current balance)
4- Notarized ( Authentic signed) self declaration from him that he gave me the money (both the transaction and the cash) including transaction numbers and dates
5- His passport copy showing his bio data and signature

One more question, the bank refused to include the opening dates of my accounts in the statement, although it was opened 10 years ago, would this be a problem ? and how to overcome ?

Thank you in advance