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

[AnnaBG]

HI everyone,

I think I have asked Asivad before.
I've been hoping to get ITA when I am able to just take out a bank certificate with 6 months balance and forget about the proof of funds.

However, this did not happen like that. I got ITA yesterday and now I am only having the money for 5 months (this is if I get my certificate 1 week before the deadline).

I see you give pretty good advice how to proceed in cases like this. Here is my situation:

1. I have an account in a different bank which I will not use for proof of funds because I have a loan in it which I took along with my mother. But the account is on my name. I had money in is which was used also by my mother and I transfered about 8000 cad form it in my POF account.

2. Later my husband sold one of his cars and transfered cash (not by account) into the POF account about 5000 cad.

3. 3 day later his father transfered another 4000 cad into the same account.

Main point is: we have the requested amount in the POF account (functional for 3 years since I get my salary in here as well) since the beginning of november. My bank can make balance for each month starting for november and in march it will be 5 months break ...
I must mention that every month I transfer about 80% of my salary to my other account because I am trying not to overspend and I do realize now that this will be visible on the statement and was overall a bad idea ...

As far as I understand I have a solution for points 2 and 3 - gift certificates but for point 1 I have no explanation how to prove this money as it is taken out of my account which has a loan on it and it sure does seem like I loaned this money ...

Any suggestions?

I am considering declining the ITA at this point and waiting another one , I can only hope the score will drop down below 456 again ...

 

[charm12]

HI
thank you for this have just been invited on 13 jan 453 points
my proof of funds is going to be a gift as well from my mother
i was wondering if you know any way to apply with my mother and sister as my dependants

 

[cjs]

HI everyone,

I think I have asked Asivad before.
I've been hoping to get ITA when I am able to just take out a bank certificate with 6 months balance and forget about the proof of funds.

However, this did not happen like that. I got ITA yesterday and now I am only having the money for 5 months (this is if I get my certificate 1 week before the deadline).

I see you give pretty good advice how to proceed in cases like this. Here is my situation:

1. I have an account in a different bank which I will not use for proof of funds because I have a loan in it which I took along with my mother. But the account is on my name. I had money in is which was used also by my mother and I transfered about 8000 cad form it in my POF account.

2. Later my husband sold one of his cars and transfered cash (not by account) into the POF account about 5000 cad.

3. 3 day later his father transfered another 4000 cad into the same account.

Main point is: we have the requested amount in the POF account (functional for 3 years since I get my salary in here as well) since the beginning of november. My bank can make balance for each month starting for november and in march it will be 5 months break ...
I must mention that every month I transfer about 80% of my salary to my other account because I am trying not to overspend and I do realize now that this will be visible on the statement and was overall a bad idea ...

As far as I understand I have a solution for points 2 and 3 - gift certificates but for point 1 I have no explanation how to prove this money as it is taken out of my account which has a loan on it and it sure does seem like I loaned this money ...

Any suggestions?

I am considering declining the ITA at this point and waiting another one , I can only hope the score will drop down below 456 again ...

If it is in 5th month then submit balance certificate showing funds you have in your account. By the time they ll query your statements (say in BG check) your funds ll be 6 months old.

 

[cuwat]

I have an issue here. Please help

Background:
Switching to my wife as PA, since her CRS is better than mine for OOPNP

Situation:
1. The money is under my personal account. But now I created a joint account under my name and my wife's name.
2. The sum of money right now reached at approx. CAD19,500 was accumulated from my salary each month since August 2015, and we never touch the money - because we have other sources for living, and it will be accumulated each month.
3. Then I will transfer the money to our joint account

Questions:
- What should I do to complete this action at the bank?
- If I must provide Letter of Explanation (LoE), any advice about the format?
- Do I need to include the transaction history of my personal account (including the date I transferred to joint account) too?
- Would be it okay if the money is not averagely 18,650 (for 3 persons) each month?
- After that, to make a bank statement (PoF), what are the information that need to be included / stated by the bank in the letter?
- [Silly question], when provide this PoF: During my application in OOPNP? or after ITA (CIC)?

many thanks. I hope my questions also benefits to others.

 

[AnnaBG]

If it is in 5th month then submit balance certificate showing funds you have in your account. By the time they ll query your statements (say in BG check) your funds ll be 6 months old.

But then the average 6 months balance would be less than the required 15k, isnt it so ?

 

[cjs]

But then the average 6 months balance would be less than the required 15k, isnt it so ?

You need to show average monthly balance for last 6 months. Currently you can go with just balance certificate if you can not explain funds. In that certificate include that this account solely belongs to you and you have XXXXX balance in it on XXXX date.

Once you submit your profile, suppose it takes one month to reach local VO after processing of medicals and other things. Then it is on local VO if he asks for statements of not. If he asks by that time your funds ll be 6 months old na. and by that time you can provide 6 months statement.

 

[AnnaBG]

I went to my bank today and asked them what this could look like

what they suggested is the following:

Average balance for 6 month period including the following months:
10.2015
11.2015
12.2015
01.2016
02.2016
03.2016
_________________________

15 000 CAD (only not in that currency).


Main point is ... if on a later stage they ask me for bank statement I should provide such which does not include months october and november until 10th in it to spare myself all the drama around the incoming amounts.

So my question. If I send this document (it includes dates, names, numbers and the above breakdown of balance only for all 6 monts together not separately) - so if i am asked on a later stage this will be probably AT LEAST month after I submit in march. Are they requesting 6 months statement from the date they place the additional request if any?

 

[anujgupta84]

I went to my bank today and asked them what this could look like

what they suggested is the following:

Average balance for 6 month period including the following months:
10.2015
11.2015
12.2015
01.2016
02.2016
03.2016
_________________________

15 000 CAD (only not in that currency).


Main point is ... if on a later stage they ask me for bank statement I should provide such which does not include months october and november until 10th in it to spare myself all the drama around the incoming amounts.

So my question. If I send this document (it includes dates, names, numbers and the above breakdown of balance only for all 6 monts together not separately) - so if i am asked on a later stage this will be probably AT LEAST month after I submit in march. Are they requesting 6 months statement from the date they place the additional request if any?

You won't be asked such document request. You shouldn't worry. Just keep things simple with a Bank Certificate, Statement and LOE. All the best.

 

[damien86]

I submitted a one document obtained from the bank which shows my balance in an account for the last 6 months (it was a savings account so there is not much movement). The balance was always higher than the required account. It is also signed, stamped and under the bank letterhead

I did not submit additional statements. do you think I'll be fine?

 

[chigursr]

Hi All,

For source of funds, does a gift need to be from a blood relative. Can I show gift from Father-in-Law as proof of funds, does this qualify as close relative. Will it be acceptable if I can show gift deed, affidavit, pan card, tax returns, net worth certf and bank transaction proofs.

 

[anujgupta84]

Hi All,

For source of funds, does a gift need to be from a blood relative. Can I show gift from Father-in-Law as proof of funds, does this qualify as close relative. Will it be acceptable if I can show gift deed, affidavit, pan card, tax returns, net worth certf and bank transaction proofs.

It will work.

 

[anujgupta84]

I submitted a one document obtained from the bank which shows my balance in an account for the last 6 months (it was a savings account so there is not much movement). The balance was always higher than the required account. It is also signed, stamped and under the bank letterhead

I did not submit additional statements. do you think I'll be fine?

Bank statement is needed along with the Bank Balance certificate.

 

[anacorrea87]

Hello,

FOR POF, I have a big debit from my account when I paid my down payment of my apartment. Do I need to explain why did i have that money take out of my account to CIC?

My common in law partner also transfer me 5000 after that to help cover the cost of the down payment.

What do I have to do to explain both situation?

Thanks

 

[Asivad Anac]

Hello,

FOR POF, I have a big debit from my account when I paid my down payment of my apartment. Do I need to explain why did i have that money take out of my account to CIC?

No.

My common in law partner also transfer me 5000 after that to help cover the cost of the down payment.

If this transfer happened more than 6 months ago, nothing to be explained, If it happened within 6 months, explain that you haven't borrowed this money towards POF purposes.

What do I have to do to explain both situation?

Thanks

 

[anacorrea87]

Thanks