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

[anujgupta84]

Hi,

I applied on 3rd December 2015 and at that time proof of funds requirements were CAD 14853 for two people, but now they increased that amount, although the increment is minor but I have not extra money in my account which can cover or meat this increment. My background check is in process, does this problem affect my application or does old proof of funds requirement will apply in my case?
how does CIC verify our balance from bank? because as per my knowledge Banks do not share accounts information other than account holder.

Thanks in advance

Regards

Dont worry about the things that are not in your control. Unless the currency gets like a 25% + drop, you will and should be fine.

 

[subramani_vs]

Hi Anujgupta, need a clarification regarding POF.

When I submitted my application on Jan 4th 1 CAD = 47.5 and now its 50.3. While converting funds, will they consider the submitted date or the current date? If they consider the current date, I might fell short (30 to 40K approx) of the actual POF requirement.

 

[anujgupta84]

Hi Anujgupta, need a clarification regarding POF.

When I submitted my application on Jan 4th 1 CAD = 47.5 and now its 50.3. While converting funds, will they consider the submitted date or the current date? If they consider the current date, I might fell short (30 to 40K approx) of the actual POF requirement.

The rates on 'THAT' day will be considered.

 

[subramani_vs]

The rates on 'THAT' day will be considered.

Bad news for me, then. Another question for you. Spouse's fund can also be shown as POF, right? I've a FD that has spouse name and her father's name in it (because it is a either or survivor account and the bank has insisted to open this way).

Is it acceptable?

 

[faridshariff]

hi experts,

Regarding my proof of funds I will be submitting FD receipts along with the bank letter.
My bank account is a Joint account with my mother. Do I have to submit a No objection letter from my mother saying that I can use the funds?

 

[anujgupta84]

Bad news for me, then. Another question for you. Spouse's fund can also be shown as POF, right? I've a FD that has spouse name and her father's name in it (because it is a either or survivor account and the bank has insisted to open this way).

Is it acceptable?

Why bad news? By THAT day, I meany the day of application submission!
You would need a self declaration from your father in law that he has no issues in his daughter's virtue of using the money all for herself.

 

[anujgupta84]

hi experts,

Regarding my proof of funds I will be submitting FD receipts along with the bank letter.
My bank account is a Joint account with my mother. Do I have to submit a No objection letter from my mother saying that I can use the funds?

Yes, do submit the NOC from your mother.

 

[subramani_vs]

Why bad news? By THAT day, I meany the day of application submission!
You would need a self declaration from your father in law that he has no issues in his daughter's virtue of using the money all for herself.

Oh! I understood the other way. Thanks for clarifying. Your application was processed with the currency value @ the date of submission only, right?

I will get the self declaration as you have suggested.

 

[nsbhullar]

I am from INDIA.
My query is Can I show my PF account and PPF account as proof of fund along with saving bank account.

Please suggest.

 

[Stanlee]

I am from INDIA.
My query is Can I show my PF account and PPF account as proof of fund along with saving bank account.

Please suggest.

Employee Provident Fund can be considered as proof of funds as you can withdraw the whole amount after you have resigned and you will get the proceeds credited to your account in 90 days. But, you will have to submit necessary documents in this regard. I have read on the forum where someone has submitted EPF as proof of funds. You can look up the same on the forum.

Public Provident Fund (PPF) account matures only on the completion of 15 years from the end of the year in which the account was opened. For PPF, no premature closure is allowed, so this does not meet the requirement of CIC, which says that funds should be unencumbered and readily available. The only case where it can be used as proof of funds is by doing a partial withdrawal if you have completed 7 years (from date of account opening). In that case the proceeds which gets transferred to your savings account can be shown as the proof of funds, but not PPF directly.

 

[subramani_vs]

Employee Provident Fund can be considered as proof of funds as you can withdraw the whole amount after you have resigned and you will get the proceeds credited to your account in 90 days. But, you will have to submit necessary documents in this regard. I have read on the forum where someone has submitted EPF as proof of funds. You can look up the same on the forum.

Public Provident Fund (PPF) account matures only on the completion of 15 years from the end of the year in which the account was opened. For PPF, no premature closure is allowed, so this does not meet the requirement of CIC, which says that funds should be unencumbered and readily available. The only case where it can be used as proof of funds is by doing a partial withdrawal if you have completed 7 years (from date of account opening). In that case the proceeds which gets transferred to your savings account can be shown as the proof of funds, but not PPF directly.

Any idea on what are the necessary documents to be submitted for EPF?

 

[vivekskumar8544]

Any idea on what are the necessary documents to be submitted for EPF?

You need to get a statement from EPF office. There is a form u need to fill and give it to EPF office directly. For me they told it will take some time, but on request they gave it to me on the same day. It will show your statement till current financial year. You can submit the same. Before going to EPF please take ur UAN number along with the ID. You can login to UAN portal and download the same.

The statement downloaded from UAN portal will not be accepted.

 

[subramani_vs]

You need to get a statement from EPF office. There is a form u need to fill and give it to EPF office directly. For me they told it will take some time, but on request they gave it to me on the same day. It will show your statement till current financial year. You can submit the same. Before going to EPF please take ur UAN number along with the ID. You can login to UAN portal and download the same.

The statement downloaded from UAN portal will not be accepted.

Thanks for your reply, Vivek.

 

[dreamcold]

You need to get a statement from EPF office. There is a form u need to fill and give it to EPF office directly. For me they told it will take some time, but on request they gave it to me on the same day. It will show your statement till current financial year. You can submit the same. Before going to EPF please take ur UAN number along with the ID. You can login to UAN portal and download the same.

The statement downloaded from UAN portal will not be accepted.

CIC will definitely accept the e-passbook generated thru EPFO web site. See the response i got:

Dear Sir/Madam,

This is in response to your recent email enquiry to the Immigration Section of the High Commission of Canada in New Delhi.

You may submit e-passbook generated through India Government's PF site.

Sincerely,

Client Service Unit, Immigration (6)
High Commission of Canada in India / Government of Canada
www.india.gc.ca www.cic.gc.ca

Unité du service à la clientèle, immigration
Haut commissariat du Canada dans Inde / Gouvernement du Canada
www.inde.gc.ca www.cic.gc.ca

DELHI-GoC-IDENT.jpg

 

[dadbangalore]

Hello Friends,

Have gone through this thread, and is very informative. Just want to check, if any forum member is from Mumbai and has done Gift Deed, Affidavits, and Net worth Certificates in Mumbai? Would like to know where/how to get done etc, if references of any CAs or lawyers I may get please.

Looking for some leads please. Thanks in advance.