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

[anujgupta84]

Is there any instance of requesting more documents, after background check started?

Sure there can be. There is no sure shot trend of CIC. People have been requested additional docs soon after their application submission as well as very deep into their timeline.

 

[mcadam]

Thanks mcadam, I hope you get yours soon too..

If we think logically and had I been at your place:
- I will get a bank letter, each, pertaining to both of my accounts, with the respective currencies showing CAD values.
- I will get a Gift deed of $9000 being credited into my home account with all the supporting docs as required for your home country.
- An affidavit about your Father/mother/Donor being a Deponent
- All the Bank statements showing movement of funds to and fro.
- An LOE with the explanation of me maintaining two accounts with ABC, XYZ Bank. Total summation of the funds in both the accounts and their CAD value.
- Net worth certificate of the Donor to show that he/she hasn't exhausted all the savings and will survive without $9000 given to you.

This would make my case solid... isn't it?

Hi anujgupta84. Asivad Anac, your input will also be appreciated.

I was wondering the kind of bank statement I must provide. Must it be an official bank statement with bank stamp/seal or electronic copy will do? Because I don't know how to get an official bank statement for my bank account in my home country since I am not physically present.

Also is it necessary to get a bank letter showing average balance in last six months?

And is it compulsory for the balance to be shown in CAD or local currency will suffice?

Thanks in anticipation...

 

[Asivad Anac]

Hi anujgupta84. Asivad Anac, your input will also be appreciated.

I was wondering the kind of bank statement I must provide. Must it be an official bank statement with bank stamp/seal or electronic copy will do? Because I don't know how to get an official bank statement for my bank account in my home country since I am not physically present.

Statements have to be signed/stamped by the bank authorities, online statements wouldn't suffice.

Also is it necessary to get a bank letter showing average balance in last six months?

Yes. Because this is used by CIC to confirm that there hasn't been any unreasonably large credit transactions into your account within the last 6 months as that could possibly indicate the presence of borrowed funds. The 6 month average balance should be fairly close to your present account balance, a difference of 10-15% would be normal. If you cannot get a letter showing 6 months average balance, try to get a letter showing opening/closing balance for each of the last 6 months. If that isn't possible either, submit 6 months of bank statements showing all transactions - you can choose to mask the details of all transactions and just showcase your opening/closing balance and explain to CIC via an LOE that your transactions are personal in nature and you don't want to share the details with CIC - perfectly legit request. Or you can show all your transactions if you don't mind sharing those details with CIC.

And is it compulsory for the balance to be shown in CAD or local currency will suffice?

Local currency. Your bank might be willing to show a CAD conversion as on date depending on the currency conversion rate prevailing on the date you get the letter but this isn't necessarily required - even a letter showing the amount in local currency would suffice.

Thanks in anticipation...

 

[anujgupta84]

Hi anujgupta84. Asivad Anac, your input will also be appreciated.

I was wondering the kind of bank statement I must provide. Must it be an official bank statement with bank stamp/seal or electronic copy will do? Because I don't know how to get an official bank statement for my bank account in my home country since I am not physically present.

Also is it necessary to get a bank letter showing average balance in last six months?

And is it compulsory for the balance to be shown in CAD or local currency will suffice?

Thanks in anticipation...

1. No, electronic copy won't do. Please sign a Bank statement request application, scan it and send it to your home. Then ask someone to collect the statement of your behalf. Only submit stamped and signed bank statement.

2. Not necessary to include 6 months average balance.

3. Local currency would suffice but VO's job would be easier if CAD equivalency would be mentioned. Just ask them to get their CAD selling rate for that day and convert your balance into CAD.

 

[ashutoshmanohar]

Is Gift Deed necessary?
Can't I just have a letter or an affidavit from the parent (Donor)
stating that they are willingly giving me the money and not expecting it back?

With a gift deed, won't I have to pay tax?
And what if I want to give the money back sometime later?
Won't I have to do a reverse gift deed?

 

[anujgupta84]

Is Gift Deed necessary?
Can't I just have a letter or an affidavit from the parent (Donor)
stating that they are willingly giving me the money and not expecting it back?

With a gift deed, won't I have to pay tax?
And what if I want to give the money back sometime later?
Won't I have to do a reverse gift deed?

- Yes, Gift Deed is necessary to prove that funds weren't borrowed. When money is involved it is always better to keep everything transparent. Affidavit would prove whatever your father/mother is saying is true. Where would be the proof that you have accepted the amount given by them? That's where Gift Deed would come in.

- Legally, Yes, you would need to pay tax. But you need that money to prove VO that you have enough to survive before you land in Canada.
- You don't need any reverse Gift Deed. You don't have to prove it to anyone if you want to give money back to your parents. Here Gift Deed would make your case stronger that's why you are using it in your application. VO/Canada is hardly bothered what you do with that money later. They just want to ensure they are letting financially sound people in their country.

I hope I made some sense.

 

[sraj07]

anujgupta,

Congrats for your PPR. God is by your side .

I have different POF issue ...

I have required fund of 18300+ for my family of 3 . But this money is not as any fixed deposit or other term deposit . The money is obtrained through my savings from salary . It is in the same account where I get salary . (USA acct) . below are my questions

1) This is my only USA acct . Hence all my salary and credit card payments are happening in the same acct (Both credit and debits). ---> Is that a problem ? My CC payment will be 1500$ USD Per month . Ofcourse we need CC for basic living in UA .
2) In last 6 months , I have transferred 1000 usd each time for 4 times from USA to India .. Will CIC question why I transferred ?


I am sso worried abt these questions , Apart from that I am ok. I have proof of every credit transactions in my account for the 18000 cad - (My payslips and bonus letter from company) .

I am having sleepless nights .

 

[anujgupta84]

anujgupta,

Congrats for your PPR. God is by your side .

I have different POF issue ...

I have required fund of 18300+ for my family of 3 . But this money is not as any fixed deposit or other term deposit . The money is obtrained through my savings from salary . It is in the same account where I get salary . (USA acct) . below are my questions

1) This is my only USA acct . Hence all my salary and credit card payments are happening in the same acct (Both credit and debits). ---> Is that a problem ? My CC payment will be 1500$ USD Per month . Ofcourse we need CC for basic living in UA .
2) In last 6 months , I have transferred 1000 usd each time for 4 times from USA to India .. Will CIC question why I transferred ?


I am sso worried abt these questions , Apart from that I am ok. I have proof of every credit transactions in my account for the 18000 cad - (My payslips and bonus letter from company) .

I am having sleepless nights .

Yeah sraj07, CIC does give everyone sleepless nights. Lets talk about few questions here..

What's the current Balance in your account? What's the average balance say March till now (approximate)? When are you planning to submit the application? What was your ITA date?

No CIC won't question your transfers/.

 

[Asivad Anac]

Is Gift Deed necessary?
Can't I just have a letter or an affidavit from the parent (Donor)
stating that they are willingly giving me the money and not expecting it back?

With a gift deed, won't I have to pay tax?
And what if I want to give the money back sometime later?
Won't I have to do a reverse gift deed?

A gift deed is not necessary. You can prove physical transfer of monies by showing debit from their bank account and a corresponding credit into your account. A letter on A4 paper would do - no affidavit, no notarizing, no gift deed. Under law, possession and ownership are distinct and possession is often supreme. You possess the money if you can prove that it is physically transferred into your account. Ownership is proved by the signed self-declaration.

 

[sraj07]

Yeah sraj07, CIC does give everyone sleepless nights. Lets talk about few questions here..

What's the current Balance in your account? What's the average balance say March till now (approximate)? When are you planning to submit the application? What was your ITA date?

No CIC won't question your transfers/.

Hi Anuj and Asivad ,

My ITA date is 21-Aug-2015. My application is for 3 ppl including me .
I called my bank today to get the details . My six month avg balance is 18575 cad and current balance is 22666 cad . [This six month avg is a field itself in the bank in their computer system, they no need to manually do the math. ].

The difference between current balance and 6 month average is 4091 cad .
My fund is basically from my savings every month + a huge one time bonus of 2275 cad in June 2015.

I think my 6 months period will be Apr 14 to Sep 14 - based on my billing cycles (which is 14 th of every month).

 

[anujgupta84]

Hi Anuj and Asivad ,

My ITA date is 21-Aug-2015. My application is for 3 ppl including me .
I called my bank today to get the details . My six month avg balance is 18575 cad and current balance is 22666 cad . [This six month avg is a field itself in the bank in their computer system, they no need to manually do the math. ].

The difference between current balance and 6 month average is 4091 cad .
My fund is basically from my savings every month + a huge one time bonus of 2275 cad in June 2015.

I think my 6 months period will be Apr 14 to Sep 14 - based on my billing cycles (which is 14 th of every month).

There is absolutely nothing you need to worry about. Absolutely NOTHING! You have all based covered with POF part of your application.

 

[IndianJack]

Anuj could you please share the format of affidavit (article 4) that you included in your application?

 

[anujgupta84]

Anuj could you please share the format of affidavit (article 4) that you included in your application?

http://screencast.com/t/gT2ti5ZK

 

[sraj07]

My situation is strange ,

When others are struggling to get six month average value in their letter , my bank is giving too many information in the last 6 month statements .

they are giving opening , closing , average , balance . And also giving daily balance for all 6 months .. Along with that all other detail summary ... some 30 pages over all .. what can I do ?

Please help me what I can do ? I have requested them to tell only at high level just the transactions .. not sure what they will do
However I am good with the bank letter. It is only this 6 months statements that are too much detail

 

[anujgupta84]

I saw a post asking about Net-worth certificate format... this would do..



Net Worth Certificate
Certificate dated …………… submitted by ………………

CERTIFICATE

This is to certify that the Net worth of M/s. / Mr. / Ms. ……………………… as on ……………
is Rupees ………………. only as per the statement of computation of even date annexed
hereto.

It is further certified that the computation of Net worth, based on my/ our scrutiny of
the books of accounts, records and documents, is true and correct to the best of my
/ our knowledge and as per information provided to my / our satisfaction.


Place: For (Name of Accounting Firm)
Date: Name of Partner
Chartered Accountant
Membership Number
(Rubber stamp)



Page Two would have the breakup of Asset and Liabilities.


Asset
XXXX
XXXX
XXXXX
XXXXX

Liabilities
XXXX
XXXX
XXXX
XXXX

Net-worth = Asset - Liabilities = XXXX

Hope it helps!