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

[Cann2017]

That is still not clear, may be take a worst conversion rate (around 51) or keep 1000$ extra to manage fluctuations.

thank you Vishalg
+1

 

[Snowhity85]

Hey guys please I need help, my VO is asking for payslip and a corresponding bank showing deposites. I don't have a salary account what will I do. How do I explain it. I only submitted my saving accounts which has my pof and its well explained.

 

[DelPiero07]

Hey guys please I need help, my VO is asking for payslip and a corresponding bank showing deposites. I don't have a salary account what will I do. How do I explain it. I only submitted my saving accounts which has my pof and its well explained.

Provide the pay stubs, this has nothing to do with POF, it has to do with the VO wanting to know whether you got paid during your employment.

 

[Snowhity85]

Provide the pay stubs, this has nothing to do with POF, it has to do with the VO wanting to know whether you got paid during your employment.

thanks @ delpiiere07 I will do that. God bless u.

 

[MS0204]

joint account/FD with father won't work. Liquidate that make an FD in your name only.

Hey Vishalg thanks for your reply..

In this case can I get a gift deed from my dad stating that he has gifted all the Funds to me and he has no problems with me using that.

would that be acceptable or would need to just liquidate the FD

 

[vishalg]

Hey Vishalg thanks for your reply..

In this case can I get a gift deed from my dad stating that he has gifted all the Funds to me and he has no problems with me using that.

would that be acceptable or would need to just liquidate the FD

if only your name appears as the owner of the FD along with the FD opening date (as the original one) then no need of gift deed. But if the opening date is recent I.e. less than 6 months then you have to show to trail of funds and along with it the gift deed.

 

[archit13]

Hi All,

I am new to the Canada PR process. Want some information regarding the Gift deed and affidavit.

Is the Gift Deed letter and affidavit required on a Stamp Paper? Or can it be done on a plain A4 paper?

Do I have to visit a lawyer to get the Gift Deed letter and affidavit letters?

 

[haceeb]

If parents gift you funds, does CIC ask for Parent's 6 months statement or source of funds??

 

[lucky320]

Hi guys, I am new to this forum, but have been reading the posts constantly.
Please advise.
We are self-employed. Applying to EE.
we have a corporate account, and my personal account. I am a secondary applicant. and going to show the POF from my personal account along with the letter that I don't mind my husband using it.

Supposedly, we have the needed amount, but the problem is that it did not sit on my personal account for 6 months. Supposedly it only sat there for 1-2 months, and it came from our corporate account.

Can I show the invoices and the bank statement for my company to prove that these money did come from the client.
And again, do I really have to keep them there for 6 months or I just need a good justification where these money came from?

Thank you!

 

[haceeb]

If parents gift you funds, does CIC ask for Parent's 6 months statement or source of funds??

 

[KRahman]

Hi All,

I am new to the Canada PR process. Want some information regarding the Gift deed and affidavit.

Is the Gift Deed letter and affidavit required on a Stamp Paper? Or can it be done on a plain A4 paper?

Do I have to visit a lawyer to get the Gift Deed letter and affidavit letters?

It's okay to have it written on a plain paper. But why give it a chance ? Make a deed and get it notarized, very easy task to be honest.

 

[KRahman]

If parents gift you funds, does CIC ask for Parent's 6 months statement or source of funds??

If your gift is deposited to your account via online transfer or cheque then just get the statement of that particular month from your father/mother. That would be enough.

 

[Kazem]

Guys, I have leased a car for which payments of approximately CAD 250 are deducted each month from my salary account.

Now this is the same account I plan on showing to CIC, and I will not have the required amount in it for the past 6 months (have all the relevant information to explain to them why, and that the money is mine), so I want to know if CIC will ask why there is a specific amount deducted from my account each month.

What do I do to preempt or prevent this?

 

[hasnatahmad]

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.

Thankyou for such a detailed explanation and helping the community.


I need your opinion on my situation.
1.I was in UAE for last couple of years and just moved back 2 weeks ago, I opened my account now.
2. I deposited 50% of required funds myself via cash deposits as I brought cash with me
3. Rest 50% I got from my father as gift but it was deposited by his son-in-law into my account as my father loaned him the money in past

What documents do u suggest I should submit to make my case ???

 

[naliniparthiban]

Hi friends..

This thread has been such a huge relief that so many ppl have used gift deed as Proof of funds. I'm planning to take gift deed of 10L from my father and I have already got ITA. The problem is since I'm on my maternity break the last months average balance in my account is very low. Is it ok?