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

[Sanket Gumaste]

wish you all the best

Thanks a lot Mr.Vishal. Your support means a lot. If I have any queries, I will come back to you. Thanks a lot again.

 

[ktayo006]

Hi All,

Thanks for the detailed explanation, have really learnt so much. Here's my situation:

I recently got ITA and still wondering wether to decline or not due to Proof of Funds. I haven't got the required $12000 CAD in my account, actually I had this balance 8 months ago but withdrew the money. Having said that, I cofounded a startup and have raised some funding from investors and even awarded for best startup of the year. The company's now valued £3.2M in London and I have 50% of the company. Having said this, I'm wondering if a Gift of Shares might be worth it in my case to show I have been issued the shares.

Also, the company can write me a check as part of my 50% equity to show the money needed, can I include this check in my application?

I really would like to follow through with my application as I don't want to wait 6 months to start putting the money if I decline this invitation.

Kindly advise with any thoughts or routes I might be able to show the POF.

Much appreciated!

 

[iverma]

Hi All,

Please help what all needs to be submitted if the amount needed to be shown as PoF is in the form :
-- My PPF Account which is around 10 years old (I am the primary applicant)
-- My spouse PPF account which is 3 years old
-- My LIC policy with insurance cover of 11 lacs which is 1 year old
-- My bank account
-- Spouse bank account
-- My 2nd bank account ( this was joint with my mother but I got her name removed after getting ITA) and she deposited some money in my account.

 

[vishalg]

Hi All,

Thanks for the detailed explanation, have really learnt so much. Here's my situation:

I recently got ITA and still wondering wether to decline or not due to Proof of Funds. I haven't got the required $12000 CAD in my account, actually I had this balance 8 months ago but withdrew the money. Having said that, I cofounded a startup and have raised some funding from investors and even awarded for best startup of the year. The company's now valued £3.2M in London and I have 50% of the company. Having said this, I'm wondering if a Gift of Shares might be worth it in my case to show I have been issued the shares.
Shares won't be counted as unencumbered funds
Also, the company can write me a check as part of my 50% equity to show the money needed, can I include this check in my application?
you can deposit the check in your account and provide source of the funds and prove your ownership
I really would like to follow through with my application as I don't want to wait 6 months to start putting the money if I decline this invitation.
Average not necessarily needs to be above the required funds. Current funds should be above the minimum requirement and you should be able to prove that the funds belong to you only and not borrowed.
Kindly advise with any thoughts or routes I might be able to show the POF.
If you cannot get the check, then you can try the Gift route.
Much appreciated!

 

[vishalg]

Hi All,

Please help what all needs to be submitted if the amount needed to be shown as PoF is in the form :
-- My PPF Account which is around 10 years old (I am the primary applicant)
PPF not valid. There are certain clauses which restrict the withdrawal of funds and the amount of funds.

-- My spouse PPF account which is 3 years old
same as above
-- My LIC policy with insurance cover of 11 lacs which is 1 year old
Not valid
-- My bank account
Yes
-- Spouse bank account
yes
-- My 2nd bank account ( this was joint with my mother but I got her name removed after getting ITA) and she deposited some money in my account.
Yes, get a gift deed from your mother if the amount is deposited within last 6 months.

 

[vishalg]

Hi All,

Please help what all needs to be submitted if the amount needed to be shown as PoF is in the form :
-- My PPF Account which is around 10 years old (I am the primary applicant)
-- My spouse PPF account which is 3 years old
-- My LIC policy with insurance cover of 11 lacs which is 1 year old
-- My bank account
-- Spouse bank account
-- My 2nd bank account ( this was joint with my mother but I got her name removed after getting ITA) and she deposited some money in my account.

Forgot to mention that EPF is counted, you can utilise that for funds.

 

[ktayo006]

Thanks so much Vishalg!

Could you please provide more information regarding the Gift route - assuming a friend's happy to give me the cash.

Thanks in advancem

ktayo006

 

[rkhan15]

Thanks for all the information in this thread!

How big/small the deposit amount has to be for CIC to require a source of fund and proof of ownership of that amount in ones account. Would a deposit of more or less $2000 need to have proof of ownership and source of funds?

Thanks again.

 

[Kazem]

Hi Vishalg,

I asked you about my car loan and if i need to declare it in my application, and you said they don't consider that in POF.

Thing is, I got my bank statement and it categorically shows the amount being debited is each month on a certain date is an "Auto-Loan". So I just want to double-check that CIC will not consider this as a liability and end up asking me for my Car Loan details to calculate if I am eligible after subtracting the loan.

I asked my bank and they said it is unlikely immigration authorities will consider this a liability as a Car Loan is considered a "Consumer Loan" similar to Credit Cards, and that is not a major liability as, say a House Loan.

So I would just like for you to reconfirm that Car Loans are not considered a liability, and if possible, please let me know the reasoning behind it (as per your knowledge) so I can rest in peace.

Further, if it is not a liability, do I even mention it in the LOE?

 

[karthik2479]

Thanks so much Vishalg!

Could you please provide more information regarding the Gift route - assuming a friend's happy to give me the cash.

Thanks in advancem

ktayo006

Gift cannot come from a friend - it has to be a parent who says money is being gifted and can be used for settlement purposes. Anything from a third party will be treated as a loan and not as your funds.

 

[karthik2479]

Hi Vishalg,

I asked you about my car loan and if i need to declare it in my application, and you said they don't consider that in POF.

Thing is, I got my bank statement and it categorically shows the amount being debited is each month on a certain date is an "Auto-Loan". So I just want to double-check that CIC will not consider this as a liability and end up asking me for my Car Loan details to calculate if I am eligible after subtracting the loan.

I asked my bank and they said it is unlikely immigration authorities will consider this a liability as a Car Loan is considered a "Consumer Loan" similar to Credit Cards, and that is not a major liability as, say a House Loan.

So I would just like for you to reconfirm that Car Loans are not considered a liability, and if possible, please let me know the reasoning behind it (as per your knowledge) so I can rest in peace.

Further, if it is not a liability, do I even mention it in the LOE?

I do not think any loans are an issue - CIC knows we have an established base in our home countries - home loan, car loan, etc. We can't close things overnight especially when PR is not yet approved. And remember you are not going to become a Canadian citizen for at least 4 more years after landing. So it is perfectly ok to have ties back to your homeland. I think all they want to make sure is liabilities if any are not exorbitant and you can support yourself in Canada comfortably - and home loans will be the major component. It may also establish your credit worthiness - not that CIC will be evaluating it.

In short, no issues. Even if you don't mention for any reason and provide bank statements, they can find out if any auto debits are happening on regular basis and raise questions if they want. It will then again come to the same point.

Other seniors can also point out their views.

 

[somaya]

Hello Guys,

I am providing a Gift Deed from my mother, Do I have to submit any details about "her" bank account along with the gift deed and proof of transfer (e.g. a bank statement or average balance for the last 6 months)?

Please advise
Thanks in advance

 

[vishalg]

Thanks so much Vishalg!

Could you please provide more information regarding the Gift route - assuming a friend's happy to give me the cash.

Thanks in advancem

ktayo006

not completely sure about a gift from friend. But family/relatives can give you monetary gift against which you need to upload the gift deed which is a legal document stating donor's gift and donee's acceptance.

 

[vishalg]

Thanks so much Vishalg!

Could you please provide more information regarding the Gift route - assuming a friend's happy to give me the cash.

Thanks in advancem

ktayo006

also make sure you transfer the funds either through cheque or internet transfer. Accordingly upload the mode of transfer of funds.

 

[vishalg]

Thanks for all the information in this thread!

How big/small the deposit amount has to be for CIC to require a source of fund and proof of ownership of that amount in ones account. Would a deposit of more or less $2000 need to have proof of ownership and source of funds?

Thanks again.

Stanlee suggested CAD 1000, majority of the people in forum are going by his words. CIC hasn't shared any figure on this.