So does the average balance for each of the previous 6 months have to be above the minimum amount or just the closing balance is important?
A complete way to nail 'Source of fund' dilemma!
- Thread starter anujgupta84
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Thanks bro! Wife's account doesn't have any credit since last 6 months so no issue there. I only need a letter from her then i guess.
I have still doubt about this:
Do i need to show wife's account statement + authorization letter only or also stuff similar to the primary applicant i.e. account opening date, average balance etc. or can i only show 6 months statements?
I have still doubt about this:
Do i need to show wife's account statement + authorization letter only or also stuff similar to the primary applicant i.e. account opening date, average balance etc. or can i only show 6 months statements?
They ask for average balance just to identify if there were significant credits in your account over the last 6 months and whether these funds belong to you or you have taken any loan. Only thing you have to make sure is the current balance is above LICO.
Tip: keep a little extra to manage exchange fluctuations
You would need a declaration from her and the letter from the bank the same way you're doing for your account i.e. 6 month average, opening date etc.
I hv taken 1 lakh inr loan two months ago which reflects in my bank statement. But I haven't taken for pof. My mother will be gifting me whole amount. So would there be any problem???
If the loan isn't for POF then no issues. Since it is a recent loan ( credit in your account within 6 months)it would be advisable that you mention this in an LOE
Hi everyone,
The only issue with me to show POF is most of the money I have is in cash which I withdrew from my accounts and give it to family and friends and now I have got that back. So lets say If I deposit all the money in one account, do you think that my salary slips or statement will be enough to prove that. To clarify, total I need for three family members is around 19000 Cad dollars, And I worked 4 years part time in the UK and for last one year in the UAE and total of my all salaries is equal to more than 30 thousand Canadian dollars.
I hope you I clearly mentioned my point.
The only issue with me to show POF is most of the money I have is in cash which I withdrew from my accounts and give it to family and friends and now I have got that back. So lets say If I deposit all the money in one account, do you think that my salary slips or statement will be enough to prove that. To clarify, total I need for three family members is around 19000 Cad dollars, And I worked 4 years part time in the UK and for last one year in the UAE and total of my all salaries is equal to more than 30 thousand Canadian dollars.
I hope you I clearly mentioned my point.
No problems, get signed and stamped statement for last 6 months.
Write an LOE/covering letter where you can convert your local currency to CAD as per the exchange rate given on bank of Canada's website. Do mention the source and date of the exchange rate.
Good luck
It would be difficult to prove the ownership of such big amount ( when deposited in cash). Also, you cannot just say that you more than XYZ amount over the last 4 years.
It would be advisable to get a gift from the family and accordingly the documents must be uploaded.
I can do that but do I need to show the source of income of the donor. lets say if my father is giving me a gift deed. Currently he is not working but before he was working in Saudi Arabia and running his own cloth shop for 20 years. Do I need any proof of his business or income.
For your information there is no income tax in Saudi and my father never paid any tax.
Yes, the deed will mention that the gift is part of the earnings and savings by your father. People add donor's statements just to be on a safer side. You can also do that if you wish. CIC won't ask for any further questions.