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

[Rahulraj111]

Hello experts. I hv one doubt. I hv fd in a new bank account and the money will be gift deed from my mother. I hv other salary bank account which I will show. So would it be a problem if I hv in the gifted form fd in new account?

 

[degm]

You would need bank statements for your account only if there is information missing in your bank letter such as 6 month's average or any other info. Which is available in the bank statement.

Vishalg, so I´m thinking of just translating the first page of each monthly statement, which includes a line with the monthly average. Each of my statements is 12-15 pages long, and unfortunately I can´t afford having 80 pages translated to English from Spanish. Do you think that`s a good idea? I would upload those 6 pages + notarized gift deed + bank letter + proof of transfer... Thanks for your feeback!

 

[PritomIslam]

Hello, me and my husband are going to apply to Express entry Canada this year. My husband is the main applicant. Now, I have some queries-
1. What if my parents give me the gift deed in my name to my account and then I transfer it to my husband's account as my husband is the main applicant. is it possible? should it be a problem?
2. If we show the whole fund as gift deed, will it create problem?
Plzzz help us out....

 

[PritomIslam]

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.

My husband is the main applicant and I m dependent; what if my parents give me gift deed in my account in my name and I transfer it to my husband's account? will it be a problem? and if the whole 10 lacs amount is shown as gift deed, should it be a problem ?

 

[vishalg]

Hello, me and my husband are going to apply to Express entry Canada this year. My husband is the main applicant. Now, I have some queries-
1. What if my parents give me the gift deed in my name to my account and then I transfer it to my husband's account as my husband is the main applicant. is it possible? should it be a problem?
No problem, just get the gift deed and upload the proof of transfer ( cheque/ internet transfer receipt)
2. If we show the whole fund as gift deed, will it create problem?
No issues.
Plzzz help us out....

 

[Canadream2017]

Great information! Thanks!

 

[baovydo]

Hi guys,

Regarding my source of fund, I will sell my property (house) and transfer the money into my saving account/fixed deposit and will provide 6-month balance of my account as Proof of Fund. My current accounts don't have much money and this will be a sudden source. I am planning to upload my Property Ownership Document to prove that I am the owner, and the Selling/Buying Contract between me and the buyer to prove that this is where the money comes from, but it will come some time later, after the date I sell my house. Is it okay, and does this suffice to prove my Proof of Fund to CIC?

Also, do I need to upload Property Ownership Document when the buyer's name appear on it, too? (In our country, next buyer name will be updated in the same Property Ownership Document, this process will take some time, and the document will keep updating each time new buyer buys and owns the existing property)

Than you!!

 

[Vishal-07]

Hey guys got a query. I have NOI from Ontario. But to file the application i have the required amount since 2.5 months and not 6 months as required by OINP. If i show th money as a gift deed with proper evidence will ontario accept the application since money is not maintained for 6 months?.plz help. My conultant is saying the money needs to be there for atleast 5 months in the account

 

[PritomIslam]

Thank you for your reply I have some other queries, can you help me out?-
1. Can we show cash from selling gold? and If we can, what documents should I show in this case? such as- gold selling receipt from jewelry shop?
2. Main applicant has two accounts, one is salary a/c, another is savings a/c. we are planning to show the statement of savings a/c. so, if the applicant take out the full salary amount from his salary a/c and keep it in savings a/c from now on each month, will it be suspicious?

 

[rupinder2k17]

Thank you for your reply I have some other queries, can you help me out?-
1. Can we show cash from selling gold? and If we can, what documents should I show in this case? such as- gold selling receipt from jewelry shop?
2. Main applicant has two accounts, one is salary a/c, another is savings a/c. we are planning to show the statement of savings a/c. so, if the applicant take out the full salary amount from his salary a/c and keep it in savings a/c from now on each month, will it be suspicious?

1. Yes you can do that. You will have to provide the selling receipt along with the transaction details.
2. Not at all, just mention it in the Letter of explanation.

 

[PritomIslam]

1. Yes you can do that. You will have to provide the selling receipt along with the transaction details.
2. Not at all, just mention it in the Letter of explanation.

thnxxxx!! you helped me a lot!!

 

[vishalg]

Hi guys,

Regarding my source of fund, I will sell my property (house) and transfer the money into my saving account/fixed deposit and will provide 6-month balance of my account as Proof of Fund. My current accounts don't have much money and this will be a sudden source. I am planning to upload my Property Ownership Document to prove that I am the owner, and the Selling/Buying Contract between me and the buyer to prove that this is where the money comes from, but it will come some time later, after the date I sell my house. Is it okay, and does this suffice to prove my Proof of Fund to CIC?
Along with sale deed, your ownership documents also upload proof of transfer ( cheque). This would not leave any doubts in the source and your claim to ownership of the said funds.
Also, do I need to upload Property Ownership Document when the buyer's name appear on it, too? (In our country, next buyer name will be updated in the same Property Ownership Document, this process will take some time, and the document will keep updating each time new buyer buys and owns the existing property)
No need
Than you!!

 

[vishalg]

Hey guys got a query. I have NOI from Ontario. But to file the application i have the required amount since 2.5 months and not 6 months as required by OINP. If i show th money as a gift deed with proper evidence will ontario accept the application since money is not maintained for 6 months?.plz help. My conultant is saying the money needs to be there for atleast 5 months in the account

Gift Deed is acceptable, you can upload that along with the poof of transfer ( cheque/ wire transfer receipt)

 

[jessi131]

Hi All,
I had availed 0% interest loan from my current company as a benefit provided by them to their employees.
Now I have received a loan letter from the company stating the current outstanding amount and also same is visible on my salary slips.
Now please suggest whether I should attach this letter in proof of funds section? will it be confusing?
Here no information is visible in any of my bank accounts or statements, all the loan details are visible in my company provided documents. Please help.

Thank

 

[aleekhan1]

Hello all
I received NOI from ON... But i dont have last 6 months bank stataement. But i have cash in hand in the form of prizr bonds which is more than the lico requirement.

Anyone pls help how can i show cash as proof of funds having no bank statement

And is it necessary to show proof of funds while submitting application to oinp or it is requirement at later stages

What is the way out for me please help