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

[Abu Shams]

Dear Seniors,

My own fund which I have in my salary account is only 2.5 months old. This is why I am going to get additional fund through Gift Deed from my father, which itself will cover the required amount. Will my fund which is 2.5 months old raise concern since, the gift deed would cover my full PoF without taking my own fund into consideration.

Besides, there is no placeholder for Letter of Explanation, in my case,

Where do I put that explanation? Please help.

 

[epb989]

How big is a single deposit, that might be of concern to CIC?

 

[istiak07]

Hello,
I got my ITA last week and now I am in the process of filling up the application. Most of my required documents are ready and now I am working to get the documents for the proof of funds. That is where I had some queries; My salary came through the bank but I always withdrew the money to cover expenses and to invest in different projects so I do not have any hard cash in the bank. Following is how I am planning to meet the $12300 quota:

- I have a DPS account associated with the same bank as my salary account worth $4000 at this moment and is set to mature in a year but I am ready to withdraw the money right away and keep it in my salary account as liquid cash.
- My company has a shared provident fund for all the employees and I will be receiving a minimum of $4500 at the time of my resignation and my company has agreed to attest to that in their official letterhead.
- I have sold my motorcycle for $4000 and I have a notarized letter of the transaction.
- My father has agreed to give me $3000 as a gift from the money he got from selling a property.

I know that it exceeds the minimum requirements but hey its better to be safe than sorry right
P.S. None of the money stated above are in my account right now, I will deposit them over the course of this month.

Now my queries are that
1. Do I have to liquidate my DPS or is there some way I can show it as it is?
2. Do I have to show any other documents regarding the provident fund?
3. Do I need to show where the money my father gifted me came from, i.e. the papers for the sale of the property?
4. Should I write a letter of explaination regarding all these transactions in a short period of time?
5. Are there any other documents that I need to submit?
6. My bank will not explicitly mention my average balance over the last 6 months but will give me a solvency letter for my account stating that my account in their bank is in good standing, is that enough?

I would love to get your input in these.
Thanks in advance

 

[ver]

Hi all!

Please can anyone assist?

For the PoF, I am receiving a gift from my cousin who is overseas. She is prepared to do a gift deed and get it notarized.

My questions pertains to the following:

Will it ok from my cousin (not parents or siblings) to gift me the money?
Does she obtain the gift deed and notarized letter from her country of residence or do I get it from the country I am residing in.

Thank you in advance

 

[nadirakazi]

Hello,
I got my ITA last week and now I am in the process of filling up the application. Most of my required documents are ready and now I am working to get the documents for the proof of funds. That is where I had some queries; My salary came through the bank but I always withdrew the money to cover expenses and to invest in different projects so I do not have any hard cash in the bank. Following is how I am planning to meet the $12300 quota:

- I have a DPS account associated with the same bank as my salary account worth $4000 at this moment and is set to mature in a year but I am ready to withdraw the money right away and keep it in my salary account as liquid cash.
- My company has a shared provident fund for all the employees and I will be receiving a minimum of $4500 at the time of my resignation and my company has agreed to attest to that in their official letterhead.
- I have sold my motorcycle for $4000 and I have a notarized letter of the transaction.
- My father has agreed to give me $3000 as a gift from the money he got from selling a property.

I know that it exceeds the minimum requirements but hey its better to be safe than sorry right
P.S. None of the money stated above are in my account right now, I will deposit them over the course of this month.

Now my queries are that
1. Do I have to liquidate my DPS or is there some way I can show it as it is?
No, you don't have to liquidate it. You can show several source/account as long as it is in your name.
2. Do I have to show any other documents regarding the provident fund?
I guess not. But please look through some of the other's post.
3. Do I need to show where the money my father gifted me came from, i.e. the papers for the sale of the property?
If you can provide source of his money, that would be good. If you do plan to take money from him please transfer it by check from his to your account. But I guess without it you have almost 12500 CAD/USD which is more than enough. . What was the amount of money you filed to be brought to Canada?
4. Should I write a letter of explaination regarding all these transactions in a short period of time?
Ofcourse!
5. Are there any other documents that I need to submit?
Do you have any check for selling your bike? or transaction history that shows money went from your's buyer's account to your account?
6. My bank will not explicitly mention my average balance over the last 6 months but will give me a solvency letter for my account stating that my account in their bank is in good standing, is that enough?
Provide 6 months' bank statement with the solvency certificate. Remember to add CAD equivalency in your solvency certificate.

I would love to get your input in these.
Thanks in advance

 

[istiak07]

Thanks a lot.
All the transactions will be via checks and I will add the scanned checks to the LoE. The main reason I am taking the gift deed is because I am not entirely certain that the provident fund will be acceptable and I do not want them to reject my application for that, I will do more research on that in the forum.
I think I put 14000 CAD when filling the ITA from, I believe that I will need to explain the change in value in the LoE.

Thanks again

 

[tanit]

hi guys , simple question

Is 1250 CAD considered a big amount ?
I recently added this amount (1250$ CAD) to my account , I will mention it in my LOE : "since I am self employed , I added some of my agency cash flow to help me reach the amount of funds needed to fulfill the proof of funds conditions"
does this look ok ?

 

[hamgha]

hi guys , simple question

Is 1250 CAD considered a big amount ?
I recently added this amount (1250$ CAD) to my account , I will mention it in my LOE : "since I am self employed , I added some of my agency cash flow to help me reach the amount of funds needed to fulfill the proof of funds conditions"
does this look ok ?

can you show the transfer? That it was "from you, to you"? A receipt or something?

 

[tanit]

can you show the transfer? That it was "from you, to you"? A receipt or something?

Yes I have a receipt
in our banking system , if the money is self deposited , it doesn't show any name/ID, but when someone else does a deposit , it shows name and ID number.
btw , i deposited small amounts few months ago, it will show up in the 6 months bank history statement , do I have to proove all these previous deposits by a receipt ? think I lost them ! should I worry ?

PS : in my pnp (august approved) application , I did also a deposit of 350CAD (1 week prior to application ) , just to be on the safe side of currency drop , oinp didn't disaporove that deposit.
as I mentioned am self employed noc2151 Architect , the majority of my transactions are dealt in cash , that's the way am handeling my money ( the extra cash flow money earned goes to the bank ) but since I need more for the pof , am sacrificing my cash flow for a better use !

 

[hamgha]

Yes I have a receipt
in our banking system , if the money is self deposited , it doesn't show any name/ID, but when someone else does a deposit , it shows name and ID number.
btw , i deposited small amounts few months ago, it will show up in the 6 months bank history statement , do I have to proove all these previous deposits by a receipt ? think I lost them ! should I worry ?

PS : in my pnp (august approved) application , I did also a deposit of 350CAD (1 week prior to application ) , just to be on the safe side of currency drop , oinp didn't disaporove that deposit.

no need to prove small amounts (unless they requested) I'm talking about the big transfer. If you have proof you're fine (just add it to your LOE scanned screenshot etc...)

 

[tanit]

no need to prove small amounts (unless they requested) I'm talking about the big transfer. If you have proof you're fine (just add it to your LOE scanned screenshot etc...)

thanks for your fast reply , I just edited my post while you answered me
ok , I'll be mentioning these deposits in my LOE , tho I also explain in another LOE how my agency works ( am using the same LOE I used in the ADR of my nomination process) , describing my work and how my agency works mentioning that my payments are usually in cash from private clients ( not companies nor government :these requires contracts and bank transferts ) that vary from medium to big amounts (from 1 to 4 K) depending on the job missions and the duration.

hope this works for CIC

 

[Beekay86]

Hi Guys, I have quite good points and hoping to get ITA soon. I want to ask few things about PoF.

-- My annual salary is CAD 20446. Which is also written on the experience letter.

And my account had mostly around CAD 1500-2000 in the past few months because I started maintaining it by consolidating all my accounts. Such a low amount was because I used to have most of my salary invested and in assets. For example I still have the car in my name which I plan to leave it here for the family. Now, I sold off other assets in my parent's name and cashed myself out from a small marketing activation company I had invested in one of their projects. So Its like CAD 3000 now and 5000 deposits (in local currency) will be done sooner to meet the PoF requirement.

Do you think just submitting my statement and experience letter (since salary in mentioned in it) is enough? Or do I need a letter from the business that I cashed out my investment from them on their letterhead? What do you suggest?

 

[TravellingMechie]

Hi guys,

Have two quick queries:

My Father is gifting me a certain amount for which I am providing a gift deed in his name.
Now the account that he is giving the sum from is a joint account of with my mother.

I have created a gift deed where my father is the donor. Do I need to mention my mother as well in the donor part of the gift deed?

Also I am providing the electronic transfer receipts of both donor account and donee account to show the fund trail.

Do I need to additionally provide any bank statements of donor account?

Thanks
travelllingmechie

 

[Varunaimar]

Dear Forum members,
My question is simple yet I haven't been able to find anyone with my situation to get a satisfactory answer.

I currently have a joint account with my spouse which has more than 2 times the minimum required funds for 3 members. The joint account has me and the principal account holder while my wife is the second/joint account holder. I also have another account in my sole name which I can bring upto 12k CAD in 2 months (salary).

I currently am planning to apply for EE as a single applicant. My wife will not be accompanying me. Here's my question:

I can show my single account balance, however I'm not sure how much it's 6 month average would come to. So I'm not taking any chance and planning to include my joint account with spouse as well.

Would CIC accept joint account balance with my wife even if she's not accompanying me? Any help/quotes/advice would be appreciated.

 

[oshin]

How big is a single deposit, that might be of concern to CIC?

Same here! How big is big from cic? What about 4k out of 23k? Is that an alarming deposit? Those are actually a combine family christmas gift (some are in USD) that i will be depositing in my account. Thanks for ur input guys