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

[anujgupta84]

Do we have to bring the money with us (i.e. in form of travelers' cheque or Bank Draft or Cash) and show it to the officer after landing? And that would mean declaring the money coz it will be more than 10,000 Canadian Dollars.

http://www.cbsa-asfc.gc.ca/publications/pub/bsf5052-eng.html

This will help

 

[ADteam]

Could you please help me with link for limit on file size for uploading

 

[adeelcis]

DBest option is to get an affidavit saying that your father doesn't have any issue with you using the funds completely. That's all you need for showing joint FD with your father as a POF.

Thanks for assistance. Can you share with me format of affidavit?

 

[savioceg]

Hi ,

Thanks for the thread.
I am in a situation where in i have received the invitation last week ( oct 2nd) . i am currently working in canada on a closed work permit ( LMIA excempt ) . technically i dont have to prove that i have funds. i am supposed to have about 15000 CAD as per the LICO table. Since i am earning in canada for the past 2 years and i am able to support myself and my wife who is also working . how could this be explained if i am invited under FSW . however i am also qualified under CEC . i currently have about 8000 CAD as my savings to prove them from the bank statement.

Also , i have a property in India on my name for which almost 50% of the loan has been cleared currently . Would any evaluation of the property help including the sale deed of the property ?

Please clarify

 

[anujgupta84]

ADteam:
Compress scanned jpeg: http://compressjpeg.com
Convert jpg to pdf: http://www.convert-jpg-to-pdf.net
Compress pdf: http://smallpdf.com/compress-pdf


adeelcis:
The place you will go to buy the e-stamp paper or stamp paper will have the format of the affidavit. It won't be anything technical, just simple English explaining that your dad hereby gives you authority btonuse the bank account without any restrictions, signed by your dad himself.

 

[anujgupta84]

Hi ,

Thanks for the thread.
I am in a situation where in i have received the invitation last week ( oct 2nd) . i am currently working in canada on a closed work permit ( LMIA excempt ) . technically i dont have to prove that i have funds. i am supposed to have about 15000 CAD as per the LICO table. Since i am earning in canada for the past 2 years and i am able to support myself and my wife who is also working . how could this be explained if i am invited under FSW . however i am also qualified under CEC . i currently have about 8000 CAD as my savings to prove them from the bank statement.

Also , i have a property in India on my name for which almost 50% of the loan has been cleared currently . Would any evaluation of the property help including the sale deed of the property ?

Please clarify

Assuming you are invited under FSW, you would have to show POF.
$14853 for two guys. You need to have this money as liquid funds. So, unless you sell your property and get the money in your account, it's of no use. You need to have the minimum amount with you as liquid funds. You can ask your parents for help and then follow my very first post of the thread. This is what my experience and knowledge says.

If there are other ways you can get proper documented liquid funds, use them.

 

[silkyshadow]

Hi anujgupta84 and everyone.

Let me apologise for the long details


Please I have a peculiar issue as I recently move from my home country to Ireland for a 3 months contract.

I applied for SINP and got nomination and ITA in the last draw #18.

I am the PA and we have a joint account in my name and wife's name opened in jan 2015 with a financial instituition which we used for SINP in June 2015 as it had our main funds.

However prior to my leaving in August 2015, I wasn't comfortable with the FI for some reasons and requested to close the account. After some back and forth, the FI gave me 2 bank cheques from another bank for our funds and I decided to open an account in my name with the bank (which I call Intermediary bank) so I could get immediate value still in august 2015 (just for the purpose).

I have another account I have running since 2007 but I moved all the funds out to my wife's account just before travelling.

I later transferred the funds to my wife's account and we decided to open another joint account and we moved 2/3 of the funds to the joint account and some of it to my mom. All this was done in August.


As as result of my contract in Ireland, I opened another account here which I intend to use in addition to our joint account and my wife's account

After ITA my mom transferred some funds to my wife who transferred to our joint account to make up the funds.



In summary the accounts are in order of date opened:

my first Personal account (Feb 2007)
my wife's account (Jan 2008)
our first joint account now closed (Jan 2015)
My intermidiary bank (August 2015)
our new joint account, in my name and my wife (Aug 2015)
my ireland account (Aug 2015)



For SINP application in June we used 3 accounts:

Joint account opened in Jan 2015 (having major funds covering POF for SINP) Statement from Jan 2015 - june 2015
My personal account opened 2007
My wife's account opened 2008


For ITA, I intended using following 3 accounts as the sum of the balances will be above the POF (we are a family of 4). In order of current balance:

our new joint account, in my name and my wife (Aug 2015)
my wife's account (Jan 2008)
my ireland account (Aug 2015)


While the old joint account statment we used for SINP shows that we have consistently had a balance since January covering the my issue now is that the new joint account is not up to 6 months, same as my Ireland account. While the the joint account is almost sufficient for the POF.

I'm also thinking including my wife account as it is the only source of funds to our new joint account. Also I don't know if there is need to be worried about the inflow to my wife's account from my mum or her account activity generally.


Also I don't want to include my first Personal account (Feb 2007) as it not currently funded.


Considering this my situation, please I really need your advice as it's giving some headache.

Thanks all.

 

[anujgupta84]

@silkyshadow,

- You don't need to show all the accounts you are holding. You just need to prove you have liquid funds for your survival in Canada.
- If the money isn't borrowed from anyone then even if you haven't maintained it for 6 months, itvwont be an issue. Just be concise in your explanation about it in the 'Letter of Explanation'.
- Just show the accounts whose balances exceeds the minimum funds required for your case, $22,170 for 4 people.

I am certain that
1) if you provide Bank statements for 6 months (even if you haven't maintained the minimum POF balance),
2) if you haven't borrowed the money,
3) if you provide explanation concisely,
You will be absolutely fine. I hope I managed to clear your doubts to some extent.

 

[silkyshadow]

Thanks a lot Anujgupta84.

You have been able clarify it.

Please will be able to assist with an example format of LOE if you can just to guide me.

Thanks

@ silkyshadow,

- You don't need to show all the accounts you are holding. You just need to prove you have liquid funds for your survival in Canada.
- If the money isn't borrowed from anyone then even if you haven't maintained it for 6 months, itvwont be an issue. Just be concise in your explanation about it in the 'Letter of Explanation'.
- Just show the accounts whose balances exceeds the minimum funds required for your case, $22,170 for 4 people.

I am certain that
1) if you provide Bank statements for 6 months (even if you haven't maintained the minimum POF balance),
2) if you haven't borrowed the money,
3) if you provide explanation concisely,
You will be absolutely fine. I hope I managed to clear your doubts to some extent.

 

[anujgupta84]

Thanks a lot Anujgupta84.

You have been able clarify it.

Please will be able to assist with an example format of LOE if you can just to guide me.

Thanks

To,
Citizenship and Immigration Canada
Date: XX-XX-XXXX

Subject: Proof of funds explanation

Dear Sir/Ma'am,

This is with regards to the documents that I have enclosed to prove that I have sufficient funds for my application of Permanent Residence. I hold following bnk accounts :

1. Xxxxx with ABC Bank balance as on xx-xx-XXXX Xxxxxx
2. xxxxxx with XYZ Bank balance as on xx-xx-xxxx. Xxxxxx
3. .....

All the funds in aforementioned accounts belong to me and I have accumulated them through my hard work and dedication. I believe I have necessary financial stability which will help me and my family survive peacefully in Canada.

In case you need further clarification, please feel free to call me at XXXXXX or e-mail me at Xxx@XXX.com

Yours truly,

XXXXXX


Don't forget to sign it before scanning and uploading. You may add whatever details yiou want as long it's helping the cause.

All the best.

 

[jyothi999]

Dear Sir,
This is Jyothi from India. I’ve been reading your posts(Anuj Gupta and Asivad) regarding POF. The solutions were amazing which no consultancy could provide even better. Your patience in answering queries is really laudable as POF is one of the vital issues where a common man gets struck-up. I request you to suggest me in my case also.
I am expecting ITA in Dec’2015 and planning to submit application in Feb’2015. Our family consists of 3 people and we need to show 9.5 lakh approx. My Bank bal are as follows for 6 months.
1. Aug - Op/bal-50k Cl/bal-80k
2. Sep - Op/bal-80k Cl/bal-3Lakh (on 9th Sep 2L from father a/c through NEFT) and 50K wdrawl
3. Oct - Op/bal-2.5L Cl/bal-5Lakh (on 7th Oct 2.5L from husband a/c through RTGS).
4. Nov
5. Dec
6. Jan

 Can we accumulate remaining 4.5 lakhs in the remaining 3 months? Or shall we deposit the whole in Nov?
 My father is a state Govt employee who draws 70K per month who is in service now (retires after 2 years).I would like to take a gift deed from him as you said. I can also show his pay slip and form 16.
 My husband is doing business which is not registered. He earns 70k per month. How to prove the source of fund in case of money transfer from his a/c?
 I worked as an Asst Prof in a private college from 2006-2014.Currently I am not working and on the verge of submitting my PhD. I have my salary slips and form 16 for those years.
 I have 2 sites/plots on my name. I could provide net-worth of them through CA.
 My a/c is with HDFC and they are not mentioning 6 month avg- bal in letter. They said they give statement for every quarter/3-months.
 While showing money transfer from father/husband a/c ,can we take a single day statement(to show that particular transaction of money transfer)? Or any rule like 1-month transaction?
Kindly suggest the solution for my situation. I shall remain highly grateful to you for the help.

 

[anujgupta84]

Dear Sir,
This is Jyothi from India. I’ve been reading your posts(Anuj Gupta and Asivad) regarding POF. The solutions were amazing which no consultancy could provide even better. Your patience in answering queries is really laudable as POF is one of the vital issues where a common man gets struck-up. I request you to suggest me in my case also.
I am expecting ITA in Dec’2015 and planning to submit application in Feb’2015. Our family consists of 3 people and we need to show 9.5 lakh approx. My Bank bal are as follows for 6 months.
1. Aug - Op/bal-50k Cl/bal-80k
2. Sep - Op/bal-80k Cl/bal-3Lakh (on 9th Sep 2L from father a/c through NEFT) and 50K wdrawl
3. Oct - Op/bal-2.5L Cl/bal-5Lakh (on 7th Oct 2.5L from husband a/c through RTGS).
4. Nov
5. Dec
6. Jan

 Can we accumulate remaining 4.5 lakhs in the remaining 3 months? Or shall we deposit the whole in Nov?
Either way it would work.
 My father is a state Govt employee who draws 70K per month who is in service now (retires after 2 years).I would like to take a gift deed from him as you said. I can also show his pay slip and form 16.
Absolutely perfect!
 My husband is doing business which is not registered. He earns 70k per month. How to prove the source of fund in case of money transfer from his a/c?
He has PAN number, right? That's all what's needed!
 I worked as an Asst Prof in a private college from 2006-2014.Currently I am not working and on the verge of submitting my PhD. I have my salary slips and form 16 for those years.
Absolutely perfect again!!
 I have 2 sites/plots on my name. I could provide net-worth of them through CA.
Again Absolutely perfect!!
 My a/c is with HDFC and they are not mentioning 6 month avg- bal in letter. They said they give statement for every quarter/3-months.
Absolutely no issues.
 While showing money transfer from father/husband a/c ,can we take a single day statement(to show that particular transaction of money transfer)? Or any rule like 1-month transaction?
I suggest you include atleast a month of transaction. Mention in Letter of explanation that had you included statements with bigger range, the pdf would have crossed the permitted 4MB limit.
Kindly suggest the solution for my situation. I shall remain highly grateful to you for the help.

I am 100% certain you would have no issues proving to the VO about your solid financial stability. It's all good. I wish you all the best.

 

[rollingpunjab]

Hello friends

I am a prime applicant and received my ITA on 2nd oct. My wife is co applicant. But she is showing larger chunk of money amongst us. together we need to show about CAD 15000 which is equal to about 7.5 Lakhs INR. I have about 1.5 lakhs in my account which i have been maintaining since last 6 months. My wife is saving money since many years and she has about 5 lakhs in her account.

My queries are as follows:

1. Will it be a problem if My wife shows such big amount since she is not prime applicant but co applicant ?
2. I am falling short by 1 Lakh INR. My father will give me this amount as a gift. I can get gift deed made, affidavit from my father, CA report, my father's bank statement, my bank statement, wherein this money transaction will be shown and my father's ITR.

Will this Suffice?

My ITA will expire on 1st december. When should I get this gift deed made?
I mean is there any time limit as to how old that gift money is supposed to be in the account of the donee's

Please Guide
Regards

 

[nirav277]

Hello Seniors,

I have a question regarding proof of funds....

So my wife and me together have the required funds equivalent to 18000 CAD in fixed deposit and bank balance...

However, we also have taken Home loan for purchase of house in India (Mumbai)...

Is it necessary for us to declare this home loan...??

Thanks & Regards,
Nirav

 

[anujgupta84]

Hello friends

I am a prime applicant and received my ITA on 2nd oct. My wife is co applicant. But she is showing larger chunk of money amongst us. together we need to show about CAD 15000 which is equal to about 7.5 Lakhs INR. I have about 1.5 lakhs in my account which i have been maintaining since last 6 months. My wife is saving money since many years and she has about 5 lakhs in her account.

My queries are as follows:

1. Will it be a problem if My wife shows such big amount since she is not prime applicant but co applicant ?
It won't be an issue. But why not get the money transferred to your account form her account? It will clear the air for VO. Even if you don't, you are perfectly fine.

2. I am falling short by 1 Lakh INR. My father will give me this amount as a gift. I can get gift deed made, affidavit from my father, CA report, my father's bank statement, my bank statement, wherein this money transaction will be shown and my father's ITR.

Will this Suffice?

Absolutely, it will suffice.

My ITA will expire on 1st december. When should I get this gift deed made?
I mean is there any time limit as to how old that gift money is supposed to be in the account of the donee's
No time limit. Just that the Bank statements are needed to show to and fro of funds.

Please Guide
Regards