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

[anujgupta84]

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...??

Yes, it is necessary to declare any liabilities to CIC. It makes their job easier if you present the information beforehand.

Thanks & Regards,
Nirav

 

[Asivad Anac]

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

CIC doesn't care about liabilities. They aren't going to give any one additional points for having an asset so there is no real reason to declare a liability. CIC is only keen on knowing if you have the required funds to support yourself (and your family, if applicable) for a year and that these funds are unencumbered. Show them just that and you're good. Don't complicate it by showing your liabilities unnecessarily - they've not asked for it and you're under no compulsion to declare any of it.

All the best!

 

[anujgupta84]

CIC doesn't care about liabilities. They aren't going to give any one additional points for having an asset so there is no real reason to declare a liability. CIC is only keen on knowing if you have the required funds to support yourself (and your family, if applicable) for a year and that these funds are unencumbered. Show them just that and you're good. Don't complicate it by showing your liabilities unnecessarily - they've not asked for it and you're under no compulsion to declare any of it.

All the best!

It's just that I have seen 2 guys with loans showing their respective information beforehand. That's why I suggested to show the loans/debts beforehand. Recently they have revised the POF condition (since August), where they have specifically asked guys to 'list all outstanding debts or loans'. This wasn't the case in April.

 

[lovesumi]

Hi Anuj and Everyone else,

My bank has given me the bank statement. But the statement is in INR.
Will it be a problem or showing POF in CAD is mandatory?

Thanks

 

[jyothi999]

Dear Sir,

Thanq so much for the clarification.And lastly you said husband PAN no is enough.Where should I mention this?

 

[anujgupta84]

Hi Anuj and Everyone else,

My bank has given me the bank statement. But the statement is in INR.
Will it be a problem or showing POF in CAD is mandatory?

Thanks

No

 

[Asivad Anac]

It's just that I have seen 2 guys with loans showing their respective information beforehand. That's why I suggested to show the loans/debts beforehand. Recently they have revised the POF condition (since August), where they have specifically asked guys to 'list all outstanding debts or loans'. This wasn't the case in April.

Actually, that was present right from the beginning. Even then, the point was to ensure that one doesn't take a loan to showcase POF. There is no real reason to showcase a liability when one is not allowed to showcase the corresponding asset or its valuation. That gives a completely skewed picture to CIC about one's personal financials - which, by the way, is not needed or asked for by CIC - and will leave one with a net negative balance almost always. It is neither logical nor recommended to present such incomplete information. All CIC really needs to know about is one's unfettered access to unencumbered funds as per one's personal family situation. Period.

 

[Musikwala]

Hi. I have a question if Anuj, Asivad or anybody could help:

I need to show CAD 18,500 I believe for my family of 3 including me. I have indicated the figure as CAD 30,000 in not just EE profile but also in the OINP application, just to be on the safe side and to not show less.

Now, due to exchange rate fluctuations the current amount in that account is looking more like CAD 28,000 and not the 30K that I declared. But of course it is well above the 18,500 minimum! Could this be a problem?

Or else I can show 6 months history for another account as well to ensure that it is above 30K as I claimed. Is it necessary?

 

[rollingpunjab]

Thanx a lot Mr. Anuj Gupta and Asivad Anac for your contributions here in this forum.

However, I have one more query. Previously, i planned not to show any money in my salary account as due to my routine expenses my monthly balance gets very low at times. But I planning to save my 2 months salary + bonus amount (diwali) + TA & DA allowance (deposited in my account directly by company). I will save this money, while for my routine expenses my father will give me some money. By doing so, I ll be able to show almost 1.5 lakhs in my account by mid november.

My query is, at the end of every month i have about 30000 or less in my account. That is the pattern since last one year or so. Will it be Problem if I show 1.5 lakhs all of a sudden in my salary account having maintained very low balance every month.

second option is, I can make FD of all that amount and then show it straightway...How old should the FD be?

Please guide

Regards

 

[anujgupta84]

Dear Sir,

Thanq so much for the clarification.And lastly you said husband PAN no is enough.Where should I mention this?

In the LOE, that he holds that PAN number.

 

[anujgupta84]

Hi. I have a question if Anuj, Asivad or anybody could help:

I need to show CAD 18,500 I believe for my family of 3 including me. I have indicated the figure as CAD 30,000 in not just EE profile but also in the OINP application, just to be on the safe side and to not show less.

Now, due to exchange rate fluctuations the current amount in that account is looking more like CAD 28,000 and not the 30K that I declared. But of course it is well above the 18,500 minimum! Could this be a problem?

Or else I can show 6 months history for another account as well to ensure that it is above 30K as I claimed. Is it necessary?

I don't think it is necessary, Musikwala. If you have more than their minimum limit, you are absolutely fine.

 

[anujgupta84]

Thanx a lot Mr. Anuj Gupta and Asivad Anac for your contributions here in this forum.

However, I have one more query. Previously, i planned not to show any money in my salary account as due to my routine expenses my monthly balance gets very low at times. But I planning to save my 2 months salary + bonus amount (diwali) + TA & DA allowance (deposited in my account directly by company). I will save this money, while for my routine expenses my father will give me some money. By doing so, I ll be able to show almost 1.5 lakhs in my account by mid november.

My query is, at the end of every month i have about 30000 or less in my account. That is the pattern since last one year or so. Will it be Problem if I show 1.5 lakhs all of a sudden in my salary account having maintained very low balance every month.

second option is, I can make FD of all that amount and then show it straightway...How old should the FD be?

Please guide

Regards

rollingpunjab, low balances won't be an issue at all. Just that if you are taking money from your dad into your Savings account or getting an FD made from that money, you need to provide necessary documents. That's it. FD can be new/old. Proper documents should be enclosed to show to and fro of the money.

 

[anujgupta84]

Actually, that was present right from the beginning. Even then, the point was to ensure that one doesn't take a loan to showcase POF. There is no real reason to showcase a liability when one is not allowed to showcase the corresponding asset or its valuation. That gives a completely skewed picture to CIC about one's personal financials - which, by the way, is not needed or asked for by CIC - and will leave one with a net negative balance almost always. It is neither logical nor recommended to present such incomplete information. All CIC really needs to know about is one's unfettered access to unencumbered funds as per one's personal family situation. Period.

April POF requirement:

August onwards POF requirement:

New points were added in the month of August regarding debts/loan

 

[Musikwala]

I don't think it is necessary, Musikwala. If you have more than their minimum limit, you are absolutely fine.

Thank you so much for your take on my situation! Gave you a +1.

Would like to hear Asivad's opinion also on this.

 

[Asivad Anac]

April POF requirement:

August onwards POF requirement:

New points were added in the months of August regarding loan.

Those are 2 different sources altogether. The first one is taken from CIC site of generic checklist items while the second one is taken from the post ITA personalized checklist generated for an applicant. It isn't a change in time - it's a change in place. Plus the first one is outdated - the relevant documentation is here (http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp).

I'm not going to belabor the point again but I would only like to reiterate the futility (not to mention the incorrectness) of submitting evidence of one's liabilities without including the slightest hint of one's corresponding assets. Remember that CIC isn't extending you a loan for them to worry about your personal financial worth - they want to be convinced that you will have some money to fall back on while searching for a job in Canada so that you don't end up on welfare immediately.