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

[NovaProspekt]

3. The official language in my country is not English. Should I just provide the affidavit in English, or do I need to produce an affidavit in other language and have it translated and notarized?
Yes, absolutely.

Did you mean yes to just writing it in English or yes to having it transated and notarized?

 

[hasanul_murad]

Hi anujgupta84 and Asivad,

I am planning to apply for PNP by January (based on my eligibility, till now I am eligible for NSNP Demand: Express Entry, however it is halted). I am preparing my POF accordingly. I have some challenges and need your advice in these regard:
1. I have some savings in the form of:
Fixed/Term Deposit : CAD 7100
Monthly Deposit : CAD 1600
USD Savings (Cash): CAD 2850
For deposit, I can take bank certificate. but for the USD which I have in my hand as cash, what should be right approach?
2. My Wife has some savings in the form of Monthly Deposit worth CAD 2700
Should I take the bank certificate of my wife and use it. Or I ask her to transfer it to my account as Gift.
3. My father wants to give CAD 4400 as gift
Gift deed will suffice, right?
4. I have some lend some amounts worth CAD 4000 to some friends and relative, which I don't have any evidence as I lend these money 2-3 years before and didn't keep any evidence. But they are agree to pay the amount back to me as I need this now. What should I do to make it within the required format of CIC or province?
5. I have some amounts in my saving account worth CAD 850

Altogether are worth CAD 23000, which is required for me as POF (4 member family).

Need advice, please....

Murad

 

[belladu]

I have received ITA under pnp (Ontario).

Now I have a question.
When I submitted my application for OINP. Ontario required funds of $14853, I had $18000 in my account. I withdrew the funds after applying for OINP as needed them for personal use. now that I have received ITA and now I will deposit the funds back into my account and I will take declaration from my parents that these funds are for my personal use only. Will there be a problem in the process from CIC, will these pose an objection for the CIC that I withdrew the funds required for OINP application?

The documents I have prepared:
1- Stamped paper Gift Deed
2- Stamped Paper Affidavit
3- Bank statement of my mother showing transaction that she transfer money to my account with bank stamp.
4- My Bank statement showing transaction receiving money from my mother with bank statement.
5- Mine and my parents' Net worth certificates.

Hi, I am wondering how can I get Stamped paper Gift Deed and Affidavit? Thanks!

 

[anujgupta84]

Hi anujgupta84 and Asivad,

I am planning to apply for PNP by January (based on my eligibility, till now I am eligible for NSNP Demand: Express Entry, however it is halted). I am preparing my POF accordingly. I have some challenges and need your advice in these regard:
1. I have some savings in the form of:
Fixed/Term Deposit : CAD 7100
Monthly Deposit : CAD 1600
USD Savings (Cash): CAD 2850
For deposit, I can take bank certificate. but for the USD which I have in my hand as cash, what should be right approach?
Deposit the cash in any Bank account of your name and get the bank letter and use that.
2. My Wife has some savings in the form of Monthly Deposit worth CAD 2700
Should I take the bank certificate of my wife and use it. Or I ask her to transfer it to my account as Gift.
Any which way would do. Yours or your wife account.
3. My father wants to give CAD 4400 as gift
Gift deed will suffice, right?
Absolutely
4. I have some lend some amounts worth CAD 4000 to some friends and relative, which I don't have any evidence as I lend these money 2-3 years before and didn't keep any evidence. But they are agree to pay the amount back to me as I need this now. What should I do to make it within the required format of CIC or province?
Mention this is the LOE. I don't think this would be a problem at all.
5. I have some amounts in my saving account worth CAD 850
The bank letter would be enough

Altogether are worth CAD 23000, which is required for me as POF (4 member family).

Need advice, please....

Murad

 

[belladu]

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.

Hi anujgupta84,

Thanks for your post and it really helps me figuring out my situation. My dad in China is going to sponsor me for POF and I have following questions hope you can help:

1. How can I get Gift Deed and Affidavit? Are those something we write by ourselves? What is Article 33 and Article 3 you mentioned?

2. Can I get my dad's bank statement instead of Net Worth Certificate? and does it need CA for Net Worth Certificate?

3. If we need to draft Gift Deed and Affidavit, should it be in Chinese and translate it, or just write in English?

Thanks in advance!

Bella

 

[anujgupta84]

Hi anujgupta84,

Thanks for your post and it really helps me figuring out my situation. My dad in China is going to sponsor me for POF and I have following questions hope you can help:

1. How can I get Gift Deed and Affidavit? Are those something we write by ourselves? What is Article 33 and Article 3 you mentioned?

The Gift Deep and Affidavit needs to be taken officially, we can't write it by ourselves. Article 33 & 3 pertains to Indian law. If you go to any Indian shop where these documents are available, mentioning these Articles will help you get the correct documents.

2. Can I get my dad's bank statement instead of Net Worth Certificate? and does it need CA for Net Worth Certificate?
Only a CA has the authority to issue Net worth certificates. That's their job. Statements will cause confusion and lots of written explanation. I suggest you to have Net worth.

3. If we need to draft Gift Deed and Affidavit, should it be in Chinese and translate it, or just write in English?

Since your country is China, all the official document will need to be translated to English. I am not aware of the laws there, so better contact a decent lawyer. Don't hire immigration Consultants

Thanks in advance!

Bella

 

[forcanada]

Hi
Does anybody have a format of declaration by the joint account holder stating that the PA can use the money for the purpose of PoF?
(The joint account holder is not PA's spouse or any other accompanying member).

 

[anujgupta84]

Hi
Does anybody have a format of declaration by the joint account holder stating that the PA can use the money for the purpose of PoF?
(The joint account holder is not PA's spouse or any other accompanying member).

It's not advisable to have joint account with people other than the ones in application. Get the money transferred to PA's sole account. I have got this confirmed with many guys.

 

[hasanul_murad]

1. I have some savings in the form of:
Fixed/Term Deposit : CAD 7100
Monthly Deposit : CAD 1600
USD Savings (Cash): CAD 2850
For deposit, I can take bank certificate. but for the USD which I have in my hand as cash, what should be right approach?
Deposit the cash in any Bank account of your name and get the bank letter and use that.
2. My Wife has some savings in the form of Monthly Deposit worth CAD 2700
Should I take the bank certificate of my wife and use it. Or I ask her to transfer it to my account as Gift.
Any which way would do. Yours or your wife account.
3. My father wants to give CAD 4400 as gift
Gift deed will suffice, right?
Absolutely
4. I have some lend some amounts worth CAD 4000 to some friends and relative, which I don't have any evidence as I lend these money 2-3 years before and didn't keep any evidence. But they are agree to pay the amount back to me as I need this now. What should I do to make it within the required format of CIC or province?
Mention this is the LOE. I don't think this would be a problem at all.
5. I have some amounts in my saving account worth CAD 850
The bank letter would be enough

Thanks Anuj for the advice. Do I need to get a Net worth Certificate for me, my wife and my father in any of the above cases.

Waiting for PNP to be open asap.

 

[pankora]

It won't be any problem, since both of you are in the application. Even if the combined balance was more than POF, it would have still worked. All the best Pooja!

Dear fellow members,
My wife is primary applicant and we received EOI mail on 18/12/2015. Now I have a doubt that
While sending POF :
1. Balance available in PPF a/c in the name of Primary applicant is considered valid POF or not.
2. If I get some money from my parents and some from my friends, and transfer it to my wife's account. What are the proofs required for the same.

Thanks in advance.

 

[anujgupta84]

Dear fellow members,
My wife is primary applicant and we received EOI mail on 18/12/2015. Now I have a doubt that
While sending POF :
1. Balance available in PPF a/c in the name of Primary applicant is considered valid POF or not.

It won't work. Funds should be liquid, readily available.
2. If I get some money from my parents and some from my friends, and transfer it to my wife's account. What are the proofs required for the same.
Gift Deed and Affidavit. Read the very first post of this thread. It has detailed description.

Thanks in advance.

 

[anujgupta84]

Thanks Anuj for the advice. Do I need to get a Net worth Certificate for me, my wife and my father in any of the above cases.

Waiting for PNP to be open asap.

Net worth certificate is needed to show the Visa Officer that the person gifting the funds is financially sound and is capable of surviving without the money gifted. So only your Father's net worth would be needed.

 

[belladu]

Hi anujgupta84, thank you thank you. That is very helpful.

One last question for translation, do we need to find authority to do translation and notarize it? or we can just translate it?

thanks

 

[choprakart]

Is CIC really asking for 6 months bank statement?

As per CIC site:
The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance in the past six months.

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.

 

[joelmath]

No. CIC is not asking for 6 months bank statement. They require a letter from your bank that covers average balance for 6 months along-with other information such as applicant’s name, the contact information, account numbers, the date each account was opened etc.

Some applicants use bank statements as a workaround when their banks refuse to provide average balance information.