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

[kinu.]

hey guys plz help me.. I have submitted my husband's joint fd as pof and my saving account but in his fd his grandmother's name is first and his second and I am main applicant. Also we don't have ITA returns. SO is there any issues.. Please guide me.. my file is in process from 1 month and I am sinp oid pnp applicant.

 

[pulkitmonga]

I have few Doubts in proof of funds. Now all my bank Accounts are in NCR and i live in Mumbai

HDFC Bank Account: Will online statement suffice. (it has everything what they have asked for opening date, address etc ) but have read in this forum many have got bank statement stamped it from bank

SBI PPF Account : I have online bank statement but problem is it does not show the day my bank account was open or has branch address, but has SBI logo and imp info required . Have the option of uploading Passbook copy. is passbook copy valid as proof of fund? or should i go with bank statement

MF/ Shares: All my MF are in ELSS form will that be an issue (They are redeemable immediately, all i have to do pay taxes on it )
Will the valuation be on holding cost or market value ( Huge diffrence of 1L)
Will the online Portfolio statement be enough

EPF; Have no clue what to show as a proof , as system have changed. What should be given as proof of fund . Should it be my company letter or from government sites

 

[Stanlee]

hey guys plz help me.. I have submitted my husband's joint fd as pof and my saving account but in his fd his grandmother's name is first and his second and I am main applicant. Also we don't have ITA returns. SO is there any issues.. Please guide me.. my file is in process from 1 month and I am sinp oid pnp applicant.

The funds have to be in the name of the primary applicant. The FDs you have mentioned will not be acceptable. You will have to liquidate those FDs and transfer it to a joint account held by you and your husband OR he can transfer the proceeds to your bank account. You can submit your bank statement along with a letter of explanation stating the source of funds. You can get a self declaration from your husband stating that he is a co-applicant in your PR application and the funds are to be specifically used for migration purposes and he has no objection for the same.

I am not sure about IT Returns, but if you are in India, you can file your ITR for the financial years that you do not have it.

 

[Stanlee]

I have few Doubts in proof of funds. Now all my bank Accounts are in NCR and i live in Mumbai

HDFC Bank Account: Will online statement suffice. (it has everything what they have asked for opening date, address etc ) but have read in this forum many have got bank statement stamped it from bank

SBI PPF Account : I have online bank statement but problem is it does not show the day my bank account was open or has branch address, but has SBI logo and imp info required . Have the option of uploading Passbook copy. is passbook copy valid as proof of fund? or should i go with bank statement

MF/ Shares: All my MF are in ELSS form will that be an issue (They are redeemable immediately, all i have to do pay taxes on it )
Will the valuation be on holding cost or market value ( Huge diffrence of 1L)
Will the online Portfolio statement be enough

EPF; Have no clue what to show as a proof , as system have changed. What should be given as proof of fund . Should it be my company letter or from government sites

HDFC Bank Account - You will have to get the statements stamped by the bank. You can get it done at a local branch in Mumbai. Also you need to get a letter from your bank commonly referred to as a Bank Certificate.

Public Provident Fund - PPF account matures only on the completion of 15 years from the end of the year in which the account was opened. For PPF, no premature closure is allowed, so this does not meet the requirement of CIC, which says that funds should be unencumbered and readily available. The only case where it can be used as proof of funds is by doing a partial withdrawal if you have completed 7 years (from date of account opening). In that case the proceeds which gets transferred to your savings account can be shown as the proof of funds, but not PPF directly.

Mutual Funds/Shares - Since mutual funds and stocks are subject to market fluctuations, you will not be able to use it as proof of funds. Instead, you can liquidate the same and the proceeds can be shown as proof of funds. You can submit bank statements of the account to which the proceeds are credited.

Employee Provident Fund - EPF can be considered as proof of funds as you can withdraw the whole amount after you have resigned and you will get the proceeds credited to your account in 90 days. But, you will have to submit necessary documents in this regard. You can submit PF statements from employer, but I think the PF statements issued by EPF Office will be more valid. I am not sure of the procedure of getting the PF statements from EPF Office, may be you can research about the same. I have read on the forum where someone has submitted EPF as proof of funds. You can look up the same on the forum.

 

[Ramniwas]

Dear stanlee and anujgupta
can anybody provide me a sample of article 4 affidavit.

thanks in advance

 

[a.g11]

Dear Forum Members,

I have gone through the previous posts, and there are a few things that I am still unclear about. Would be most thankful if experienced forum members could clarify. I have an ITA and need to submit documents by Mid June.

1. Is EPF ( Employee provident fund )admissible as POF ?
2. Is PPF admissible as POF ?
3. I have a home loan running with SBI ( outstanding amount INR 10 Lacs ) while the purchase price for the property was INE 35 Lacs. The fact that the loan is a secured one, and the bank holds a mortgage on the property - Do i need to declare this liability in my POF ? If yes, can I declare the property as an asset ? I read somewhere on the forum that CIC wishes to ascertain if any loan has been taken with the purpose of generating funds for Canada Immigration, which is not the case here. My salary account shows EMIs towards this loans - so would it be prudent to not show it ? Also, Do i need to furnish any kind of valuation report to establish the value of the property ?
4. Regarding the 6 months rule - I have some FDs which were created in the last 2 months only, but thats by way of salary / bonus arriving. Wouldnt they count ?

Regards

 

[Stanlee]

Dear Forum Members,

I have gone through the previous posts, and there are a few things that I am still unclear about. Would be most thankful if experienced forum members could clarify. I have an ITA and need to submit documents by Mid June.

1. Is EPF ( Employee provident fund )admissible as POF ?
2. Is PPF admissible as POF ?
3. I have a home loan running with SBI ( outstanding amount INR 10 Lacs ) while the purchase price for the property was INE 35 Lacs. The fact that the loan is a secured one, and the bank holds a mortgage on the property - Do i need to declare this liability in my POF ? If yes, can I declare the property as an asset ? I read somewhere on the forum that CIC wishes to ascertain if any loan has been taken with the purpose of generating funds for Canada Immigration, which is not the case here. My salary account shows EMIs towards this loans - so would it be prudent to not show it ? Also, Do i need to furnish any kind of valuation report to establish the value of the property ?
4. Regarding the 6 months rule - I have some FDs which were created in the last 2 months only, but thats by way of salary / bonus arriving. Wouldnt they count ?

Regards

Replied to the same post on the other thread.

 

[nsbhullar]

I have sold the Gold Jewelary of Rs 3,00,000/- (Three Lakh). I have the bill from a jeweller for the same, And deposited this money to my account.

Will it be fine for POF (proof of fund). Any suggestions on making POF by selling assets.

Thanks In Advance.

 

[Stanlee]

I have sold the Gold Jewelary of Rs 3,00,000/- (Three Lakh). I have the bill from a jeweller for the same, And deposited this money to my account.

Will it be fine for POF (proof of fund). Any suggestions on making POF by selling assets.

Thanks In Advance.

As long as you have documentary evidence to prove that the funds originated in your account from sale of jewellery that belonged to you, you are good to go. Additionally, based on the number of family members you should have enough funds (as per LICO) to cover the settlement costs.

 

[rk03]

Guys I have a question. Recently I have had to make minor withdrawals from my Joint account held, which I am using to show my PoFs.

Now I have read instances where people have used their Provident Fund as PoF. I so far haven't. Now, if I add my and my spouse's PF Balance, it easily crosses the requirements - It actually in itself is close to 75% of the requirement. However, I do not wish to show my spouse as working (it in itself is a huge headache considering she would need to resign in order to get a PCC).

Q1 - Can she gift me the funds?
Q2 - Does she need to prove where she gets the funds from? (Liquidate her PF)
Q3 - I am not claiming any points (there is none for her employment anyway) for her job - so do I still need to declare her current job?

 

[Stanlee]

Guys I have a question. Recently I have had to make minor withdrawals from my Joint account held, which I am using to show my PoFs.

Now I have read instances where people have used their Provident Fund as PoF. I so far haven't. Now, if I add my and my spouse's PF Balance, it easily crosses the requirements - It actually in itself is close to 75% of the requirement. However, I do not wish to show my spouse as working (it in itself is a huge headache considering she would need to resign in order to get a PCC).

Q1 - Can she gift me the funds? - Yes, you will need to execute a Gift Deed for the same.
Q2 - Does she need to prove where she gets the funds from? (Liquidate her PF) - No.
Q3 - I am not claiming any points (there is none for her employment anyway) for her job - so do I still need to declare her current job? - No, if you are not claiming points for her work experience, you need not mention it under spouse work history, but you will have to mention it under spouse personal history post ITA.

Answers inline.

Please check this thread to know about showing PF as POF http://www.canadavisa.com/canada-immigration-discussion-board/procedure-to-get-pf-balance-certificate-and-ac-statement-from-pf-officeindia-t412642.0.html.

 

[rk03]

Answers inline.

Please check this thread to know about showing PF

Thanks Stanlee, I have already checked that thread. And it's fairly straightforward.

What I am worried and it's partly not related to this thread is that my wife works for a PSU bank - and if she declares the same while applying for PCC, authorities ask for a certificate from the employers - which is extremely difficult to obtain and would essentially mean she would need to resign and apply for PCC.

The other option is to declare her a homemaker in which case she gets a PCC very easily.

Any thoughts?

 

[Deutschland]

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.

Very nicely explained.

 

[nadiakhalid2]

hello everybody, first of all i would like to thank for the unconditional support you guys are giving on this forum. i have few question and will be very thankful if anybody can clear my quires

1. i am going to apply for ITA soon as main applicant. i have three kids under age of 10 and my hubby will be included in my application. now i only have a salary account which was opened last month in April. before that my employer gave me salary in cash as he is my uncle and we had a mutual agreement for this arrangement. now he is transferring my salary from the last month in my salary account. he is willing to give me experience latter of last five years in which i served as financial accountant in his company. my first question is regarding the experience letter( although its not related to this thread). would it be sufficient to provide just experience letter from an employer as proof of job or i have to provide salary slips too?

2. My father is going to give me a huge amount as gift to settle abroad. he works in Kuwait and has sufficient funds to support me. What if he transfer that amount in my salary account in June, then can i apply in same month and show the cic the gift deed/ affidavit/ his bank statement and salary slips or should i keep that amount for six months in my account and then apply for ITA? my main concern is that i dont know whether to wait for six month or can i apply immediately after providing them the gift deed ect?

3. we have three residential plots. one is on my name and two are on my hubby. can we show their papers as POF or we have to sale them? do i have to show pof at the time of first application that is ITA or after receiving ITA?

4. Last but very important question, based on my family situation( me, my hubby and three kids) how much money do i have to show in my account? if anybody can give me a rough idea it would be very helpful.

Thanks A Lot

 

[Stanlee]

hello everybody, first of all i would like to thank for the unconditional support you guys are giving on this forum. i have few question and will be very thankful if anybody can clear my quires

1. i am going to apply for ITA soon as main applicant. i have three kids under age of 10 and my hubby will be included in my application. now i only have a salary account which was opened last month in April. before that my employer gave me salary in cash as he is my uncle and we had a mutual agreement for this arrangement. now he is transferring my salary from the last month in my salary account. he is willing to give me experience latter of last five years in which i served as financial accountant in his company. my first question is regarding the experience letter( although its not related to this thread). would it be sufficient to provide just experience letter from an employer as proof of job or i have to provide salary slips too?

2. My father is going to give me a huge amount as gift to settle abroad. he works in Kuwait and has sufficient funds to support me. What if he transfer that amount in my salary account in June, then can i apply in same month and show the cic the gift deed/ affidavit/ his bank statement and salary slips or should i keep that amount for six months in my account and then apply for ITA? my main concern is that i dont know whether to wait for six month or can i apply immediately after providing them the gift deed ect?

3. we have three residential plots. one is on my name and two are on my hubby. can we show their papers as POF or we have to sale them? do i have to show pof at the time of first application that is ITA or after receiving ITA?

4. Last but very important question, based on my family situation( me, my hubby and three kids) how much money do i have to show in my account? if anybody can give me a rough idea it would be very helpful.

Thanks A Lot

Already replied here http://www.canadavisa.com/canada-immigration-discussion-board/express-entry-step-by-step-instructions-t273928.0.html;msg5225069#msg5225069.