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

[Kazem]

mention it as car loan. Car loan doesn't have impact on POF

Great, thanks man!

 

[Bdrm]

Hi AnujGupta and rest of the Senior Members

I am from India. I have followed this thread and seemed to be quiet useful especially for Proof of funds, which is quiet confusing.

I recieved a query asking for explaination on why there is a large deposit on certain dates in my bank account.

I have recieved that major part of amount from my brother, who lives in US. So, can I mention in the LoE that it is for immigration, and my brother is helping on funds and he doesnot need it back.
Do I also need to provide a gift deed? Should it be signed by him. As he is now in US; is there any other way like can I self-declare the same??

And the remaining part of the amount is from loans on my LIC policy. So should I mention that or not needed?? Since its a loan, will it be considered negative or can I mention it is out of my savings/investment only, I have taken amount??

Thanks in advance

 

[crimsonautumn]

Hi AnujGupta and rest of the Senior Members

I am from India. I have followed this thread and seemed to be quiet useful especially for Proof of funds, which is quiet confusing.

I recieved a query asking for explaination on why there is a large deposit on certain dates in my bank account.

I have recieved that major part of amount from my brother, who lives in US. So, can I mention in the LoE that it is for immigration, and my brother is helping on funds and he doesnot need it back.
Do I also need to provide a gift deed? Should it be signed by him. As he is now in US; is there any other way like can I self-declare the same??

And the remaining part of the amount is from loans on my LIC policy. So should I mention that or not needed?? Since its a loan, will it be considered negative or can I mention it is out of my savings/investment only, I have taken amount??

Thanks in advance

GIft deed will be required from your brother.

I don't think you can show loans taken from your LIC policy. How will prove that it is from your savings if it's actually from the loan ?

 

[Umidjon90]

Hi all,

I need your help my friends

I received NOI on 12 April I have some problems and seek your help and advice here:
The problem is related with settlement funds, I deposited 12300 CAD only on March 15,
now do I need to wait until September in order to have a bank statement with 6 month minimum 12300 CAD? or can I apply now having only one month with minimum 12300 CAD ?

Thank you for your reply beforehand

 

[crimsonautumn]

Hi all,

I need your help my friends

I received NOI on 12 April I have some problems and seek your help and advice here:
The problem is related with settlement funds, I deposited 12300 CAD only on March 15,
now do I need to wait until September in order to have a bank statement with 6 month minimum 12300 CAD? or can I apply now having only one month with minimum 12300 CAD ?

Thank you for your reply beforehand

As this is a big deposit and a recent one, you will need to prove the source. As long as you can convince the officer that fund is indeed yours and not a borrowed one, it should be fine to submit your application now itself.

 

[Umidjon90]

As this is a big deposit and a recent one, you will need to prove the source. As long as you can convince the officer that fund is indeed yours and not a borrowed one, it should be fine to submit your application now itself.

Thanks a lot Crimsonautumn !!!

 

[zaksam777]

OINP POF question

Hi guys. I have a question regarding POF for OINP.

1. Once I submit my OINP application along with POF, can I withdraw funds from my bank account after submission of application if need be?
2. If I do withdraw funds from my account, I will definitely put those funds back into the account. Is that okay and acceptable by OINP?
2. Does OINP have the right and access to check applicants bank account balance without the knowledge and permission of the applicant?
3. For how long should the balance be maintained after submission to OINP?
Thank you!

 

[vishalg]

Re: OINP POF question

Hi guys. I have a question regarding POF for OINP.

1. Once I submit my OINP application along with POF, can I withdraw funds from my bank account after submission of application if need be?yes
2. If I do withdraw funds from my account, I will definitely put those funds back into the account. Is that okay and acceptable by OINP? put it back as soon as possible
2. Does OINP have the right and access to check applicants bank account balance without the knowledge and permission of the applicant?usually they don't, they go with the supporting proof given by you.
However, they have the right to ask for revised POF in between the process.
3. For how long should the balance be maintained after submission to OINP?
Ideally, through the process.
Thank you!

 

[zaksam777]

Re: OINP POF question


Thank you vishalg .
So continuing my question, what if I withdraw almost all of the required amount after I submit OINP application, you said that OINP doesn't have the access to our bank accounts to check. So if they require the bank statement again during the process would it beokay and acceptable by OINP that I had deposited the money back in some recent date to show them the required amount again?
Thanks. C

​

 

[Umidjon90]

As this is a big deposit and a recent one, you will need to prove the source. As long as you can convince the officer that fund is indeed yours and not a borrowed one, it should be fine to submit your application now itself.

Thank you crimsonautumn,
but how can I prove the source ?

 

[vishalg]

Re: OINP POF question

Thank you vishalg .
So continuing my question, what if I withdraw almost all of the required amount after I submit OINP application, you said that OINP doesn't have the access to our bank accounts to check. So if they require the bank statement again during the process would it beokay and acceptable by OINP that I had deposited the money back in some recent date to show them the required amount again?
Thanks. C

​

I will not advise you to withdraw the entire sum but a fraction of it should be fine.
For revised POF, you will have to prove the source of funds again as you would have deposited the money recently.

 

[zaksam777]

Re: OINP POF question

I will not advise you to withdraw the entire sum but a fraction of it should be fine.
For revised POF, you will have to prove the source of funds again as you would have deposited the money recently.

Thank you!

 

[Umidjon90]

Hi guys,
I am clarifying my question in greater detail,
I received OINP NOI on 12 April,
I have a big problem with POF and seek your help and advice here,
I have had 12300 CAD in my bank account for a month now ( 15 Mar till now ) , As it was a big deposit I found that I needed to show the source of these funds, this money was given by my mother in the form of cash, how can I prove this now?
I am from a country where you cannot buy currency freely, and so I cannot use gift deed as the authorities will not sign the gift and ask "where did you get the amount in dollars as you could not buy it? "
Has anyone encountered such dilemma? Is anyone here from a country with blocked currency exchange ?

Thank you beforehand

 

[Sanket Gumaste]

Dear Senior members,I have some questions with regards to the gift deed and will be thankful to you for your kind assistance.

1) My mother will gift me the amount for POF by mortgaging her gold and some savings. I have referred to the gift deed format posted by Mr.Anuj. Is it alright to explicitly mention that the source of the gift is mortgage of gold (his format mentions the source of the gift as savings) ?

2) Me,my mother and my wife are joint holders of the same bank account. Is it alright to deposit the funds obtained through mortgage of gold and make fixed deposit's in the same account ? Or should i ask her to transfer the money to one of my other bank accounts (jointly held by me and my wife) and produce her bank statement showing the debit and my bank statement showing the credit ?

4) Will having a previous loan have any negative impact on my application ? Should i declare the loan in my bank letter ?

5) Besides the notorized gift deed, is an affidavit necessary ? Please guide me on how to prepare it (should it be on notorized stamp paper as well, what is the format of the affidavit,etc)?

6) I plan to produce the following documents for the proof of funds:
a) Notorized gift deed on stamp paper.
b) Cross Cheque showing the amount.
c) Fixed deposits of the amount.
d) Bank statements of my mother's bank account (showing debit) and my bank account (showing credit).
e) Bank letter showing 6 month's average balance and other details as requested by CIC. (should an outstanding loan be mentioned or not) ?

Besides these documents is there anything that i should produce/not produce ?

Please correct me wherever you feel i am making a mistake. I will be indebted to you for life for your valuable time,attention and guidance.

Best Regards,

Sanket.

 

[Al Mahmud]

Dear seniors, please help me out of this worriness ! ! !

Apology for such long post

I received ita on 5th april. My salary account is only 6 months old and will be 7 months old by the time I lodge my apllication and reason behind this is , I was living in UK before that and never worked in my home country before. In 2015 I had wedding reception and received nearly 10000cad cash as gift from relatives specially from my and my wife's uncles aunts. Back then, we didn't need that money and one of my aunts took it as loan from me but we didn't make any deed. Now last month, she returned my money and deposited this money by cheque in my account mentioning this is repayment of loan though statement doesn't mention it. I hardly had any idle money in my account before that deposit but i had around 6000cad invested in share market since december 2016. Also at the same time, i sold some of my wife's jewellery to one of my neices and her husband sent money from abroad in my account. We didn't make any documents for this exchange and my statement shows electronic fund transfer for the amount of 2380cad and 3603cad and all these were from selling gold. In nutshell there are three big deposits in my account from march, one is from my aunt and other two are from selling jewellery. I also have around 10000CAD invested in share market right now and my accompanying spouse has 8000Cad in her account. Now my question is, what sort of documents shall i provide to prove my aunt's deposit as repayment of loan and other two transactions as money from selling jewellery ?
Also to avoid all confusions and hassle of documents, can i sell all my shares and transfer funds from my salary account to my another old account which has not been used for long and show POF from that account and my wife's account? In that case required fund will be there only for few days before submission of application.

Vishalg, kindly requesting your attention. All other paper works are ready but only because of POF, I am not submitting my application. All members of this forum are requested to give their valuable opinions. May God bless you all.