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

[vishalg]

Hi Vishalg,

I asked you about my car loan and if i need to declare it in my application, and you said they don't consider that in POF.

Thing is, I got my bank statement and it categorically shows the amount being debited is each month on a certain date is an "Auto-Loan". So I just want to double-check that CIC will not consider this as a liability and end up asking me for my Car Loan details to calculate if I am eligible after subtracting the loan.
Don't worry about it. It is not a loan for POF.

I asked my bank and they said it is unlikely immigration authorities will consider this a liability as a Car Loan is considered a "Consumer Loan" similar to Credit Cards, and that is not a major liability as, say a House Loan.

So I would just like for you to reconfirm that Car Loans are not considered a liability, and if possible, please let me know the reasoning behind it (as per your knowledge) so I can rest in peace.
CIC is only concerned about the loans taken for POF. CIC isn't looking for your net worth. And these loans will be paid off against your future income. Don't worry about it, a lot of people have home loans, car land and loans for consumer durables and they didn't face any issues for POF and got PPR, 'asivad anac' is one of them
Further, if it is not a liability, do I even mention it in the LOE?
Mention it as CIC has asked for it.

Go ahead, don't worry about it.

 

[Kazem]

Go ahead, don't worry about it.

Right, God bless you man, you put my mind at ease!

Will probably be contacting you again for some other issues until I actually lodge my application (plan to do it by first week of may!).

 

[vishalg]

Right, God bless you man, you put my mind at ease!

Will probably be contacting you again for some other issues until I actually lodge my application (plan to do it by first week of may!).

All the best

 

[somaya]

Please Seniors I need an urgent advice.

For the proof of fund, I am planning to use my accompanying husband's bank account along with a notarized declaration from him that I can use the money in the account for immigration purposes. In addition, my husband will get the required amount from his brother and we will provide a gift deed for this.

1-Do you think this will work smoothly?? Did such a situation work with anyone before?
2-I’ve heard from a consultant here in my country that the bank account should be in the name of the primary applicant or a joint account with spouse? Is that true??
3- Can the gift deed be for the accompanying spouse ??

Thanks in advance

 

[vishalg]

Please Seniors I need an urgent advice.

For the proof of fund, I am planning to use my accompanying husband's bank account along with a notarized declaration from him that I can use the money in the account for immigration purposes. In addition, my husband will get the required amount from his brother and we will provide a gift deed for this.

1-Do you think this will work smoothly?? Did such a situation work with anyone before?
2-I’ve heard from a consultant here in my country that the bank account should be in the name of the primary applicant or a joint account with spouse? Is that true??
3- Can the gift deed be for the accompanying spouse ??

Thanks in advance

You can show spouse's account, that won't be a problem. I have a suggestion, if possible, get the gift in your account and show the gift deed in your name. Simpler choice.

 

[can_indian]

You can show spouse's account, that won't be a problem. I have a suggestion, if possible, get the gift in your account and show the gift deed in your name. Simpler choice.

Funds must be in the principal applicant's bank account. Principle applicant may share account with spouse.

 

[vishalg]

Funds must be in the principal applicant's bank account. Principle applicant may share account with spouse.

spouse's​ ( dependent) account can also be shown. All you need is a declaration from him/her that she/he allows the principal applicant to utilize the funds for immigration purpose and s/he will be accompanying the principal applicant upon receiving the COPR.

 

[raiviv]

Dear Friends,
Usually I used to do all spending from my account for home loan, child education etc and my wife salary as saving that was kept in her account.
That's why when I got ITA, I only had 17 % of required POF in my account. I never had a balance of more than 2 lacs in last six months.

Below is my proof of fund plan. Please cross-check and suggest if its on track?

- 50% of the Fund got transferred from my wife to my account (Will get gift deed prepared and also show the transactions of transfer and receive through bank statement of both of us)
- 30% through my own salary . This includes 2 months of my salary for April and May after getting ITA in mid-April
- 20-25% through selling of my company stocks that will be credited to my account within a week from now. (Will show the transaction receipts,also if it is shown in my monthly salary as a transaction then show that as well, any thing else?)

Seniors, please let me know if the above is okay for POF to CIC?

 

[vishalg]

Dear Friends,
Usually I used to do all spending from my account for home loan, child education etc and my wife salary as saving that was kept in her account.
That's why when I got ITA, I only had 17 % of required POF in my account. I never had a balance of more than 2 lacs in last six months.

Below is my proof of fund plan. Please cross-check and suggest if its on track?

- 50% of the Fund got transferred from my wife to my account (Will get gift deed prepared and also show the transactions of transfer and receive through bank statement of both of us)
No need to transfer if you haven't already. a declaration is fine that she allows you to utilize the funds for immigration purpose and she will be accompanying you upon receiving the COPR
- 30% through my own salary . This includes 2 months of my salary for April and May after getting ITA in mid-April
Ok, upload the payslips
- 20-25% through selling of my company stocks that will be credited to my account within a week from now. (Will show the transaction receipts,also if it is shown in my monthly salary as a transaction then show that as well, any thing else?)
Upload liquidation proof/receipt
Seniors, please let me know if the above is okay for POF to CIC?

everything is fine. Best of luck

 

[somaya]

You can show spouse's account, that won't be a problem. I have a suggestion, if possible, get the gift in your account and show the gift deed in your name. Simpler choice.

Thank you Vishalg. Yes it's simpler indeed. But what if i couldn't do it for some reasons. Do you think that the above scenario (spouse's account only + gift deed to spouse from his brother) is okay??

 

[syconetgeek]

Very good source of information. Thanks for creating such post.

 

[IrfanLone15]

Hi,

Have three points for clarification?
Received ITA at 435 on 5th April...
Now Questions!!!

1. In my EE profile made a clerical error by mentioning IELTS Refrence Number & Date of Result as 23 Dec 2016. While filling my eAPR, I realized the mistake & have entered correct number mentioned on IELTS TRF & Date of result as 22 Dec 2016. Will this be the reason for Rejection if I submit my Application, if it can be, Should I reject the ITA & enter pool again, wait for 3rd May draw at 435 CRS??

2. I have about 6 years Experience with three Employers , Now One of the employer mentioned in EE profile that amounts about 18 months of Experience, is not providing Refrence Letter in the CIC format, But I have all other supporting documents like Standard Experience letters, Pay Stubs,Email from HR that they cannot provide the CIC format letter, etc. If I remove this Employer from my Work History & transfer it to Personal History. Will it cause a rejection(this employer NOC code is not as primary code for my Eligibility)

3. For proof of Funds, My father transferred the required amount in my account in April post ITA supported by Gift Deed, Affidavit, His Net worth certificate etc. The account he transferred money into was not having any balance for the last 6 Months as I am living abroad & not using that account as my primary account. Should this POF be accepted by CIC???

Need suggestion basis the three scenarios above, Should I reject my ITA & enter pool Again at 435 CRS or Submit the application with LOE??

Much Appreciate for Detailed Response.

 

[mahbub1876]

Dear All,

I just have a single question. Can i have the money from my brother in law with a gift deed for the purpose of "Proof of Fund"?

Thanks in advance

Anyone please??

 

[jackdawn]

Anyone please??

Yes

 

[mahbub1876]

Yes

Thanks