All doubts related to Proof of funds

[sakshi0027]

Hello All

I have a few doubts regarding proof of funds.

1.) Cal one submit FDs as a proof of funds. We were thinking of submitting a major part of funds in the form of a 6 month FD. Will that be okay?

2.) For funds in the account what is the documentation needed- a letter from the bank along with a 6 month bank statement. If yes then do we have to provide the same for the bank acc of both the primary applicant and the secondary applicant?

Thanks in advance

 

[singh_maninder]

Hello All

I have a few doubts regarding proof of funds.

1.) Cal one submit FDs as a proof of funds. We were thinking of submitting a major part of funds in the form of a 6 month FD. Will that be okay? - You can submit FD's as a proof of funds . You have to submit the certificate of the FD from the bank along with the scanned copy of original FD

2.) For funds in the account what is the documentation needed- a letter from the bank along with a 6 month bank statement. If yes then do we have to provide the same for the bank acc of both the primary applicant and the secondary applicant? You need to have Certificate and Bank statement of each and every account that you are going to show in your application

Thanks in advance

 

[sakshi0027]

Do we have to show details of all outstanding loans as well?

 

[Venkat1901]

Experts,

If my funds are in the form of Equity market Stocks, can i show them as as POF or shall i sell them and maintain money in my savings account or FD's.

Thanks,
VJ.

 

[bamshy]

Do we have to show details of all outstanding loans as well?

my suggestion - Be conservative. think about it, what will that do? Give someone doubts that you truly have what you claim you have? That being said, be sure you actually do have enough funds before immigrating to Canada. If you have barely enough before getting a job, you may feel frustrated and very unhappy. But that's for later, now, I'd say, be conservative my friend

 

[Stanlee]

Experts,

If my funds are in the form of Equity market Stocks, can i show them as as POF or shall i sell them and maintain money in my savings account or FD's.

Thanks,
VJ.

Since financial instruments like stocks are subject to market fluctuations, it will not be considered as POF for your PR application. However, you can liquidate those and transfer the proceeds to your account and create FDs. Just in case you are liquidating the stocks and there is a huge inflow of funds to your account, would suggest to mention the reason for the same in a Letter of Explanation so it does not leave any scope for doubt.

 

[Venkat1901]

Since financial instruments like stocks are subject to market fluctuations, it will not be considered as POF for your PR application. However, you can liquidate those and transfer the proceeds to your account and create FDs. Just in case you are liquidating the stocks and there is a huge inflow of funds to your account, would suggest to mention the reason for the same in a Letter of Explanation so it does not leave any scope for doubt.

Thanks Stanlee for your advise.

 

[sakshi0027]

Do we have to show details of all outstanding loans as well?

My husband is the primary applicant and he has a home loan along with an auto loan.
Can that be a problem when we prepare our proof of funds documentation?

Also will it be fine if we liquidate our mutual funds just before we send our application?

 

[Stanlee]

My husband is the primary applicant and he has a home loan along with an auto loan.
Can that be a problem when we prepare our proof of funds documentation?

Also will it be fine if we liquidate our mutual funds just before we send our application?

Home loan or auto loan is a secured loan, in the event of a default, the lender has a charge on the asset. CIC is not concerned about home loan or vehicle loan, they are more concerned if the applicant has availed a loan to meet the POF requirements, which is not the case for you (since you have already maintained the required funds). If you choose to mention it, it will not impact your application.

Yes, you can liquidate the mutual funds, but show the proofs for the same and explain in LOE.