Asivad Anac PLEASE advise: Proof of Funds complicated situation.

[sunshinejan]

Dear forum members and Asivad,

I desperately need your help and I am sure there will be many people in similar situation, so any advice is appreciated here.

So I got ITA and need to show proof of funds of 19,000 CAD.

The thing is that I have part of the funds in cash (12,500 CAD) and my father will gift me the rest. My bank account has been active during last 6 months, however the average balance has never been more than 400 CAD. (it was basically my salary coming in and out)

So what is the safest way to prove my funds and not lie?

1. Should I send a gift deed saying all of the funds are gift from my father? /partially not true, cause some of the money is really mine/
2. Should I attempt to explain how I have saved the 12,500 CAD during these years and why I have kept it in cash? And also send a gift deed only for the part of the amount? /truth/

Please help me out.
I am really scared of getting rejected because of the PoF.

Huge thanks.

 

[joelmath]

Congratulations on your ITA.

2nd option can be taken up depending on how convincing your explanation of 12,500 savings is and what documents you can present to prove the savings. For example,
*your current salary is very high and saving 12500 CAD is possible in a few months
*you recently sold an asset and got some cash out of it.
* Someone paid you cash in exchange of a service etc etc.

However safer option would be to use 1st option.

 

[sunshinejan]

Thank you very much for your response. I am still pondering...

 

[Asivad Anac]

Go with Option 1 because you cannot show source of funds for those 12500 CAD.

 

[sunshinejan]

Go with Option 1 because you cannot show source of funds for those 12500 CAD.

Thank you Asivad so much.

And one more question, does the money need to be transferred from my father's bank account or can it be cash to bank account transfer with my father's passport? Cause obviously the money is not on his bank account, it's cash.

 

[rafzy]

Thank you Asivad so much.

And one more question, does the money need to be transferred from my father's bank account or can it be cash to bank account transfer with my father's passport? Cause obviously the money is not on his bank account, it's cash.

It's better if money is transferred with your father's passport as it's already in cash. You can then get a gift letter from your father along with a copy of his passport to prove that they money belonged to him and he gave it to you as a gift.

 

[sunshinejan]

It's better if money is transferred with your father's passport as it's already in cash. You can then get a gift letter from your father along with a copy of his passport to prove that they money belonged to him and he gave it to you as a gift.

So, father's passport, the transfer check showing my father's passport and the amount and a gift deed.

two more questions if you please.
1. Does the gift deed need to be notarized?
2. Do I also need to show my father's source of the money? (that would be way too much i think)

 

[sunshinejan]

Go with Option 1 because you cannot show source of funds for those 12500 CAD.

Dear Asivad,
Do you think these 3 documents will be sufficient as a proof of funds?

1. Banks statement showing 19,000 CAD balance.
2. Gift deed (as a simple letter with signatures of donor and receiver)
3. Pay check showing my father's passport and the amount of transaction
4. My father's passport copy.
5. Letter of explanation.

No affidavits or net worth certificates...

 

[Asivad Anac]

So, father's passport, the transfer check showing my father's passport and the amount and a gift deed.

two more questions if you please.
1. Does the gift deed need to be notarized?
2. Do I also need to show my father's source of the money? (that would be way too much i think)

No to both.

 

[Asivad Anac]

Dear Asivad,
Do you think these 3 documents will be sufficient as a proof of funds?

1. Banks statement showing 19,000 CAD balance.
2. Gift deed (as a simple letter with signatures of donor and receiver)
3. Pay check showing my father's passport and the amount of transaction
4. My father's passport copy.
5. Letter of explanation.

No affidavits or net worth certificates...

This should suffice.

 

[varinder kaur]

Hi guys
I got ita nd submitted my file under pnp in ee. Now i got an email from job bank about they deactivated my account bcoz of no activity. Wht should i do? Does it affect my profile?

 

[sunshinejan]

This should suffice.

Thanks a bunch Asivad!

 

[saravsingh1]

I have Fixed deposit in my name from last 1 year.

Can anyone please share the format required from the Bank (National Bank in India).

Many Thanks!

 

[joelmath]

I have Fixed deposit in my name from last 1 year.

Can anyone please share the format required from the Bank (National Bank in India).

Many Thanks!

There is no fixed format. The bank letter should cover information provided below:

The applicant should provide official letter(s) from financial institution(s) that list all current bank and investment accounts as well as outstanding debts such as credit card debts and loans.
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.

http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

 

[kool_buddy]

There is no fixed format. The bank letter should cover information provided below:

The applicant should provide official letter(s) from financial institution(s) that list all current bank and investment accounts as well as outstanding debts such as credit card debts and loans.
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.

http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

I joined a new job in October 2015 and have a salary account with CITI bank. As this is just 3 months old, can I still use this account to show POFs? (My father would transfer the money to me).

I do have another ICICI account, which is 2 years old and I am not really using it lately.

Should I use the CITI or ICICI?

Thanks.