kashjuni said:
Hi Experts,
Please help me with the query on proof of funds. Although i have checked threads but still have some serious doubts.
Detail 1:
My wife and I plan to apply for EE. Principal Applicant will depend on IELTS score (IELTS scheduled for next month). If all goes well, we wish to create a profile in November Inshallah. My salary account currently does not have 15000 CAD nor does my wife's salary account have it. However, by November, both our accounts should have that much money individually in respective accounts
Questions:
> What does CIC exactly ask for when they say show proof of funds?
> What does 6 months average mean?
> Considering my case, do you think we are safe with the approach to indovidually maintain the minimum balance by the time we apply, or get ITA?
> Can we give details of both our accounts to show proof of funds?
> Can we create a new join account and transfer some amount to it from this month so that by November (or by the time of ITA), we have 15000+ CAD in the joint account? Will CIC ask source of money into joint account? If yes, what should we show?
Detail 2:
> I have a car loan of 5000CAD against my salary account to be paid over the next year. My bank statements show loan recovery debit every month
Questions:
> Will this car loan have an adverse impact on the proof of funds?
Detail 3:
> My wife plans to buy a car in the meantime which will burden her with a loan of atleast 10,000CAD over the next 2 years
Questions:
> Do you think it is advisable for her to go ahead with this, considering she too could be a primary applicant. Will a tag of car loan on her account go against her chances?
Thanks a lot for patience in going through the above. Please answer soon.
Good Day !
1.
Proof of Funds - The applicant should provide an official letter(s) from one or more financial institutions that lists 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 for the past six months.
2.
Six Months Average - Sum of closing balance of your savings or investment accounts for six months divided by six.
3.
Individual or Joint Account - You can maintain the accounts individually and show the statements for the last 6 months for both the accounts. Whoever is going to be the co-applicant will need to provide a signed self declaration on plain paper. The declaration should state that you or your wife (depending on who is co-applicant/dependent) is a co-applicant in the PR application and the funds so held in the account are to be used for migration purposes and they have no objection for the same. Mention the details in a Letter of Explanation
There is no need to open a joint account as the above option would work. In case you want to open a joint account, you may have to show the source of funds for the same (which would be transfers from both of your accounts). In this case show bank joint account monthly statements along with proof of transfers to this account. Submit it along with a Letter of Explanation.
4.
Car Loan - Car loan is a secured loan, in the event of a default, the lender has a charge on the asset. CIC is not concerned about car loan, they are more concerned if the applicant has availed a loan to meet the POF requirements, which is not the case for you. So you need not be worried about your loans impacting your application.
