Financial Support documents ... What to do ?? I'm confused !! :(

[ahmadka]

Hi everyone .. This Express Entry thing really tests your patience ... So I'm post-ITA and just had a look at the document checklist. The most troubling thing here is the Financial Support thing, which is just too confusing to me right now :/ Basically I think CIC wants a letter from my bank which confirms that I have enough funds for the first year, right ? Then why do they need to see stuff my my balance for the last 6 months, account opening dates, etc ... ?!

Also, I do NOT have the funds myself. Rather my father will be funding me. So can I provide instead provide a letter from my father's bank, which lists the funds and all other details ?

Lastly, does the foreign currency account need to be in CAD ? I don't think there's any bank in Pakistan which provides a CAD account. USD accounts are available and my father has one which has more than enough funds in it.

Plus, I'm currently in the US studying, so if I have to open a CAD account in Pakistan in my name, I would have to go to Pakistan especially for this task !!

I have 31 days remaining and don't know what to do regarding the above :/

Please help ! :'( :'(

 

[Asivad Anac]

1. You need to show that you have unfettered access to that money.

2. You need to show that the money is unencumbered - free from any kind of debt or obligations.

3. You need to show that the money is readily available in the banking system in an account under your name or a joint account with your name on it.

4. The money can be shown in your local currency with a one-line mention of the current conversion rate.

5. The bank letter is mandatory - it should mention 6 month average balance because CIC uses that to check if the funds might be borrowed in nature. If there is an unreasonably large difference between present account balance and 6 months average balance, that would indicate the possibility of large unexplained credit transactions within the last 6 months leading CIC to suspect the presence of borrowed funds. The onus is on you to identify and explain such transactions to convincingly prove that you aren't using borrowed funds as POF. If your bank cannot give you 6 months average balance, ask for the opening/closing balance of each of the last 6 months. If that isn't possible, you are left with no choice but to submit 6 months of bank statements. You can choose to blacken all transactions except each month's opening/closing balance.

 

[ahmadka]

Thanks. Understood, however I need to know what to do now. All my accounts don't have the sufficient funds, and it would be pointless to have my father transfer $12000 CAD equivalent PKR money in my account now, because it will obviously look like borrowed money .

The best thing I can think of is use my father's USD account which has had sufficient USD for quite about 4-5 months now (around $100,000). The problem is that the account is in his own name, not mine.

Would it not be possible if my father's bank can submit the letter with all the specifics needed, and then my father can sign a separate letter that he is willing to fund me without any restrictions ?

If that's not possible, what should I do instead then ?

 

[EmmEmm]

convert your father's account as a joint account with your name too

 

[Asivad Anac]

Thanks. Understood, however I need to know what to do now. All my accounts don't have the sufficient funds, and it would be pointless to have my father transfer $12000 CAD equivalent PKR money in my account now, because it will obviously look like borrowed money .

The best thing I can think of is use my father's USD account which has had sufficient USD for quite about 4-5 months now (around $100,000). The problem is that the account is in his own name, not mine.

Would it not be possible if my father's bank can submit the letter with all the specifics needed, and then my father can sign a separate letter that he is willing to fund me without any restrictions ?

If that's not possible, what should I do instead then ?

Unlike a student visa application, you cannot have sponsors for POF for the PA on a PR application. You are expected to have full access to these funds for your settlement.

Recommend that you ask your father to transfer the required funds into your account as a one-time gift. Also get them to provide a signed self-declaration letter which confirms that this is a gift (include all transaction details in the letter) not a loan hence need not be returned to them at any point in time. Get your bank to issue you a letter with all details required by CIC (you'll find details in your checklist). Get bank statement conclusively proving the transfer of gift amount into your account. Submit all of these along with an LOE wherein you connect the dots.

 

[ahmadka]

Unlike a student visa application, you cannot have sponsors for POF for the PA on a PR application. You are expected to have full access to these funds for your settlement.

Recommend that you ask your father to transfer the required funds into your account as a one-time gift. Also get them to provide a signed self-declaration letter which confirms that this is a gift (include all transaction details in the letter) not a loan hence need not be returned to them at any point in time. Get your bank to issue you a letter with all details required by CIC (you'll find details in your checklist). Get bank statement conclusively proving the transfer of gift amount into your account. Submit all of these along with an LOE wherein you connect the dots.

Okay, that is doable. However can CIC possibly still deny my application even if I do all of the above ?

What if I asked my father to convert one of his accounts to a joint account and put my name on it as well, and then I can get a statement for that instead ? Of course I'll have to ask my father if he has any account which has maintained $14,000 CAD worth of funds for at least 6 months, which might not be possible as my parents normally don't keep money in cash form (even though my parents have a lot of non-monetary assets). The aforementioned USD account of my father has had USD$100,000 worth of funds for the last 4.5 months, which is below the threshold of 6 months sadly :/

 

[Asivad Anac]

Okay, that is doable. However can CIC possibly still deny my application even if I do all of the above ?

What if I asked my father to convert one of his accounts to a joint account and put my name on it as well, and then I can get a statement for that instead ? Of course I'll have to ask my father if he has any account which has maintained $14,000 CAD worth of funds for at least 6 months, which might not be possible as my parents normally don't keep money in cash form (even though my parents have a lot of non-monetary assets). The aforementioned USD account of my father has had USD$100,000 worth of funds for the last 4.5 months, which is below the threshold of 6 months sadly :/

Your best option is what I recommended above. You will be taking a risk with the 4.5 month account. Your call.

 

[ahmadka]

Your best option is what I recommended above. You will be taking a risk with the 4.5 month account. Your call.

I trust your judgement and so I'll go with the 'gift' option.

However please let me know if there's still a significant chance of my application being rejected (just so I know for my info).

Also, the funds that my father 'gifts' me, need only be enough to cover the CAD amount that I've said I'll be taking to Canada with me ($15,000 CAD), right ?

 

[Asivad Anac]

I trust your judgement and so I'll go with the 'gift' option.

However please let me know if there's still a significant chance of my application being rejected (just so I know for my info).

Also, the funds that my father 'gifts' me, need only be enough to cover the CAD amount that I've said I'll be taking to Canada with me ($15,000 CAD), right ?

Yes. If you're a single applicant, even 11,931 CAD would be fine. 15,000 CAD will be more than sufficient.

Your application will not be refused on POF grounds if you do what I recommended - prove that you have funds in the bank in your name and there are no debts/obligations on those funds.

 

[Banff2015]

What if you have little savings and a bit of debt? But are in Canada working on lmia. Is there a set figure required for that situation?

 

[Vijayabaskar]

@Asivad: Is this applicable even in the case of spouse? I have the required amount as Fixed Deposits in my wife's name and she will be travelling with me.
Will this be accepted by CIC or would they expect me to have them only in my name?
Kindly advice.

 

[ahmadka]

Yes. If you're a single applicant, even 11,931 CAD would be fine. 15,000 CAD will be more than sufficient.

Your application will not be refused on POF grounds if you do what I recommended - prove that you have funds in the bank in your name and there are no debts/obligations on those funds.

Thank you for your honest advise, as always !

 

[Asivad Anac]

@ Asivad: Is this applicable even in the case of spouse? I have the required amount as Fixed Deposits in my wife's name and she will be travelling with me.
Will this be accepted by CIC or would they expect me to have them only in my name?
Kindly advice.

CIC explicitly asks for POF from the PA. Recommend you either get the monies into a joint account (and get a declaration from your spouse that they have no reservations against you using these funds for POF purposes) or go the gift route where the spouse gifts the funds to you.

 

[rafzy]

CIC explicitly asks for POF from the PA. Recommend you either get the monies into a joint account (and get a declaration from your spouse that they have no reservations against you using these funds for POF purposes) or go the gift route where the spouse gifts the funds to you.

TO WHOM IT MAY CONCERN

We (father of P.A) anD P.A have following joint investments in Regular Income Certificate (RIC) Scheme at XYZ.

1. XXXXX
2. XXXXX
3. XXXXX

I hereby declare my son P.A as the sole owner of these investments and I absolutely have no objection in this regard. Further, P.A is fully authorized to encash these said Certificates / Investments as and when desired.

Signed... Father

Can you please verify that thus letter is ok to submit as a declaration from my father that he has no objection over me using these joint investments as pof for canada immigration and settlement ?

 

[Asivad Anac]

TO WHOM IT MAY CONCERN

We (father of P.A) anD P.A have following joint investments in Regular Income Certificate (RIC) Scheme at XYZ.

1. XXXXX
2. XXXXX
3. XXXXX

I hereby declare my son P.A as the sole owner of these investments and I absolutely have no objection in this regard. Further, P.A is fully authorized to encash these said Certificates / Investments as and when desired.

Signed... Father

Can you please verify that thus letter is ok to submit as a declaration from my father that he has no objection over me using these joint investments as pof for canada immigration and settlement ?

Provide more details about these investment accounts (unique numbers, date of opening etc) in this letter and attach documentation from the bank to prove the authenticity as well.