Hello forum,
I've recently received an invitation for PR and I had some questions regarding proof of funds.
My wife and I are planning to immigrate and currently, the only source of funds are my wife's fixed deposits, which have been in her name for several years.
I am the primary applicant for the PR though.
1. Do I have to change that FD into a joint one and have my name as the second holder (she has to be the primary since the interest goes to her bank account)?
I have read here some folks just get a letter/undertaking/affidavit stating from the spouse that the applicant is allowed to access the funds. I couldn't understand how that would be possible for FDs unless the bank is on board with it too and there's a letter from the bank stating the same thing? We aren't sure our bank (Indian bank) will cooperate on this matter. Could someone provide me with more insight on this? A sample letter would help a lot.
Also, if we change the FD into a joint FD, do we need any letters from the bank or my spouse to show where the money came from since I'm assuming it will be counted as a new FD and not six months old??
2. We currently have just enough to show proof of funds for two people ($15531) plus enough to pay for the PR fee for both. Can we declare the full amount of our funds first in the PR application, then break the FD when it comes to paying the PR fees, OR would that reflect as misrepresentation since the money declared will be higher than what it is once the fees are paid?
3. Do we need to break our FD and have all the money in the savings account at any point? If we do that now, would it make the application process easier? Do we have to to do this once we are in Canada since the FD cannot be broken from there and we need access to these funds?
Thank you in advance for your replies.
I've recently received an invitation for PR and I had some questions regarding proof of funds.
My wife and I are planning to immigrate and currently, the only source of funds are my wife's fixed deposits, which have been in her name for several years.
I am the primary applicant for the PR though.
1. Do I have to change that FD into a joint one and have my name as the second holder (she has to be the primary since the interest goes to her bank account)?
I have read here some folks just get a letter/undertaking/affidavit stating from the spouse that the applicant is allowed to access the funds. I couldn't understand how that would be possible for FDs unless the bank is on board with it too and there's a letter from the bank stating the same thing? We aren't sure our bank (Indian bank) will cooperate on this matter. Could someone provide me with more insight on this? A sample letter would help a lot.
Also, if we change the FD into a joint FD, do we need any letters from the bank or my spouse to show where the money came from since I'm assuming it will be counted as a new FD and not six months old??
2. We currently have just enough to show proof of funds for two people ($15531) plus enough to pay for the PR fee for both. Can we declare the full amount of our funds first in the PR application, then break the FD when it comes to paying the PR fees, OR would that reflect as misrepresentation since the money declared will be higher than what it is once the fees are paid?
3. Do we need to break our FD and have all the money in the savings account at any point? If we do that now, would it make the application process easier? Do we have to to do this once we are in Canada since the FD cannot be broken from there and we need access to these funds?
Thank you in advance for your replies.