prishad said:
Hi all,
Just a quick question ..
My wife is the main applicant and for settlement funds my father has shown his funds on our name with a Affidavit stating that these funds can be used by us towards PR .. And it was signed by both of them my mother and father (they have shown some joint FD's with me) .. So now would this be okay.?? Please help! Thanks in advance .
What can I declare as a Proof of Funds ?
Acceptable proof of funds are:
1.bank accounts in your name or the name of your accompanying spouse/common-law partner;
2.cash-able investments in your name or the name of your accompanying spouse/common-law partner;
3.cash-able fixed deposits in your name of the name of your accompanying spouse/common-law partner.
Not acceptable are:
1.bank accounts in someone else’s name;
2.bank accounts which are joint in your name and someone else (other than your accompanying spouse/common-law partner);
3.bank accounts in the name of your spouse who is not accompanying you to Canada ;
4.property valuations;
5.vehicle valuations;
6.jewellery valuations.
In short anything is that is volatile (bonds, shares) or that cannot be easily transferred (liquidated) cannot be used as proof of funds.
Note: This is taken from an official email from the New Delhi Visa Office, that was shared by a forum member
Can I borrow the money from someone?
This is a very iffy question, some people have done this successfully without issues. This again in the hands of the Visa Office and your assigned visa officer.
Speaking from a logical perspective though borrowing money for proof of funds and pretending those funds are yours, when they are not, is misrepresentation because:
- You will be defrauding the Canadian government
- You will be cheating the system which is unfair on other honest applicants – It is also unfair on the Canadian welfare system when you arrive in Canada with borrowed money which is not yours
- It is unfair on yourselves to put further strain on what will already be a financial struggle.
CIC explicitly say
“You must show that you have enough money to support yourself and your dependents after you arrive in Canada. You cannot borrow this money from another person”
Don’t borrow your settlement fund. If subsequently VO asked 6-month statements, they will see sudden lump-sum of money being deposited and without proper explanation, they may reject settlement fund viv-a-vis your application.
