Funds Requirement

[canadadream8182]

Hi All,

Iam in dilema about funds requirement. I have the required funds of 12000 Dollars as per CIC requirement.
I had given money to my cousin to for business purpose. I have all the documents to prove the amount given to him. I have the Lawyer agreement for the funds given. Now he has given money back to me.My account shows sudden increase in the money. Can i justify if at all CIC asks for the sudden increase in the money . Also i have a Loan of INR 3 lakhs against my name. Do i need to show my Liability to CIC. Will they do check on Liability also?I do have a property valued INR 15 Lakhs in my name without any loan on that.



Thanks,

Reshma

 

[anujgupta84]

http://www.canadavisa.com/canada-immigration-discussion-board/a-complete-way-to-nail-source-of-fund-dilemma-t349224.0.html

 

[canadadream8182]

Thank Anuj,


Awesome and Quick Reply

 

[canadadream8182]

Do CIC check for Liabilities also?



Thanks,

Reshma

 

[canadadream8182]

Do CIC check Liabilities also?


Regards,

Reshma

 

[anujgupta84]

Yes .. obviously!

That's what BG check is, I think.

 

[Asivad Anac]

Do CIC check Liabilities also?


Regards,

Reshma

By liabilities, if you mean loans taken to finance the purchase of an asset like a car or a house, No. If you mean funds borrowed to showcase POF, Yes.

 

[sidaktoronto]

By liabilities, if you mean loans taken to finance the purchase of an asset like a car or a house, No. If you mean funds borrowed to showcase POF, Yes.

Hi Asivad, Sent you an personal msg two days ago..... please see if you can have a look

 

[monsier2186]

Funds Procedure help

Dear Members,

Q. Can someone please guide on the FUnds proof. My father is ready to provide the money to me as a gift. Will the CIC ask my proofs as to where my dad got that money. Or if Dad transfers the money to my account & says its a gift, that should suffice & CIC will not look into where my dad go the money from

Q. If I get an ITA & I apply with all the docs, I will also have to pay some about as cost of recovery. I know if they reject my application for incomplete documentation, they will refund the money. But please let me know if it goes for processing, what are the reasons that they can refuse my request since if the e-APR goes into processing, I will not be able get any refund if they reject my profile.

I would really need help of all other members if the forum.

Thank You & hoping for some responses !!

 

[Asivad Anac]

Re: Funds Procedure help

Dear Members,

Q. Can someone please guide on the FUnds proof. My father is ready to provide the money to me as a gift. Will the CIC ask my proofs as to where my dad got that money. Or if Dad transfers the money to my account & says its a gift, that should suffice & CIC will not look into where my dad go the money from

Unlikely for CIC to ask for further source of funds for a gift.

Q. If I get an ITA & I apply with all the docs, I will also have to pay some about as cost of recovery. I know if they reject my application for incomplete documentation, they will refund the money. But please let me know if it goes for processing, what are the reasons that they can refuse my request since if the e-APR goes into processing, I will not be able get any refund if they reject my profile.

You won't receive a refund if your application is rejected during processing (on any other grounds except for being incomplete). If you pay RPRF upfront, that component will be refunded though.

I would really need help of all other members if the forum.

Thank You & hoping for some responses !!

 

[kakhileshreddy]

small question....


i have submitted my application..

now i am planning to buy a new car.. i would take a loan.. does this car loan gets deducted from the funds i showed..


please advise..

 

[Asivad Anac]

small question....


i have submitted my application..

now i am planning to buy a new car.. i would take a loan.. does this car loan gets deducted from the funds i showed..


please advise..

No. CIC doesn't care about personal finances - just ensure that your POF monies stay untouched throughout the process.

 

[sanjsin9]

By liabilities, if you mean loans taken to finance the purchase of an asset like a car or a house, No. If you mean funds borrowed to showcase POF, Yes.

Hi Asivad

you mean in BG they check whether we took a loan to show POF .. that's what i did ?? any problem with that

 

[mohamelwy]

Hey Guys,

I have received the ITA, and have some questions:

- My Bank statement shows well more than the amount needed by CIC, but it shows the regular installments of a LARGE LOAN that I used to acquire a piece of land (Can prove the purchase). Can that loan affect my situation negatively although I'm paying it regularly?

- I have a stock account of about that also has the amount needed for CIC, Can it be considered? Should I get the statement stamped? The financial entity is overseas!

please share your knowledge with me because this loan thing is my main concern now.

Thanks a lot for your help in advance.

 

[DelPiero07]

Hi Asivad

you mean in BG they check whether we took a loan to show POF .. that's what i did ?? any problem with that

The funds must belong to you, if you took a loan and it shows in your bank statements then you might be required to explain where this money came from.