Large Cash deposits in POF

[kabirs2010]

Hey guys,

I have 2 large cash deposits over the last few months which account for about 60% of my POF. Since they are cash deposits, and I do not have supporting documents to back them up, I was wondering if I need to take any additional steps other than explaining it on an LOE?

Sources of deposits are

i) 1st deposit is reimbursement from my parents. They came for my graduation in the US and I covered many of their costs, mostly travel expense. Upon returning to my our country, they paid me back in cash. I do not have access to the credit card receipts.

ii) 2nd deposit is from the sale of my car which I left to my brother in the US. He sold it and sent the money back with a relative, which I then deposited into my account in this country. Again there is no proof of this transaction. The only thing I have is the deed of the car.

Looking for some advice here.

 

[sabharishj]

Hi,

Even though your case may be genuine, IRCC will not consider POF with large cash deposits.

1. Reimbursement of expenses can be obtained in the form of a gift. The same cannot be cash deposit but should be a fund transfer or cheque collection (preferable) and the same should be supported by gift deed duly notarised...

2. Sale of your car is a good evidence. But you should have some valid proof that the car was yours and the selling price of the car. Finally the same cannot happen in cash mode but need to be a fund transfer directly to your account or an international cheque cleared into your bank account.

If none of the above works for you, then rest for sometime. Keep the funds in your account for at least 4 or 5 months and after that start creating EE profile. So when you receive an ITA it would be around 7 or 8 months. IRCC doesn't investigate what has happened in your account prior to 6 months. It just needs to understand that the funds held by you are unencumbered and should support you when you reach Canada.

Good luck

Hey guys,

I have 2 large cash deposits over the last few months which account for about 60% of my POF. Since they are cash deposits, and I do not have supporting documents to back them up, I was wondering if I need to take any additional steps other than explaining it on an LOE?

Sources of deposits are

i) 1st deposit is reimbursement from my parents. They came for my graduation in the US and I covered many of their costs, mostly travel expense. Upon returning to my our country, they paid me back in cash. I do not have access to the credit card receipts.

ii) 2nd deposit is from the sale of my car which I left to my brother in the US. He sold it and sent the money back with a relative, which I then deposited into my account in this country. Again there is no proof of this transaction. The only thing I have is the deed of the car.

Looking for some advice here.

 

[kabirs2010]

Thanks for the advice sabharishj. The thing is that I have already got my ITA.

Say hypothetically my POF statement currently shows 20k, which is the required amount for my application. Currently my funds are broken down as 40% from my salary via fund transfer (8k) and 60% from those 2 large cash deposits (12k). If the cash deposits will not be considered, what if my parents gift me 12k more, via cheque? Then the POF will show 32k but, the recognized and verified amount as per IRCC standards will still be 20k.
Will that work or will having those large cash deposits showing up on my statement still be a problem?

 

[sabharishj]

Your plan B must definitely work..
Try to get the required funds as a gift from your parents with proper documentation. Large cash deposits must not be a problem in this case coz you are gonna prove the gifted funds as your POF which is unencumbered.

Good luck

Thanks for the advice sabharishj. The thing is that I have already got my ITA.

Say hypothetically my POF statement currently shows 20k, which is the required amount for my application. Currently my funds are broken down as 40% from my salary via fund transfer (8k) and 60% from those 2 large cash deposits (12k). If the cash deposits will not be considered, what if my parents gift me 12k more, via cheque? Then the POF will show 32k but, the recognized and verified amount as per IRCC standards will still be 20k.
Will that work or will having those large cash deposits showing up on my statement still be a problem?

 

[praveen_sanka]

Hey guys,

I have 2 large cash deposits over the last few months which account for about 60% of my POF. Since they are cash deposits, and I do not have supporting documents to back them up, I was wondering if I need to take any additional steps other than explaining it on an LOE?

Sources of deposits are

i) 1st deposit is reimbursement from my parents. They came for my graduation in the US and I covered many of their costs, mostly travel expense. Upon returning to my our country, they paid me back in cash. I do not have access to the credit card receipts.

ii) 2nd deposit is from the sale of my car which I left to my brother in the US. He sold it and sent the money back with a relative, which I then deposited into my account in this country. Again there is no proof of this transaction. The only thing I have is the deed of the car.

Looking for some advice here.

Hi @kabirs2010 - I'm in a similar situation. Wondering if you got your Canada PR or not