OINP funds - Raj, Stanlee, Asivad anac, Legal falcon, anyone else please help

[dark_matter]

Hello friends,

I just received this as additional document request along with a few other generic things. But this one has got me really confused. Please suggest what needs to be done... I'll be highly grateful for any ideas.



SUFFICIENT FUNDS

-Most recent bank assessment showing all assets.
-6 months of most recent bank statements. The bank statements should show your name and account balance.
-Program criteria require that you possess sufficient funds to cover settlement costs in Ontario.
Funds must be unencumbered, readily transferable in a convertible currency, and supported by bank statements. z
From the review of your application it appears that the majority of your funds are in (fixed deposit certificates/locked mutual funds, locked RRSP’s).
Funds must be unencumbered and readily available, and cannot be locked for an unspecified period of time.

-Evidence to substantiate large monthly bank deposits and the source of these funds.

Now the question is that when I sent my application I already sent a bank certificate stating that funds can drawn anytime. So that would suggest that OINP is not happy with funds in FDs. Would that mine that I need to withdraw all the money and put it my savings account?

Also, These FDs are made by my father in my name, and are year old, so would I need a gift deed from him as they have asked about the source of the funds...

I am sorry if the questions sound infantile.. I don't have much experience with Banks.. except for the simple transaction..

Thanks in Advance

 

[kryt0n]

Well, what they are asking for is fairly simple.

The want an overall summary of your account and 6 months of bank statements.

They want to see that you have had the money you claimed in your name for a long period of time.

If the money is not in your name or has been put in your account (savings or current) in a big chunk then you need to prove it is yours (gift deed).

 

[dark_matter]

Well, what they are asking for is fairly simple.

The want an overall summary of your account and 6 months of bank statements.

They want to see that you have had the money you claimed in your name for a long period of time.

If the money is not in your name or has been put in your account (savings or current) in a big chunk then you need to prove it is yours (gift deed).

Thanks for your response Kryton,

The problem is that around 95 % of the money is in FD

Is the in my name = yes
have I had it over 6 months = yes

 

[kryt0n]

Thanks for your response Kryton,

The problem is that around 95 % of the money is in FD

Is the in my name = yes
have I had it over 6 months = yes

Sorry, what's an FD?

 

[dark_matter]

Sorry, what's an FD?

Fixed deposit..

 

[kryt0n]

Fixed deposit..

Is that in a bank like savings? Maybe you need an official letter stating you are able to withdraw it at any time?

 

[Stanlee]

Hello friends,

I just received this as additional document request along with a few other generic things. But this one has got me really confused. Please suggest what needs to be done... I'll be highly grateful for any ideas.



SUFFICIENT FUNDS

-Most recent bank assessment showing all assets.
-6 months of most recent bank statements. The bank statements should show your name and account balance.
-Program criteria require that you possess sufficient funds to cover settlement costs in Ontario.
Funds must be unencumbered, readily transferable in a convertible currency, and supported by bank statements. z
From the review of your application it appears that the majority of your funds are in (fixed deposit certificates/locked mutual funds, locked RRSP’s).
Funds must be unencumbered and readily available, and cannot be locked for an unspecified period of time.

-Evidence to substantiate large monthly bank deposits and the source of these funds.

Now the question is that when I sent my application I already sent a bank certificate stating that funds can drawn anytime. So that would suggest that OINP is not happy with funds in FDs. Would that mine that I need to withdraw all the money and put it my savings account?

Also, These FDs are made by my father in my name, and are year old, so would I need a gift deed from him as they have asked about the source of the funds...

I am sorry if the questions sound infantile.. I don't have much experience with Banks.. except for the simple transaction..

Thanks in Advance

The FDs you are referring to, can it be withdrawn or liquidated prematurely, what does the FD Certificate/FD Advice state?

1. Get a fresh bank certificate/balance letter
2. Get bank statements which shows regular account activity, for example salary account or any other account which has funds in it.
3. If you feel that submitting the same FD details can raise concerns, then you can liquidate it and transfer the proceeds to your account and show the proof of FD redemption. Since they have asked for the source of funds for this FD, you can get a Gift Deed for the same along with proof of transfer.
4. If there has been large monthly deposits in your bank account, you need to explain those with proofs for the same

 

[dark_matter]

Is that in a bank like savings? Maybe you need an official letter stating you are able to withdraw it at any time?

That's the problem. I had already sent them that.
Bank had already mentioned that the money can be withdrawn anytime.

But maybe OINP is not happy with it.

 

[dark_matter]

@Stanlee

3. If you feel that submitting the same FD details can raise concerns, then you can liquidate it and transfer the proceeds to your account and show the proof of FD redemption. Since they have asked for the source of funds for this FD, you can get a Gift Deed for the same along with proof of transfer.
4. If there has been large monthly deposits in your bank account, you need to explain those with proofs for the same


There is not much activity in my account. Just the rent comes into it. And the savings account usually has around Rs 600 in it. The FDs have been made with the rent. But I have to confirm this one tomorrow.
The point 3 mentioned by you seems ' safe', I guess I am better off taking this route.

Thanks a lot Stanlee, really appreciate it.