ontario funds

[Hemi427]

Hi frnds, I have a query regarding funds for ontario. I have some cash in bank, fixed deposit and provident fund. i am short of some money but my father will be helping me. My question is whethet I should directly deposit this to my account or should I create a fixed deposit for remaining funds?

Also, do we need to show all funds in savings or we can add up fixed deposits, provident funds etc....all adding to to minumum requiremenrs?

 

[Asivad Anac]

Hi frnds, I have a query regarding funds for ontario. I have some cash in bank, fixed deposit and provident fund. i am short of some money but my father will be helping me. My question is whethet I should directly deposit this to my account or should I create a fixed deposit for remaining funds?

Also, do we need to show all funds in savings or we can add up fixed deposits, provident funds etc....all adding to to minumum requiremenrs?

Both CIC and OOPNP seem to insist on bank statements and liquid funds available in a bank account. I would recommend you to keep funds in a bank account - FD or not is irrelevant unless your bank has some weird breakage policy whereby you lose significant amount if you break that FD mid-term and that brings your balance to below-POF (unlikely scenario though).

If you're getting money from your father, get a signed declaration from him that states that this money is NOT a loan and need not be returned to him. CIC would want to see that paper.

All the best!

 

[Hemi427]

In the checklist it says copies of fixed deposit, provident funds etc. so you suggest i transfer all that in my savings account?

for any extra cash I need to produce a declaration.?

 

[Asivad Anac]

In the checklist it says copies of fixed deposit, provident funds etc. so you suggest i transfer all that in my savings account?

for any extra cash I need to produce a declaration.?

This is what CIC says and you'll eventually have to showcase POF to them.

http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

Purpose

To confirm whether the applicant meets the low income cut-off (LICO), as assessed by amount of money they hold compared to the number of people in their family

Document requirements

The applicant should provide official letter(s) from financial institution(s) which list all current bank and investment accounts, as well as outstanding debts such as credit cards and loans.
The letter(s) must be printed on the letterhead of the financial institution and must include applicant’s name, the contact information of the financial institution (address, telephone number and e-mail address), the account numbers, dates of when each account was opened and the current balance of each account as well as the average balance in the past six months.
Other documents may also be requested, as necessary.

Individuals who must submit this documentation

The principal applicant

As for declaration, that is required only for money that your father is giving to you and not for money you have on your own. This is to ensure that you can prove to CIC, if needed, that this amount is not encumbered.

 

[Hemi427]

personal provident funds works?

 

[jemdill]

This is what CIC says and you'll eventually have to showcase POF to them.

http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

Purpose

To confirm whether the applicant meets the low income cut-off (LICO), as assessed by amount of money they hold compared to the number of people in their family

Document requirements

The applicant should provide official letter(s) from financial institution(s) which list all current bank and investment accounts, as well as outstanding debts such as credit cards and loans.
The letter(s) must be printed on the letterhead of the financial institution and must include applicant's name, the contact information of the financial institution (address, telephone number and e-mail address), the account numbers, dates of when each account was opened and the current balance of each account as well as the average balance in the past six months.
Other documents may also be requested, as necessary.

Individuals who must submit this documentation

The principal applicant

As for declaration, that is required only for money that your father is giving to you and not for money you have on your own. This is to ensure that you can prove to CIC, if needed, that this amount is not encumbered.

Hey Do you mean I need to show the credit card details and loan I have here in Canada?
Because I do have a CAR loan and of course it is a huge amount because its a brand new car. Will That be an issue?

 

[Hemi427]

I have some cash in my account and have planned to deposit outstanding (minimum LICO) cash in my savings account.... I will produce an affidavit stating that the funds are gift by my father and need not be returned... Hope this will work!!!

I guess provident funds and fixed deposits wont work here??

Any thoughts??

 

[Hemi427]

Another question: This may be stupid one, Can the accompanying spouse show funds available in his/her account??

 

[niravk]

personal provident funds works?

PPF will work..But you need to attach a letter from your financial institution explicitly saying the total balance and the withdrawable amount.

 

[Asivad Anac]

Another question: This may be stupid one, Can the accompanying spouse show funds available in his/her account??

Yes. Provided it is a joint account with the PA's name on it.

 

[Hemi427]

Yes. Provided it is a joint account with the PA's name on it.

Ok..unfortunately it isn't so guess this option is down the drain..lol... :'(

 

[Hemi427]

Hey asivad, if my spouse transfers money into my account, do i still need a declaration or affidavit to prove it is not loan???

 

[Asivad Anac]

Hey asivad, if my spouse transfers money into my account, do i still need a declaration or affidavit to prove it is not loan???

Yes. To be on the safer side, get a simple self-declared letter stating that.

 

[jemdill]

Yes. To be on the safer side, get a simple self-declared letter stating that.

Asivad,

Can you please give me a sample letter?
My sister transferred the money to my account from India.
Do I need any of her identity docs or just a scanned copy of her letter with sign?

 

[Asivad Anac]

Asivad,

Can you please give me a sample letter?
My sister transferred the money to my account from India.
Do I need any of her identity docs or just a scanned copy of her letter with sign?

Just a scanned letter with her sign would do.

Basically a "To whomsoever it may concern" letter which states that she has transferred X amount to her brother (your name) on DATE from her bank account XXX123 vide wire transfer ref number 123456 for the express purpose of helping you with settlement funds. Also, this is not a loan hence need not be returned.

That should do it.