Please help me selecting right sources for Proof of Funds

[moderator1983]

Hi All,

A] I have a specific query regarding our Proof of Funds. We are 2 members in the family and would require 15,143 CAD to show as our finances. We have sufficient of them in the following sources:

1. Joint bank account (CAD 20,800 as fixed deposit and saving account)
2. EPF (Employee Contribution) - CAD 6,000
3. Mutual Funds - CAD 19,800

My query is whether is there something called showing "too much" funds rendering a negative impact on my eAPR? Or we should be sticking only to showing funds as per the threshold defined by IRCC?

The worry I am facing currently is - when we planned to go for Canadian PR, we consolidated all our funds in a single joint account (point 1.) so in case, this raises a suspicion in the mind of the Visa officer, it can be compensated with the other proof of funds (point 2 & 3) - does this make any sense or my worry is baseless

B] Also, can someone throw some light as to the best way to show in Proof of funds the Mutual Funds that we have (partly cash funds and partly market linked equity)

A response would be highly appreciated! ;D

 

[DelPiero07]

1- There is no such thing as having "too much" funds. It wont affect your application.

2- If you consolidated those funds over 6 months ago you're fine. If you only want to show that joint bank account then you would need proof to show where those funds came from. If you do this then your joint bank account is sufficient.

3- I'm not an expert on mutual funds so hopefully someone can shed some light here. I will say this, they want to see that your funds are liquid so the money is readily available.

Cheers

 

[moderator1983]

2- If you consolidated those funds over 6 months ago you're fine. If you only want to show that joint bank account then you would need proof to show where those funds came from. If you do this then your joint bank account is sufficient.

Thank you DelPiero07... +1

In this account of mine, I've these funds rested for about 4-5 months now... I'm planning to furnish a gift deed (for $8000 of total $20000). However remaining amount, me and my spouse (major share) have transferred from our other accounts.
Do we need to show the statements of those other bank accounts as well...??
And if its a YES, is that gonna be again on letterhead of respective banks..??

 

[Chiptole]

Boy! You are rich!

Best of luck!

 

[kryt0n]

Fancy swinging some of those loonies my way?

 

[DelPiero07]

Thank you DelPiero07... +1

In this account of mine, I've these funds rested for about 4-5 months now... I'm planning to furnish a gift deed (for $8000 of total $20000). However remaining amount, me and my spouse (major share) have transferred from our other accounts.
Do we need to show the statements of those other bank accounts as well...??
And if its a YES, is that gonna be again on letterhead of respective banks..??

1- Get bank statements to match the transfers to your joint bank account. Highlight the transfers to make it easy for the officer to find the transfers.

2- Write a LOE regarding the fact that you guys decided to transfer funds to one account to have all the money required there. You can also mention the proof that you have included.

3- Do not get online statements as people have gotten in trouble for it. Go to the bank and request the statements that y need.

Cheers

 

[moderator1983]

1- Get bank statements to match the transfers to your joint bank account. Highlight the transfers to make it easy for the officer to find the transfers.

2- Write a LOE regarding the fact that you guys decided to transfer funds to one account to have all the money required there. You can also mention the proof that you have included.

3- Do not get online statements as people have gotten in trouble for it. Go to the bank and request the statements that y need.

Cheers

Thanks man! But let's say for point 3, it is very difficult to obtain bank statement by visiting the banks ( they are in our home towns and visiting them in unlikely) can we print our online bank statements and get them stamped and signed with a branch in our current residing city? Will that be ok? You mentioned people landed in to trouble because of online statements - can you please help me as to what kind of troubles they went through?

 

[Canada2425]

Thanks man! But let's say for point 3, it is very difficult to obtain bank statement by visiting the banks ( they are in our home towns and visiting them in unlikely) can we print our online bank statements and get them stamped and signed with a branch in our current residing city? Will that be ok? You mentioned people landed in to trouble because of online statements - can you please help me as to what kind of troubles they went through?

If you've your account with private bank in India (ICICI and HDFC kinda), you can walk in to any branch and request for the balance certificate and account statements.
I have a account with ICICI, I went to nearest branch, wrote an application furnishing all required details. They gave me balance certificate and statement of one month. They asked me to download monthly account statements (it will have your address), get them stamped and signed. Done.

In case of PSUs, if you're visiting a branch other than your home/base branch, you may need to request them to provide. They may charge for this service but other than that shouldn't be any issue.
Hope this helps.

 

[DelPiero07]

Thanks man! But let's say for point 3, it is very difficult to obtain bank statement by visiting the banks ( they are in our home towns and visiting them in unlikely) can we print our online bank statements and get them stamped and signed with a branch in our current residing city? Will that be ok? You mentioned people landed in to trouble because of online statements - can you please help me as to what kind of troubles they went through?

People have gotten their application rejected for providing online statements HOWEVER

It is perfectly fine if you get them stamped.

Cheers