POF(Proof of Funds)

[satya10]

Dear Fellow aspirants,

I had applied for SINP EE category, as part of the POF I had shown the stocks investments as one of the source of funds, can I liquidate it and encash if in profits, while or during the processing of the application.

Thanks
Sathya

 

[cjs]

I think yes, then you ll have to inform SINP about liquidation and provide new POF if they ask.
But to be on safer side let it be there till the time your application is not processed.

 

[snehalshah]

do fixed deopists work as pof?

 

[StAnger]

do fixed deopists work as pof?

Yes, as long as you did not take any loan to create this FD.

 

[snehalshah]

do fixed deopists work as pof?

Yes, as long as you did not take any loan to create this FD.

So will a simple gift deed letter work ? does it have to be notarized ?

 

[StAnger]

So will a simple gift deed letter work ? does it have to be notarized ?

How old is you FD? Did you make a bulk deposit for your FD in recent months?

If yes, than you need to show the source of funds that could be via gift deed.

 

[snehalshah]

How old is you FD? Did you make a bulk deposit for your FD in recent months?

If yes, than you need to show the source of funds that could be via gift deed.

Actually i havent yet made the fd. My mother will gift me some money while i will withdraw some money from my pf account and transfer that money to my mothers savings account. She will transfer the whole amount from her account to my savings account and will make the fd.

 

[StAnger]

Actually i havent yet made the fd. My mother will gift me some money while i will withdraw some money from my pf account and transfer that money to my mothers savings account. She will transfer the whole amount from her account to my savings account and will make the fd.

Why don't you show your PF as POF?

 

[StAnger]

Also, if you are getting funds transferred into your saving account, simply make a gift deed for saving account instead of sending these funds to a FD and than making a gift deed?

 

[snehalshah]

Also, if you are getting funds transferred into your saving account, simply make a gift deed for saving account instead of sending these funds to a FD and than making a gift deed?

I am making fd because cic needs bank statement for last 6 months if bank account is shown as pof which i will not be able to provide if for ex i get the ita couple of months down the line , while for fd some one told me cic doesnt need 6 months back dated statement. Please suggest what to do?

 

[StAnger]

I am making fd because cic needs bank statement for last 6 months if bank account is shown as pof which i will not be able to provide if for ex i get the ita couple of months down the line , while for fd some one told me cic doesnt need 6 months back dated statement. Please suggest what to do?

Well if you are still waiting of ITA and you expect it in next couple of months than you can very well go any route. Six months statement is only for savings account.

You can show FD+savings account+PPF

For PPF:
Typically, PPF has a lock in period but their is certain amount you can withdraw. Ask your bank explicitly states your withdrawal amount.
There is a lock-in period of 15 years and the money can be withdrawn in whole after its maturity period. However, pre-mature withdrawals can be made from the end of the sixth financial year from when the commenced. The maximum amount that can be withdrawn pre-maturely is equal to 50% of the amount that stood in the account at the end of 4th year preceding the year in which the amount is withdrawn or the end of the preceding year whichever is lower.

 

[snehalshah]

Well if you are still waiting of ITA and you expect it in next couple of months than you can very well go any route. Six months statement is only for savings account.

You can show FD+savings account+PPF

For PPF:
Typically, PPF has a lock in period but their is certain amount you can withdraw. Ask your bank explicitly states your withdrawal amount.
There is a lock-in period of 15 years and the money can be withdrawn in whole after its maturity period. However, pre-mature withdrawals can be made from the end of the sixth financial year from when the commenced. The maximum amount that can be withdrawn pre-maturely is equal to 50% of the amount that stood in the account at the end of 4th year preceding the year in which the amount is withdrawn or the end of the preceding year whichever is lower.

Ya i did enquire but the amount that i can withdraw wont suffice for pof , but i am withdrawing the allowed amount i can withdraw from pf acc and the remaining amount my mother will give me. So i'll create the fd's. And just to know i calculated my score with crs and its showing as 415 how bright are my chances with Ontario?