proof of fund?recently deposited?

[pammi]

hi,
if i deposit a huge amount from my brothers account and my wifes account in short time period will it work?how to show proof of fund?do i have to submit statements?also do i need a letter from my bank manager also that i have this much account on this date?what should i do?pls advice.

 

[rupeshhari]

i only gave one statement but they can always come back and ask for more statements.

 

[NewYorker]

Give whatever you have because you don't have a choice for the past months statements, so just play like you don't know and send them. If they ask, you have to explain that you opened a new account in new or same bank. For that you can open another account in the same bank and transfer all the money and then get the statement for that account -its not going to have an history and you can explain as well.

 

[foreverwaiting]

Avoid submitting bank statements as that would show recent deposit of large amounts. Instead get a letter from your bank stating that you have "amount" on "date"

BTW, why do you need to transfer funds from your wife's account. Funds in her name are also perfectly acceptable for POF.

 

[helpmeimmigrate]

Yes, you do not need to transfer , but submitting just a bank statement with bank balance may not help also, they can come bank and ask for debit and credit form statement for last three-4 months.

So you can explain that you transferred the amount from wife's acount into yours as you were not sure if the funds in her name are valid to show. Because for every large netry, like for India entries over Rs50000 are questioned sometimes and an explaination is to be provided with copies of cheques etc.

So in order to cover your back what is suggested is that you can provide Net worth statement prepared by a chartered accountant. including your movable and immovale assets such as cash, bank balance, fixed deposits, life insurances, jewellery, car etc and property, office space , land etc, everything is acceptable.

 

[nanji]

I have a couple of questions on the same lines. Does EPF (Employee Provident Fund) work for proof of fund? In Malaysia, there is a government controlled organization called EPF. Every month, my company contributes a certain percentage of my salary in my EPF account and a similar certain percentage is deducted from my salary and credited in that account. Since I am not a citizen of Malaysia therefore upon exiting Malaysia I can withdraw all this amount and not before that. Can I use my current EPF statement to show proof of funds. As of this moment I might not have the exact amount required for me and my family for Canadian immigration. But by the time my application is processed and approved, I will be just there.

Also can we use stocks/shares as additional proof of funds? How about car in your name, which I will obviously be selling before moving to canada? Also my wife's gold jewellery etc.? Do we need a net worth statement from chartered accountant to summarize all this.

Thanks in advance for responses.
Nanji

 

[john5655]

no guarantee EPF is accepted as it is not readily transferable

no way will car and jewellery be accepted

your shares are OK

 

[AJITKUMAR]

DEAR EVEN SHARES ARE NOT ACCEPTED ITS MY EXPERIENCE

 

[john5655]

shares can be sold, so sell them

same with the car, the crown jewels and your grandmother

all you need is $10K to $20K

 

[NewYorker]

Only funds which are in liquid forms are accepted. Car, jewelry, gold, home equity are not liquid assets and are not accepted. You can review CIC website for the funds.

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

Only acceptable funds are;

* cash
* securities in bearer form (for example, stocks, bonds, debentures, treasury bills) or
* negotiable instruments in bearer form (for example, bankers' drafts, cheques, travellers' cheques or money orders)..

If you have car, jewels, gold, you need to cash it before you go to Canada, but to show the funds you need to have at least minimum in hand as liquid.

 

[rupeshhari]

i think shares and stocks are the same.

 

[zaidkhalid]

So from your writing, I understood that a bank statement is not enough. What is the best way to show you have the enough fund in your account, is by taking a certificate from a bank ( showing the amount in Pounds for example)? or there is another way ?
another question if I will deposit some money from my sister, is this issue could be not accepted by CIC office?

thank you for your opinion

 

[PCHC]

Bank balance certificate stating account balance $XXXXX as on XXXXX issued by your bank on bank letter head

 

[sushid0c]

I have a couple of questions on the same lines. Does EPF (Employee Provident Fund) work for proof of fund? In Malaysia, there is a government controlled organization called EPF. Every month, my company contributes a certain percentage of my salary in my EPF account and a similar certain percentage is deducted from my salary and credited in that account. Since I am not a citizen of Malaysia therefore upon exiting Malaysia I can withdraw all this amount and not before that. Can I use my current EPF statement to show proof of funds. As of this moment I might not have the exact amount required for me and my family for Canadian immigration. But by the time my application is processed and approved, I will be just there.

Also can we use stocks/shares as additional proof of funds? How about car in your name, which I will obviously be selling before moving to canada? Also my wife's gold jewellery etc.? Do we need a net worth statement from chartered accountant to summarize all this.

Thanks in advance for responses.
Nanji




hi.....
This thing about provident fund is not clear......in the cic website they have not mentioned whether they will accept provident fund
nor have they mentioned that they will NOT accept. So the provident fund thing is in the grey zone.

Secondly you mentioned that by the time your application is processed you should be able to arrange the required funds.......
when did you apply???
I hope you are before 28th feb 2008 applicant. Coz applicants after that are being decided fast enough (checked out other sites too).
If you are after 28th feb you might just find it difficult to arrange funds in 120 days.

 

[nanji]

Regarding the EPF, the amount is readily available upon my exit from Malaysia. Why can we not consider that as unencumbered funds? It is just cash lying with EPF which I can withdraw anytime (meaning only when I leave Malaysia for good) and that would be the case for me if I get PR. If my EPF statement (which is like a bank statement) shows the required equivalent funds in Malaysian Ringgit than I do not understand the issue. May be I am missing something. I only want to understand CIC point of view on funds like EPF?

sushid0C, I have not applied yet and am planning to apply soon if all goes well in my gathering of documents which is proving to be very difficult. 80% of the required amount is already in my EPF and it would take a max. of 6 months to reach the required target. The additional types of funds I mentioned was something extra I can show to the CIC. What do you think, for that do I need a net worth statement from a chartered accountant?

Nanji