Proof of Funds Clarity - Asivad Anac and other experts please help

[averma]

Hi,

I am confused regarding proof of funds for OINP application submission.

1. I am in need to show around 20000 CAD i.e. INR 10 Lakhs. In my savings bank account, I have close to 1.4 lakhs in the form of Recurring Deposit (RD) and in another savings bank account I have close to 1.7 lakhs in the form of two Fixed Deposits (FD). Both the FDs were 5 year tax saving FDs. One FD worth 1 Lakh INR is maturing in 2017 while the other will mature in 2019. As far as I know we can break even the 5 year tax saving FD and in that case one to pay the tax which we saved earlier. Can I show the amount mentioned in RD and FD as POF especially keeping in mind the 5 year FD.

2. My wife (accompanying spouse or secondary applicant) has INR 6 lakhs in the form of FDs. Can I show this amount as POF. Will I need an affidavit or something from her? If yes, then what should be written in the affidavit?

3. I have a joint account with my Father and he is willing to put some money close to INR 9 Lakhs in this account. Can I show this money as POF. Will I require an affidavit and what should be written in the affidavit?

Please help me guys.

 

[averma]

Hi,

I am confused regarding proof of funds for OINP application submission.

1. I am in need to show around 20000 CAD i.e. INR 10 Lakhs. In my savings bank account, I have close to 1.4 lakhs in the form of Recurring Deposit (RD) and in another savings bank account I have close to 1.7 lakhs in the form of two Fixed Deposits (FD). Both the FDs were 5 year tax saving FDs. One FD worth 1 Lakh INR is maturing in 2017 while the other will mature in 2019. As far as I know we can break even the 5 year tax saving FD and in that case one to pay the tax which we saved earlier. Can I show the amount mentioned in RD and FD as POF especially keeping in mind the 5 year FD.

2. My wife (accompanying spouse or secondary applicant) has INR 6 lakhs in the form of FDs. Can I show this amount as POF. Will I need an affidavit or something from her? If yes, then what should be written in the affidavit?

3. I have a joint account with my Father and he is willing to put some money close to INR 9 Lakhs in this account. Can I show this money as POF. Will I require an affidavit and what should be written in the affidavit?

Please help me guys.

Anyone please help.

 

[Asivad Anac]

Hi,

I am confused regarding proof of funds for OINP application submission.

1. I am in need to show around 20000 CAD i.e. INR 10 Lakhs. In my savings bank account, I have close to 1.4 lakhs in the form of Recurring Deposit (RD) and in another savings bank account I have close to 1.7 lakhs in the form of two Fixed Deposits (FD). Both the FDs were 5 year tax saving FDs. One FD worth 1 Lakh INR is maturing in 2017 while the other will mature in 2019. As far as I know we can break even the 5 year tax saving FD and in that case one to pay the tax which we saved earlier. Can I show the amount mentioned in RD and FD as POF especially keeping in mind the 5 year FD.

Yes. Take into account the money value post tax and post breakage penalty, if any.

2. My wife (accompanying spouse or secondary applicant) has INR 6 lakhs in the form of FDs. Can I show this amount as POF. Will I need an affidavit or something from her? If yes, then what should be written in the affidavit?

Yes. Get a signed self-declaration from her that she doesn't have any reservations against you utilizing these funds as POF. If possible, get yourself added to that account.

3. I have a joint account with my Father and he is willing to put some money close to INR 9 Lakhs in this account. Can I show this money as POF. Will I require an affidavit and what should be written in the affidavit?

Yes. Get a signed self-declaration from your father on plain paper that this transaction is a gift not a loan. Add proof of fund transfer as well.

Please help me guys.

 

[Stanlee]

Hi,

I am confused regarding proof of funds for OINP application submission.

1. I am in need to show around 20000 CAD i.e. INR 10 Lakhs. In my savings bank account, I have close to 1.4 lakhs in the form of Recurring Deposit (RD) and in another savings bank account I have close to 1.7 lakhs in the form of two Fixed Deposits (FD). Both the FDs were 5 year tax saving FDs. One FD worth 1 Lakh INR is maturing in 2017 while the other will mature in 2019. As far as I know we can break even the 5 year tax saving FD and in that case one to pay the tax which we saved earlier. Can I show the amount mentioned in RD and FD as POF especially keeping in mind the 5 year FD.

2. My wife (accompanying spouse or secondary applicant) has INR 6 lakhs in the form of FDs. Can I show this amount as POF. Will I need an affidavit or something from her? If yes, then what should be written in the affidavit?

3. I have a joint account with my Father and he is willing to put some money close to INR 9 Lakhs in this account. Can I show this money as POF. Will I require an affidavit and what should be written in the affidavit?

Please help me guys.

1. Yes you can show RD and FD as POF. The requirement for OINP is that the funds should be readily available and unencumbered. The only catch in this case is the 5 year tax saving FD, but since you have mentioned that you are willing to liquidate it, you can show it. I also showed some FDs which are 5 year tax saving FDs, but these FDs were over and above the fund required for me. You will have to submit RD Statements and FD receipts and a letter from the bank.

2. For the 6 lakhs which is in your wife's name, you can get a self declaration from your wife stating that she is also accompanying you to Canada and this amount (give details in the declaration) has been kept aside for your migration as a family. She should also state that she has no objection for the money being used for migration. You will have to submit FD receipts to the same.

3. Since it is a joint account, you might have to explain the inflow of large sum of money, so that the case officer is convinced that this is not a loan. In this regard, please get a self declaration from your father along with a copy of his identity document and another document which shows your relationship. You will need to submit the statements for this account in addition to a letter from the bank.

Submit all of the above with a Letter of Explanation, mentioning your case.

 

[averma]

1. Yes you can show RD and FD as POF. The requirement for OINP is that the funds should be readily available and unencumbered. The only catch in this case is the 5 year tax saving FD, but since you have mentioned that you are willing to liquidate it, you can show it. I also showed some FDs which are 5 year tax saving FDs, but these FDs were over and above the fund required for me. You will have to submit RD Statements and FD receipts and a letter from the bank.

RD is in other account and FDs are in other account. For the account in which I am holding the RD, should I get a self affidavit made or a self declaration. What is Self Declaration? Is it declaration on plain paper and then getting it notary. reason why I am saying self affidavit is that this is my salary account and have very low balance account because every month I pay around 70-80% of my inflows (Salary) for household bills and Credit Card Bills but RDs are mapped to this account. Should I get a self affidavit stating that RD will be used specifically for migrating to Canada only.

2. For the 6 lakhs which is in your wife's name, you can get a self declaration from your wife stating that she is also accompanying you to Canada and this amount (give details in the declaration) has been kept aside for your migration as a family. She should also state that she has no objection for the money being used for migration. You will have to submit FD receipts to the same.

Self affidavit from my wife or self declaration on plain paper with Notary?

3. Since it is a joint account, you might have to explain the inflow of large sum of money, so that the case officer is convinced that this is not a loan. In this regard, please get a self declaration from your father along with a copy of his identity document and another document which shows your relationship. You will need to submit the statements for this account in addition to a letter from the bank.

I have converted this joint account to my name only and my father has removed his name. Post doing this, my mother has transferred XXX lakhs in this account. This is the account where I have maximum balance post her transferring the money. Also the FDs which I mentioned in point1 are in this account. FDs are in my name. Now, I am planning to take a gift deed from my mother stating that she has no objection in me using the money for immigration purpose and the money is irrecoverable. Apart from this any other documents from her side? Also, should I submit a self affidavit that I will use this money for migration purpose only.

Submit all of the above with a Letter of Explanation, mentioning your case.

Please advice.

 

[Stanlee]

Please advice.

RD is in other account and FDs are in other account. For the account in which I am holding the RD, should I get a self affidavit made or a self declaration. What is Self Declaration? Is it declaration on plain paper and then getting it notary. reason why I am saying self affidavit is that this is my salary account and have very low balance account because every month I pay around 70-80% of my inflows (Salary) for household bills and Credit Card Bills but RDs are mapped to this account. Should I get a self affidavit stating that RD will be used specifically for migrating to Canada only. - For any account (RD/FD/Savings etc) in your name, you just need the statements from those accounts and the bank letter. You do not need a self declaration or affidavit for those.

Self affidavit from my wife or self declaration on plain paper with Notary? - Self declaration on plain paper, no need for notarization.

I have converted this joint account to my name only and my father has removed his name. Post doing this, my mother has transferred XXX lakhs in this account. This is the account where I have maximum balance post her transferring the money. Also the FDs which I mentioned in point1 are in this account. FDs are in my name. Now, I am planning to take a gift deed from my mother stating that she has no objection in me using the money for immigration purpose and the money is irrecoverable. Apart from this any other documents from her side? Also, should I submit a self affidavit that I will use this money for migration purpose only. - If your father has removed his name from the account, then it is fine. Yes, you need to get a Gift Deed for the money that you received from your mother. For Gift Deed, you can refer to this link http://www.canadavisa.com/canada-immigration-discussion-board/gift-money-declaration-from-father-to-son-outline-t347593.0.html

No there is no need for self affidavit. Instead, you can submit a Letter of Explanation explaining your case.