Proof of Funds Confusion

[Shreyas90h]

Hello,

I have a joint bank account with my mom and dad in ABC bank. I am not meeting the Proof of funds criteria unless i put some more 2000CAD into it.
Lets assume for time being that i have met the funds criteria today and in the next draw the ITA is issued.

Now there are a few set of questions:

1. Does having a joint account with my parents make me eligible for showing the proof of funds?

2. If not then , how will I be eligible assuming that i have the funds available now (12000CAD)?

3. My friends are saying that you should show these funds in your account for minimum of 6 months ? Is it compulsary because i can bring some money from another PQR account of my parents and save it in ABC bank account but then waiting for 6 months will be a very long wait.

Please suggest.

Thank you in Advance.

 

[Shreyas90h]

Thank you for the reply Dan_And

1. . Now here the confusion is the affidavit should be made for how much money for all the money in the bank account or for only half of the money in bank account or the money which just got added in the bank account?(Please refer example to understand the query better)

E.g. I have 5000 CAD now in my account and to be eligible i need 7000 CAD more now. The account is joint at this point of time. Let say i remove my parents exactly at this point of time lets say 1st aug 2015 and from next day 2nd aug 2015 i am the sole owner of the account. From 2nd aug 2015 i ADD 7000 CAD to be eligible so now the funds are 12000 CAD.
So here the affidavit should be of how much ? 7000 CAD only or 12000 CAD (5000 earlier and 7000 which came now) ??

2.A different question, On 1st august 2015 i remove my parents from the joint account and from 2nd august 2015 the ABC account is only under my name with the nominees being parents is that ok ?

3. Now for ITA process , Will CIC not question me about that it was a Joint account first and now it is all under MY account only even though the affidavit is made?

3. Lets say draw happens, ITA gets issued on 15th aug 2015. I have made all the affidavit stuff and i am ready with the necessary funds, so now i just have to get a letter from the bank right with the necessary 5 points information and submit it with the application right?

Please suggest.

Thank you in Advance.

 

[Asivad Anac]

Thank you for the reply Dan_And

1. . Now here the confusion is the affidavit should be made for how much money for all the money in the bank account or for only half of the money in bank account or the money which just got added in the bank account?(Please refer example to understand the query better)

E.g. I have 5000 CAD now in my account and to be eligible i need 7000 CAD more now. The account is joint at this point of time. Let say i remove my parents exactly at this point of time lets say 1st aug 2015 and from next day 2nd aug 2015 i am the sole owner of the account. From 2nd aug 2015 i ADD 7000 CAD to be eligible so now the funds are 12000 CAD.
So here the affidavit should be of how much ? 7000 CAD only or 12000 CAD (5000 earlier and 7000 which came now) ??

It can be a joint account with your name on it. You will need a signed declaration from your parents that they have no reservations about you using 12000 CAD of funds from that particular account as POF. Proving the source of those 7000 CAD is a totally different thing. You will have to conclusively prove that those additional funds aren't borrowed from somewhere simply because they cannot appear miraculously from nowhere. .

2.A different question, On 1st august 2015 i remove my parents from the joint account and from 2nd august 2015 the ABC account is only under my name with the nominees being parents is that ok ?

This is fine.

3. Now for ITA process , Will CIC not question me about that it was a Joint account first and now it is all under MY account only even though the affidavit is made?

Not at all. They are only concerned with the monies being available to you and not being encumbered.

3. Lets say draw happens, ITA gets issued on 15th aug 2015. I have made all the affidavit stuff and i am ready with the necessary funds, so now i just have to get a letter from the bank right with the necessary 5 points information and submit it with the application right?

Yes.

Please suggest.

Thank you in Advance.

 

[Shreyas90h]

Thank you Asivad for the prompt reply.

Sorry for asking this in more detail its just that it worries me a lot and i am a newcomer to all this process.

1. a. So are you saying that joint account will work because many said it wont work?
b. if yes then the letter of explanation should that also to be on an affidavit ?

2. In short there will be 2 affidavits right first saying that my parents dont have any objection to use the money from my ABC account and the second will be of the additional 7000 CAD which they will gift me into ABC account ? Please correct me if i am wrong.

3. Another situation, lets say from 2nd Aug 2015 i am the sole owner of my account. Now i just have to show here the affidavit of the additional 7000 CAD only right ? or the initial amount also which was there already making an affidavit of the 12000 CAD (5000 earlier and 7000 added now)?


Thank you in Advance
Regards,

 

[Asivad Anac]

Thank you Asivad for the prompt reply.

Sorry for asking this in more detail its just that it worries me a lot and i am a newcomer to all this process.

1. a. So are you saying that joint account will work because many said it wont work?
b. if yes then the letter of explanation should that also to be on an affidavit ?

It will work as long as your name is on it AND the other person(s) sign a self declaration that they don't have any reservations with you using the required amounts of monies towards your POF. Need not be an affidavit, a regular declaration would do.

2. In short there will be 2 affidavits right first saying that my parents dont have any objection to use the money from my ABC account and the second will be of the additional 7000 CAD which they will gift me into ABC account ? Please correct me if i am wrong.

Need not be an affidavit. Can be signed self-declarations. Notarize if you want to, I don't imagine it is mandatory.

3. Another situation, lets say from 2nd Aug 2015 i am the sole owner of my account. Now i just have to show here the affidavit of the additional 7000 CAD only right ? or the initial amount also which was there already making an affidavit of the 12000 CAD (5000 earlier and 7000 added now)?

Just the additional amount which flows in. Remember the basic rule - Monies should be equal or more than minimum amount required and should not be borrowed. Put yourself into a CIC officer's shoes and if you are convinced on those 2 points, good to go.

Thank you in Advance
Regards,

 

[Shreyas90h]

Thank you Asivad for the prompt reply again.

 

[anandg12]

Hello, I have a similar query. The bank letter will have my name only in a joint account as I am an independent operator and my father will have a deed of gift notarized stating the amount I have access to. Is this fine or a cause of concern? I am concerned that CIC may scrutinize that it is a joint account with parents.

 

[Asivad Anac]

Hello, I have a similar query. The bank letter will have my name only in a joint account as I am an independent operator and my father will have a deed of gift notarized stating the amount I have access to. Is this fine or a cause of concern? I am concerned that CIC may scrutinize that it is a joint account with parents.

Play it safe by asking the bank to mention that it is a joint account. Then get a signed self-declaration from your parent(s) that they have no reservations against using a specified amount of funds from the joint account as POF. That would suffice.

Even that gift deed would do. Your call.

 

[Marooned]

@ Asivad Anac
@ Dan_and
and other experts.

Hi,
I have a question regarding the POF.

Assuming I submitted my profile on EE in February 2015,Do I have to have ~ 12K $ in my account from 6 months before February?(From August 2014)
I really don't know when these 6 months start!
6 months before submitting the profile or 6 months after getting ITA?

Any help will be highly appreciated.

 

[Asivad Anac]

@ Asivad Anac
@ Dan_and
and other experts.

Hi,
I have a question regarding the POF.

Assuming I submitted my profile on EE in February 2015,Do I have to have ~ 12K $ in my account from 6 months before February?(From August 2014)
I really don't know when these 6 months starts!
6 months before submitting the profile or 6 months after getting ITA?

Any help will be highly appreciated.

The 6 months requirement is only to ensure that you aren't passing off borrowed funds as POF. If you can prove that the funds belong to you, there is no real requirement of keeping them for 6 months. For instance, you could've sold your car a day before getting the ITA and you can choose to showcase a part of those funds as POF with valid supporting documentation including sale receipt, transfer of ownership etc.

For monies in the bank, calculate 6 months backwards from the day your bank issues you the letter/certificate with the details as required by CIC.

Hope that clarifies. All the best!

 

[Marooned]

The 6 months requirement is only to ensure that you aren't passing off borrowed funds as POF. If you can prove that the funds belong to you, there is no real requirement of keeping them for 6 months. For instance, you could've sold your car a day before getting the ITA and you can choose to showcase a part of those funds as POF with valid supporting documentation including sale receipt, transfer of ownership etc.

For monies in the bank, calculate 6 months backwards from the day your bank issues you the letter/certificate with the details as required by CIC.

Hope that clarifies. All the best!

I putted 11K in my account 8 months ago as fixed deposit.
1.Does it have any problem if I put another 1K to that account after getting ITA?
and
2.Do I have to provide any documents for this 1K?

thank you

 

[Asivad Anac]

I putted 11K in my account 8 months ago as fixed deposit.
1.Does it have any problem if I put another 1K to that account after getting ITA?
and
2.Do I have to provide any documents for this 1K?

thank you

Additional 1K deposit won't be a concern. Do it asap.

 

[Marooned]

Additional 1K deposit won't be a concern. Do it asap.

Thank you very much indeed.

 

[ayekayman]

Hi,

I have the requisite POF amount in the form of fixed deposits. In this case, should the 'fixed deposit certificate' suffice as proof of fund document? Or would I have to still get the bank statement for 6 months? Please suggest.

Thank you!

 

[Asivad Anac]

Hi,

I have the requisite POF amount in the form of fixed deposits. In this case, should the 'fixed deposit certificate' suffice as proof of fund document? Or would I have to still get the bank statement for 6 months? Please suggest.

Thank you!

Ask your bank for the certificate in the format required by CIC. If they refuse for some reason, your FD certificate should suffice provided it contains sufficient funds towards your POF and is at least 6 months old.