Proof of Funds - Fixed Deposit

[wickerman]

Hi Everyone

I have a question regarding the proof of funds.

Currently I am located in the US. I am showing my checking account as proof of funds and have more than twice the amount needed for Canada.

However, I have a huge credit card bill which is almost as equal as my checking account. I know this is not a problem as IRCC is not interested in your net worth, rather on your funds not being encumbered by a loan taken for immigration purposes.

However to mitigate the risk, I am planning to show another 10,000 USD in a gift deed. This gift deed will be from my parents and the money is currently in a Fixed Deposit that is in my father's name.

I plan to create a Fixed Deposit in my name back in India and show the FD document along with a gift deed from my dad.

My questions are:

a) Is it okay to show funds from India while I am located in the US ? I do have access to those funds as I will be able to get them transferred.

b) Is a Fixed Deposit okay? Or should it be put in some bank account?

Thank you!

 

[crescent_jam]

Hi Everyone

I have a question regarding the proof of funds.

Currently I am located in the US. I am showing my checking account as proof of funds and have more than twice the amount needed for Canada.

However, I have a huge credit card bill which is almost as equal as my checking account. I know this is not a problem as IRCC is not interested in your net worth, rather on your funds not being encumbered by a loan taken for immigration purposes.

However to mitigate the risk, I am planning to show another 10,000 USD in a gift deed. This gift deed will be from my parents and the money is currently in a Fixed Deposit that is in my father's name.

I plan to create a Fixed Deposit in my name back in India and show the FD document along with a gift deed from my dad.

My questions are:

a) Is it okay to show funds from India while I am located in the US ? I do have access to those funds as I will be able to get them transferred.

b) Is a Fixed Deposit okay? Or should it be put in some bank account?

Thank you!

1. That should be fine. Your funds can be held anywhere just as long as they are available to you and you will have access to them once you're in Canada

2. Fixed Deposits are okay, as long as you show source of funds if it's less than 6 months old (the Gift Deed should suffice).

 

[wickerman]

1. That should be fine. Your funds can be held anywhere just as long as they are available to you and you will have access to them once you're in Canada

2. Fixed Deposits are okay, as long as you show source of funds if it's less than 6 months old (the Gift Deed should suffice).

Great. Yeah, the source of the fixed deposit, will be from my Dad's fixed deposit. We will break that and create a new FD in my name. To be on the safe side I will ask my dad to send me a copy of the FD document he currently has as well. And mention the same account number in the Gift deed.

 

[crescent_jam]

Great. Yeah, the source of the fixed deposit, will be from my Dad's fixed deposit. We will break that and create a new FD in my name. To be on the safe side I will ask my dad to send me a copy of the FD document he currently has as well. And mention the same account number in the Gift deed.

Good idea!

 

[pk46]

Great. Yeah, the source of the fixed deposit, will be from my Dad's fixed deposit. We will break that and create a new FD in my name. To be on the safe side I will ask my dad to send me a copy of the FD document he currently has as well. And mention the same account number in the Gift deed.

Hi,
How did you show your FD as PoF? I mean, what letter or document did you show to CIC?

 

[wickerman]

Hi,
How did you show your FD as PoF? I mean, what letter or document did you show to CIC?

I actually transferred the FD to my account and showed account balance along with an affidavit signed by my mom. This is because the FD wasnt in my name.

 

[sadhulogy]

Guys need some help with wording on the proof of fund letter from the bank.

Option 1: The 13000 CAD I can keep as a flexi FD, the bank gives me a letter saying the amount can be withdrawn at any time, but no FD certificate

Option 2: The 13000 CAD I put in a normal FD. I get an FD certificate, but the bank writes, " the fd can be broken prematurely"
Which one would be preferred?

 

[dotslash227]

Guys need some help with wording on the proof of fund letter from the bank.

Option 1: The 13000 CAD I can keep as a flexi FD, the bank gives me a letter saying the amount can be withdrawn at any time, but no FD certificate

Option 2: The 13000 CAD I put in a normal FD. I get an FD certificate, but the bank writes, " the fd can be broken prematurely"
Which one would be preferred?

Both are fine.