Proof of funds for settlement

[Rishi2843]

There are mixed review about proof of funds for settlement to canada. I am more or less confused about minor things which i am listing below.
1. The settlement funds needs to be in one primary applicant name or we can show it in the name of both applicants
2. When do we need the exact funds in account? Like as if i am applying in Dec 2019 or Jan 2020 should i park the funds now or should i get it before filling application or after I receive ita? This is the main big confusion.
3. As of now primary applicant is not having sufficient balance on daily basis but will get the funds in installments or in the form of gift deed from parents. So that will be a legitimate case if we show funds like that.
4. Is gift deed about 70-80 % of settlement funds from parents is safer option or not.
5. What the things which arise suspicion in the eye of visa or immigration officer regarding the whole process.
6 when do we require account statement 6 months old?

 

[yiso91]

There are mixed review about proof of funds for settlement to canada. I am more or less confused about minor things which i am listing below.
1. The settlement funds needs to be in one primary applicant name or we can show it in the name of both applicants
2. When do we need the exact funds in account? Like as if i am applying in Dec 2019 or Jan 2020 should i park the funds now or should i get it before filling application or after I receive ita? This is the main big confusion.
3. As of now primary applicant is not having sufficient balance on daily basis but will get the funds in installments or in the form of gift deed from parents. So that will be a legitimate case if we show funds like that.
4. Is gift deed about 70-80 % of settlement funds from parents is safer option or not.
5. What the things which arise suspicion in the eye of visa or immigration officer regarding the whole process.
6 when do we require account statement 6 months old?

1. It can be a joint account , as long as your spouse is moving with you to Canada. If she isn't and you are marking her/him as non-accompanying then you should get an affidavit from him/her to authorize you to use the money.
2. you should have the amount in your account for six months or more, so that when you ask for bank statements it should for the said amount. If it was there for less than that, then you have to explain the source of this funds.
3. you have to get a gift deed signed by the parents and have it notarized from your local government office.
4. it's perfectly fine for your POF to be 100% covered by a gift deed, what is mostly important is that it's legit and for it to be so follow step 3
5. if money is there for more than six months and if your POF is covered by a gift deed, it usually require more review than lets say all your money is yours and it's been for a long time.
6. when you get ITA you will get 60 days to gather documents and submit an eAPR, only then you can request for a POF from your bank.

Regards

 

[Rishi2843]

1. It can be a joint account , as long as your spouse is moving with you to Canada. If she isn't and you are marking her/him as non-accompanying then you should get an affidavit from him/her to authorize you to use the money.
2. you should have the amount in your account for six months or more, so that when you ask for bank statements it should for the said amount. If it was there for less than that, then you have to explain the source of this funds.
3. you have to get a gift deed signed by the parents and have it notarized from your local government office.
4. it's perfectly fine for your POF to be 100% covered by a gift deed, what is mostly important is that it's legit and for it to be so follow step 3
5. if money is there for more than six months and if your POF is covered by a gift deed, it usually require more review than lets say all your money is yours and it's been for a long time.
6. when you get ITA you will get 60 days to gather documents and submit an eAPR, only then you can request for a POF from your bank.

Regards

Thanks yiso91 that was really very helpful and so generous of you to explain it in detailed manner. My one last query is that if i am going for gift deed then that too has be in account for more than 6 months old or less?

 

[yiso91]

Thanks yiso91 that was really very helpful and so generous of you to explain it in detailed manner. My one last query is that if i am going for gift deed then that too has be in account for more than 6 months old or less?

If you can explain it, then it won't matter. As long as it's properly formatted and notarized correctly it doesn't have to be six months old. As a gift deed is understandably given to you and it's not your own money that you saved.

Make sure you draft it correctly. search the forum for similar topics that might have a sample format. Don't use others, write up yours to be similar to others.

 

[Rishi2843]

If you can explain it, then it won't matter. As long as it's properly formatted and notarized correctly it doesn't have to be six months old. As a gift deed is understandably given to you and it's not your own money that you saved.

Make sure you draft it correctly. search the forum for similar topics that might have a sample format. Don't use others, write up yours to be similar to others.

Thanks man.. Really thanks a ton.. U been great

 

[yiso91]

Thanks man.. Really thanks a ton.. U been great

You mostly welcome