Proof of Funds - Foreign Currency Account

[rhmalik]

Hi all, please help me sort the following:-

1. My wife is the Principal Applicant in our case and we are yet to initiate EE. She does not have a bank account with sufficient funds in it (its a Joint Account with her father). Since I will be accompanying her to Canada, will it be ok if I transfer the required finds from My account to her account ? or,

2. Is it better that we open a joint account and transfer funds from my old account to our new account? With a proof of transfer from my account.

3. We also intent to open a Joint foreign currency account (Joint with my wife ) where we plan to take some cash out from my current local currency account, get it converted to US $ and then deposit it for investment purposes. Will it suffice as POF in the first place? and if yes then will it be acceptable if this foreign currency account is less than 6 months old?

I shall be extremely grateful for all the help!

 

[mgnlky]

1) You can transfer the funds, just make sure you keep statements/documentation showing the funds were originally in your account. (In other words, make sure there's a paper trail so you can prove the funds were indeed yours and not a loan.) That being said, if her father is on the account, it *may* raise red flags with CIC.

2) Personally I think this is a better option because it removes her father's name from the situation entirely.

3) The main thing is that you can show the new account was funded with your own money & not loans.

 

[rhmalik]

1) You can transfer the funds, just make sure you keep statements/documentation showing the funds were originally in your account. (In other words, make sure there's a paper trail so you can prove the funds were indeed yours and not a loan.) That being said, if her father is on the account, it *may* raise red flags with CIC.

2) Personally I think this is a better option because it removes her father's name from the situation entirely.

3) The main thing is that you can show the new account was funded with your own money & not loans.

Thanks for the detailed response. But in case I make a new joint account with my wife, would it be mandatory to let those funds sit in the new account for at least 6 months before I create my EE account.?

Lastly with connection to my 3rd option of creating a joint foreign currency account, I had cash equivalent to 22000 Canadian dollars in my account , however I kept drawing money out of my account for buying US $ and now I have approx 7000us$ as cash and rest 13 Lac (14000 Canadian $) still in my account. So will it be OK if I open a new foreign currency account with my wife and put these dollars in it. Rest I can transfer to a new account in her name.

 

[mgnlky]

Thanks for the detailed response. But in case I make a new joint account with my wife, would it be mandatory to let those funds sit in the new account for at least 6 months before I create my EE account.?

Lastly with connection to my 3rd option of creating a joint foreign currency account, I had cash equivalent to 22000 Canadian dollars in my account , however I kept drawing money out of my account for buying US $ and now I have approx 7000us$ as cash and rest 13 Lac (14000 Canadian $) still in my account. So will it be OK if I open a new foreign currency account with my wife and put these dollars in it. Rest I can transfer to a new account in her name.

You don't have to wait 6 months. Basically if you can provide a paper trail to show the funds are yours, you can do whatever you want with them when it comes to moving them into accounts.

 

[rhmalik]

Thanks for clarifying.

 

[hamgha]

That being said, if her father is on the account, it *may* raise red flags with CIC.

Correction: It will not be accepted. It is clearly stated on the website

Hi all, please help me sort the following:-

1. My wife is the Principal Applicant in our case and we are yet to initiate EE. She does not have a bank account with sufficient funds in it (its a Joint Account with her father). Since I will be accompanying her to Canada, will it be ok if I transfer the required finds from My account to her account ? or,

The main goal of the entire pof regulations is to prove you have the money, didn't borrow it, etc... Don't waste time. We submitted our joint account + both of our accounts. Careful, no other family member can be listed. Best way is to transfer the money to her account, but most probably by the time you get ITA and fill your paperwork more than 6 months will have passed (assuming)

 

[rhmalik]

Correction: It will not be accepted. It is clearly stated on the website



The main goal of the entire pof regulations is to prove you have the money, didn't borrow it, etc... Don't waste time. We submitted our joint account + both of our accounts. Careful, no other family member can be listed. Best way is to transfer the money to her account, but most probably by the time you get ITA and fill your paperwork more than 6 months will have passed (assuming)

Thanks for the heads-up! . . Although we have the required funds, but the only issue is that my wife does not have a joint account with me or an account in her name only. So I presume we are left with two options here:-

1). We open a Joint Account and transfer the available cash from my account to our new joint account.(but what if I get ITA in less than 6 months?)

2). We also open a Joint foreign currency account and put those 8000US$ in it. (I bought these dollars recently from the funds I drew out of my local currency account and I have receipt for that in my name). Any Suggestions how I can prove that and will CIC accept it?

Thanks again.

 

[hamgha]

Thanks for the heads-up! . . Although we have the required funds, but the only issue is that my wife does not have a joint account with me or an account in her name only. So I presume we are left with two options here:-

1). We open a Joint Account and transfer the available cash from my account to our new joint account.(but what if I get ITA in less than 6 months?)

2). We also open a Joint foreign currency account and put those 8000US$ in it. (I bought these dollars recently from the funds I drew out of my local currency account and I have receipt for that in my name). Any Suggestions how I can prove that and will CIC accept it?

Thanks again.

If It's not within the 6 months no need, otherwise a gift deed for the transfer.

 

[rhmalik]

Thanks for the help!