Proof of Funds | From India | have some part borrowed from my friend.

[shibdutta]

Hello everyone,

My question might have been discussed many times here. But it might be little different from other situations. I am from India. I am planning to apply on 10th of September.

I have account in a bank (which is not my salary account), and I have to show 800000 (if someone wants to correct this amount) in INR for 14k CAD. now i had 400000 in the account (which I had collected over few months from my salary, ), and i took money from one joint account with my father, and 300000 from a friend. which I don't have to return to him, as its my money only (but how I prove it to CIC). ALSO all these transaction (of 400000) happened in August. my salary is ok type also, yearly 1.2 mil INR.

What is the best thing for me to do

1) should I only give Bank Certificate, to hide the transactions for 300000 (which is from Friend)
2) should I give my Bank Statement from my Salary Account also, so that it shows good salary every month.
3) should I do a FD of the whole amount, for 6 months, and then show the Details of FD only. will it give strength to my case.
4) should I take all the amount to my salary account and give certificate and Bank Statement from there.
or what is the best option.

if anyone can help me here

 

[Asivad Anac]

You will have to prove that those 300,000 from your friend are not a loan. They will show up in your banking history one way or the other so there is really no point in trying to hide that. It will show up in 6 month average balance or 6 month bank statements. And CIC can always ask for further details if they are not satisfied with your initial documents.

There are no shortcuts possible here. You can try submitting a signed self-declaration from your friend that these funds are meant to be a gift to you not a loan hence need not be returned to them at any point in time. That might be acceptable to CIC but there are no guarantees here. Your friend cannot claim that they are returning monies owed to you without providing proof of them having received these monies from you earlier.

 

[Vivimanisha]

You will have to prove that those 300,000 from your friend are not a loan. They will show up in your banking history one way or the other so there is really no point in trying to hide that. It will show up in 6 month average balance or 6 month bank statements. And CIC can always ask for further details if they are not satisfied with your initial documents.

There are no shortcuts possible here. You can try submitting a signed self-declaration from your friend that these funds are meant to be a gift to you not a loan hence need not be returned to them at any point in time. That might be acceptable to CIC but there are no guarantees here. Your friend cannot claim that they are returning monies owed to you without providing proof of them having received these monies from you earlier.

Hi Asivad,

In continuation with same topic.. I have just received a notification from the bank confirming that they have added my name in my spouse bank account.

Can I just show the balance for the last six months as proof of funds..

Since I know that's the sufficent amount, do I still have to show some other proof?

 

[Asivad Anac]

Hi Asivad,

In continuation with same topic.. I have just received a notification from the bank confirming that they have added my name in my spouse bank account.

Can I just show the balance for the last six months as proof of funds..

Since I know that's the sufficent amount, do I still have to show some other proof?

If your bank letter does not explicitly state the date of your inclusion into the account, there is nothing to worry on this front.

Recommend that you include a signed self-declaration from your spouse that explicitly states that they have no reservations against you utilizing these funds for POF purposes.

 

[niketh90]

What if i transfer funds got from my friend to my other account and then i only send it to my salary account. So it will be like transfer within my accounts? Will this be fine?

 

[Asivad Anac]

What if i transfer funds got from my friend to my other account and then i only send it to my salary account. So it will be like transfer within my accounts? Will this be fine?

Not really. IRCC can ask you to provide source of funds for the 1st account.

 

[rdmindia]

Hello, I am in the same situation, my father gave me money in last Week. What's kind of procedure I have to follow while showing POF??
1) some Seniors says gift deed need to sign , is it right??
Please also share format for gift deed, if you have it immensely helpful and its also Notary required??
2) what is the minimum period CIC consider for valid POF??
3) bank statement is enough for POF or any other document required to prove POF

Many thanks in advance

 

[DelPiero07]

Hello, I am in the same situation, my father gave me money in last Week. What's kind of procedure I have to follow while showing POF??
1) some Seniors says gift deed need to sign , is it right??
Please also share format for gift deed, if you have it immensely helpful and its also Notary required??
2) what is the minimum period CIC consider for valid POF??
3) bank statement is enough for POF or any other document required to prove POF

Many thanks in advance

1 - It is recommended to get a gift deed + affidavit + notarized. Also, proof that the funds were transferred from your father's account to yours.
2 - No such thing
3 - A bank letter is what is needed:

"If you are applying for permanent residence in Canada, you must provide an official letter issued by your financial institution indicating your financial profile.

Your financial profile includes a listing of all your bank (chequing and savings) and investment accounts. The official letter must be printed on the letterhead of the financial institution and must include your name, the contact information of the financial institution (address, telephone number and e-mail address), the account numbers, dates of when each account was opened and the balance of each account over the previous 6 months."

Google gift deed template express entry forum to find an example of the format.

 

[niketh90]

Hi

If I take amount from friends and then for all the amount sent by my friends I declare a gift deed from parents ,saying all the amount were gifted by my parents .Will it be a good idea?

 

[rdmindia]

Thanks Del,one more question is that gift deed should latest date when money transferred in my account??
I have asked bank to give me Bank Letter but denied to give me and told me that we are not giving any letter to anyone but we can provide you your bank statement with bank seal.

Is it enough and any other way to get bank letter.
Please advise

 

[DelPiero07]

Thanks Del,one more question is that gift deed should latest date when money transferred in my account??
I have asked bank to give me Bank Letter but denied to give me and told me that we are not giving any letter to anyone but we can provide you your bank statement with bank seal.

Is it enough and any other way to get bank letter.
Please advise

You can try speaking with a manager to see if you can convince them to at least provide most information requested by CIC. If they are not willing to provide a bank letter then yes, you can use the banks statements of the previous 6 months before you submit your eAPR.

Regarding the gift deed yes, the date when it was transferred, the amount and other information that you can provide to match the transfer. What most people do would be to provide two bank statements, one from your account when you received the funds and the other from your fathers other to show that the money was transferred from his account.

Cheers

 

[niketh90]

No. It's called lying. That's a terrible idea.

Then any suggestions what can I do if I have some money from friends??

 

[niketh90]

You can't borrow the money. You must get a notarised gift deed from your friends. If you borrow the money, you can't apply.

What if you friend owe you some money and he deposits it..Can we prove it via some affidavit ?

 

[rdmindia]

Thanks Del, +1 for your support

 

[Asivad Anac]

What if you friend owe you some money and he deposits it..Can we prove it via some affidavit ?

In that case, you'll have to prove 2 separate things. Firstly, you'll have to provide evidence that you loaned money to your friend in the first place and provide supporting documentation for that transaction. Then you'll have to prove that your friend is returning that money to you now and provide supporting documentation for the same.