Proof of Funds in Newly Opened Bank Account

[Unsung Hero]

Dear All,

We, me and my wife, are on the process of collecting documents to apply for Canadian Immigration in coming July. By God's grace we are able to collect all the documents such as attested certificate copies and other related documents. The only problem is the the Proof of Fund. As we are three including our little son, we need to show CAD 17,011 . We dont have that much money but I can get that amount as a loan from my bank.
So my humble query is if i take the loan from my bank and open a new account in another bank in my wife's name and put the amount in her account and show it as Proof of Fund will it be accepted by CIO and London VO. Why i am opening a new account is if i put the amount in my account it will show in the satement that monthly my bank is cutting the installment from my account and i want to avoid that. We will be keeping the amount in the new account till the immigration process finishes but in the bank statement of the new account the required amount will be there but there wont be any transactions since there wont be any deposit or withdrawal from that account and is that also acceptable. All your valuable opinions are highly appreciated.

 

[shankariyer]

In my opinion, yes you can. but open the new account as joint account i.e. you and your wife name. I guess your family will also accomany you during migration in which case absolutely there is no issue.
good luck

 

[Unsung Hero]

Thank you very much shankariyer and i can do that.

And I would like to have more input in regards from anybody who have done it in the same way.

 

[canadaforall]

Dear All,

We, me and my wife, are on the process of collecting documents to apply for Canadian Immigration in coming July. By God's grace we are able to collect all the documents such as attested certificate copies and other related documents. The only problem is the the Proof of Fund. As we are three including our little son, we need to show CAD 17,011 . We dont have that much money but I can get that amount as a loan from my bank.
So my humble query is if i take the loan from my bank and open a new account in another bank in my wife's name and put the amount in her account and show it as Proof of Fund will it be accepted by CIO and London VO. Why i am opening a new account is if i put the amount in my account it will show in the satement that monthly my bank is cutting the installment from my account and i want to avoid that. We will be keeping the amount in the new account till the immigration process finishes but in the bank statement of the new account the required amount will be there but there wont be any transactions since there wont be any deposit or withdrawal from that account and is that also acceptable. All your valuable opinions are highly appreciated.

Ok i am talking now from experience, i had double the funds in a fixed deposit account and the immigration officer was not satisfied with that and asked me to show a Bank statement of transactions for the past months. So you should be very tactful in doing what you are suggesting.

The problem is that most visa officer notice that many are having fixed deposit. That was the reason they started asking for transactions statements.

Wish you good luck.

 

[Unsung Hero]

Mmmmm.... Thank you canadaforall, now i can smell the trouble i may face if i go on with my plan. So is there any suggestions from your side to resolve my problem, please.

 

[Cappuccino]

Dear All,

We, me and my wife, are on the process of collecting documents to apply for Canadian Immigration in coming July. By God's grace we are able to collect all the documents such as attested certificate copies and other related documents. The only problem is the the Proof of Fund. As we are three including our little son, we need to show CAD 17,011 . We dont have that much money but I can get that amount as a loan from my bank.
So my humble query is if i take the loan from my bank and open a new account in another bank in my wife's name and put the amount in her account and show it as Proof of Fund will it be accepted by CIO and London VO. Why i am opening a new account is if i put the amount in my account it will show in the satement that monthly my bank is cutting the installment from my account and i want to avoid that. We will be keeping the amount in the new account till the immigration process finishes but in the bank statement of the new account the required amount will be there but there wont be any transactions since there wont be any deposit or withdrawal from that account and is that also acceptable. All your valuable opinions are highly appreciated.

Hi - the funds you are providing the proof for have to be yours, you may not borrow the money - and CIC are very explicit about this.

If you claim the funds as yours when they are really borrowed from the bank then this is completely illegal - you will be defrauding CIC by making such false claims on your forms, and if they catch you they could rule you inadmissable to apply for immigration for several years.

By opening an account and transferring the money across your are trying to deceive CIC into thinking that the funds are actually yours, when they are not. This is a dangerous game to play!

Also, besides the fact that it is against the rules to borrow the funds, you would be arriving in a new country with a large debt. Not only is this unfair on other Canadian residents if you have to rely on the Canadian welfare system, but it is also unfair on yourself making the financial struggle a lot harder.

So please take my heartiest advice, and save up the settlement funds yourselves and apply when you have the funds and are fully eligible for immigration

One other option for you is that equity in property may be used as proof of funds at the initial application phase. So if you have equity in your home you can provide 3 house valuations and a mortgage letter to prove the equity you have. Although once your visa is approved the proof of funds you apply at point of entry when completing your record of landing must be in readily transferrable cash at that point.

Best of luck,
Wayne.

 

[Cappuccino]

In my opinion, yes you can. but open the new account as joint account i.e. you and your wife name. I guess your family will also accomany you during migration in which case absolutely there is no issue.
good luck

Wrong. There is 100% an issue, he is borrowing money from the bank and pretending the funds are his. Whose account the money goes into is immaterial, it is the fact that this is a loan, and not his or his spouse's own funds, which makes it wrong.

It is illegal to give false information to the Canadian government and by claiming the funds are his on the forms his provides he will be doing just that.

CIC explictly say the funds must be yours and that you cannot borrow the money.

WHY do people on this forum feel it's ok to break the rules in this regard????? Gets annoying and this is why processing takes so long at visa offices, since they have to spend extra time evaluating such fraud as this.

Wayne.

 

[devilhimselff]

Hmm if CIC officer or a person who is involved with immigration read this, they will know what to look for

How will you show the source of your funds? IF they ask you salary account bank statement, everything will be revealed. Also they do back ground checks, something might pop up at that time too.

Sell Jewelry, Car or Property, to make up for low funds. That way you can show where the money came from, as it will be yours. CIC can also ask the SOURCE of funds.....That is Important as well.

Sometimes its just not worth taking so much trouble and lying. IF you get caught late in the process, you will loose money, integrity and be in bad books with the Immi folks. So think before you leap my friend. Try to make straight forward and as required arrangements.

 

[Cappuccino]

Ok i am talking now from experience, i had double the funds in a fixed deposit account and the immigration officer was not satisfied with that and asked me to show a Bank statement of transactions for the past months. So you should be very tactful in doing what you are suggesting.

The problem is that most visa officer notice that many are having fixed deposit. That was the reason they started asking for transactions statements.

Wish you good luck.

Actually I believe the main reason they ask for statements is to track down any large deposits and ask for their source. In short, they want to be satisfied that the money genuinely belongs to the applicant and is not just borrowed for immigration purposes.

Please a message to everyone - many people think it's "ok" to borrow money for proof of funds. It is not. Even if you "get away with it" you are being unfair on a lot of people, including yourselves.

Wayne.

 

[Cappuccino]

Hmm if CIC officer or a person who is involved with immigration read this, they will know what to look for

How will you show the source of your funds? IF they ask you salary account bank statement, everything will be revealed. Also they do back ground checks, something might pop up at that time too.

Sell Jewelry, Car or Property, to make up for low funds. That way you can show where the money came from, as it will be yours. CIC can also ask the SOURCE of funds.....That is Important as well.

Sometimes its just not worth taking so much trouble and lying. IF you get caught late in the process, you will loose money, integrity and be in bad books with the Immi folks. So think before you leap my friend. Try to make straight forward and as required arrangements.

This is the largest Canadian immigration forum in the world. CIC is almost certainly monitoring it, so I cannot believe people are actually discussing how they can disguise their proof of funding so CIC won't find out they've borrowed the money!!!

The OP is here basically saying how he plans to use a different account so that CIC cannot see his repayments for the loan. Do you really want to start your new life in Canada with an act of fraud and dishonesty?

As you say, he will be in "bad books" with Immi folks if he gets caught (to the tune that he will be barred from applying for immigration for several years, in addition to his application failing).

Providing fraudulent proof of funds is NO different and is no more legal than providing fraudulent job offers, educational documents etc.

So I completely agree with devilhimselff, Unsung Hero, find other ways to legitimately show proof of funding - don't try playing roulette with CIC and hope you get away with illegitimately borrowing funds. You may sell existing assets, and as I have said - you may show equity in property for part of all of your proof of funding when you apply.

Wayne.

 

[Unsung Hero]

Yes i do understand all the points u have described. I am not having any intetion of any kind of malpractice at all. Even if i take a loan from the bank, before the immigration process finishes (ie before i get my visa stamped) i can surely pay back the loan amount with interest. The problem is I cant wait another 8 months or something to gather the amount because by that time am pretty sure my intended category will be capped. So please all, give me some options and once again let me tell you it is not to swindle CIC.

 

[Cappuccino]

Yes i do understand all the points u have described. I am not having any intetion of any kind of malpractice at all. Even if i take a loan from the bank, before the immigration process finishes (ie before i get my visa stamped) i can surely pay back the loan amount with interest. The problem is I cant wait another 8 months or something to gather the amount because by that time am pretty sure my intended category will be capped. So please all, give me some options and once again let me tell you it is not to swindle CIC.

The thing is - if CIC only wanted to see if you have the funds at the time you land, they would only ask for them at point of entry. They ask to see the proof of funds up front because they want you to be eligible at the time you apply, not just the time you land.

CIC can have no way of knowing that you will be able to repay all of the loan. CIC need to see that you are economically viable for establishing yourself in Canada when they perform their eligibility review, by which time you will surely not have repaid the loan.

May I ask over how long a period are you intending to pay the loan back? When you say "surely pay back the loan amount with interest" I am guessing that 17000 CAD repaid over 1 year with interest is going to be a very sizeable repayment each month. And if you repay over more than 1 year your visa may have been issued by then.

The point is by putting the loan in a separate account in your wife's name so that CIC can't see the repayment amounts from your account, you are kinda deliberately trying to deceive them and conceal things from them.

Do you have any savings at all towards the 17000CAD that you need? Is it possible to make up the rest with any equity in property which you may have?

Even if you do decide to roll the dice and sent a bank letter using the loan amount (which I of course do not condone), what happens when the visa office say they want to see 12 months bank statements. How will you then explain the large deposit (because if they see an amount of more than 1000 dollars or so they will want to know where it came from)? Do you want to risk all the hard work in gathering the documents go out of the window?

I know you are not the only one who has considered doing this. jams2, bkcnbr, kg_bang are all users on this forum who seem to be borrowing money and only showing bank certificate so they can hide this fact from CIC. And I am sure there are more, this is just a few I can remember off the top of my head.

Even if your personal morals allow you to do this, CIC and the law certainly do not.


Please remember the rules about proof of funding are for your own benefit, as well as Canada's. Yes, Canada want you to have funds saved up so that you do not put an unnecessary strain on their welfare system when you arrive. But they also want to ensure immigrants have a good start and a good quality of life when they arrive - and if they arrive tens of thousands in debt, it will be very hard for them to manage financially. Many immigrants who DO have full debt-free settlement funds can still struggle.

I guess if you genuinely intend to repay the full amount of the loan BEFORE landing in Canada then morally this isn't so bad, but it is still legally wrong because of the lies you will be telling on your forms.

Therefore if you do own a house or any other assets, look into legitimate ways you can get these funds together. Remember you can provide property as proof for all or part of your funds.

Wayne.

 

[canadaforall]

Hi - the funds you are providing the proof for have to be yours, you may not borrow the money - and CIC are very explicit about this.

If you claim the funds as yours when they are really borrowed from the bank then this is completely illegal - you will be defrauding CIC by making such false claims on your forms, and if they catch you they could rule you inadmissable to apply for immigration for several years.

By opening an account and transferring the money across your are trying to deceive CIC into thinking that the funds are actually yours, when they are not. This is a dangerous game to play!

Also, besides the fact that it is against the rules to borrow the funds, you would be arriving in a new country with a large debt. Not only is this unfair on other Canadian residents if you have to rely on the Canadian welfare system, but it is also unfair on yourself making the financial struggle a lot harder.

So please take my heartiest advice, and save up the settlement funds yourselves and apply when you have the funds and are fully eligible for immigration

One other option for you is that equity in property may be used as proof of funds at the initial application phase. So if you have equity in your home you can provide 3 house valuations and a mortgage letter to prove the equity you have. Although once your visa is approved the proof of funds you apply at point of entry when completing your record of landing must be in readily transferrable cash at that point.

Best of luck,
Wayne.

I agree with you Wayne, you need enough money to travel to a new country. When i moved to my present country of residence, i got enough money with me. I was planning to use the money for my studies, but fortunately for me, i was allow to work, since i was doing my Master's Degree. I spend only a little portion of the money and got a job. The rest of the money was saved it in a fixed deposit account and when i was about to apply for immigration, i used the fixed deposit to show as proof of funds. This is because i wanted the money to be there till i get my visa and i can also earn some money from it.

The visa officer was not satisfied with the fixed deposit and he is asking for 6 months bank statement, good enough i have my salary account, where i receive my salary every month. I am still waiting for the official request for the bank statement, since i got the information through my caip notes.

Do you think , it will be advisable to ask my personal bank adviser to print out the very first fixed deposit account, i created when i enter my present country of residence? I am asking because i had renewed the FD a couple of times.

Thanks and waiting.

 

[Cappuccino]

I agree with you Wayne, you need enough money to travel to a new country. When i moved to my present country of residence, i got enough money with me. I was planning to use the money for my studies, but fortunately for me, i was allow to work, since i was doing my Master's Degree. I spend only a little portion of the money and got a job. The rest of the money was saved it in a fixed deposit account and when i was about to apply for immigration, i used the fixed deposit to show as proof of funds. This is because i wanted the money to be there till i get my visa and i can also earn some money from it.

The visa officer was not satisfied with the fixed deposit and he is asking for 6 months bank statement, good enough i have my salary account, where i receive my salary every month. I am still waiting for the official request for the bank statement, since i got the information through my caip notes.

Do you think , it will be advisable to ask my personal bank adviser to print out the very first fixed deposit account, i created when i enter my present country of residence? I am asking because i had renewed the FD a couple of times.

Thanks and waiting.

Hi. I would get as much information on both accounts as you can. Surely the fixed deposit account can still show monthly statements? I would just request a complete set of statements from the bank from the moment the account was opened.

Also, since this is a fixed term account, I would make sure you have all the details on how to get the money out readily, are there any penalty clauses etc? Proof of funds should at all times be readily transferrable to Canada, so CIC may want to know how you intend to get the funds out of there when your visa is approved.

Please remember the visa officer will be asking himself or herself:
- Does this money really belong to the applicant? Does the documentation they've provided convince me of that?
- Is this money readily transferrable to Canada and unencumbered by debt?

My 2 cents,
Wayne.

 

[Unsung Hero]

@ Cappuccino
i will be paying around CAD2000 per month. Thats why i told i can finish the loan before the immigration process finish. And when it is time for landing i will be having more than the mandatory amount stipulated by CIC. I was gathering money for this reason but in between some familial emergency (hospital related) came up and i had to withdraw the money. i have been saving money since October but the emegency turned up last month and eaten up almost 80% of my savings till then. So now i think u got a better picture of my condition. And from all your opinions i think i have to wait till next July when the immigration window opens next or is there any other option?