proof of funds (please help)

[majdsalim]

Hello,

Please i have few questions regarding POF, I'm submitting from Damascus:

1: is 10000 CAD considered "large amount" of money and needs documents stating where did it come from?

2: can i get the cash from my father and attach a letter signed by him that "its a gift".

3: does it have to be in Canadian Dollars?

4: can i deposit this amount right b4 i file the application? (this way my bank statement will be stating that i have 10000 CAD from no where and not in the past 6-12 months)

5: after filing the application can i use these fund?

 

[majdsalim]

no one?

 

[Cappuccino]

Hello,

Please i have few questions regarding POF, I'm submitting from Damascus:

1: is 10000 CAD considered "large amount" of money and needs documents stating where did it come from?

2: can i get the cash from my father and attach a letter signed by him that "its a gift".

3: does it have to be in Canadian Dollars?

4: can i deposit this amount right b4 i file the application? (this way my bank statement will be stating that i have 10000 CAD from no where and not in the past 6-12 months)

5: after filing the application can i use these fund?

Ok firstly please wait longer than 30 minutes before bumping your post to the top of the forum. Please give people the courtesy and chance to reply - generally people will respond but there are many posts here and people from all around the world log on at different times. Generally self-bumping posts is considered rude.

But to answer your questions:

1. Yes any large amount (usually over CAD 1000) will have to be explained.

2. I have heard of this being done, however do make SURE it is a genuine gift and that you do not have to repay the money. If you say it's a gift, then repay the money and they find out, you could be in serious trouble - so do make sure it is genuinely a gift. Also you will need to investigate the tax implications in your own country in receiving a gift of this size, since your government may consider it as income.

3. It doesn't have to be in Canadian dollars when you apply, it can be in your own currency, but it is advisable to attach a letter calculating how much it is in Canadian dollars on the day you mail your application, and also show how much minimum funds are required. When it comes to proof of funds at landing after your visa is approved, the funds should be in an easily tranferrable currency (CAD, USD, UK Sterling or Euro).

4. You can deposit the amount at any time before the application. Yes you should include bank statements and it will not be from "nowhere" since you will have the letter explaining this is a gift from your father.

5. The funds should be available and readily transferrable throughout the entire process. Visa office can ask to see proof of these at any time. Therefore it is advisable if you are to use any of these funds to only use a small percentage of them (say up to 10%) that you can easily replace if you need to once again show proof of funds.



So in a nutshell it is ok to receive a gift from your father, as long as you sort any tax implications for a large gift and explain to CIC where this large sum came from!

But to re-iterate a word of warning, please do not attempt to borrow the money from your father, conceal this from CIC and then pay him back when you get to Canada. If you are caught doing this not only is it fraud but you may be inadmissable to apply to Canada again for several years. http://get2canada.wordpress.com/advice-on-proof-of-funds/

Best of luck with your application

Wayne.

 

[majdsalim]

Thank you very much, no I'm not planing to borrow the money for my father is will to give me the full amount, its just that im 26 yr old and i dont have that much money saved

 

[SONKO-KIVIAKE]

Thanks for this insight Cappuccino.

I have learnt some useful information as well.

Regards.

SONKO-KIVIAKE

 

[mitali]

Hello,

Please i have few questions regarding POF, I'm submitting from Damascus:

1: is 10000 CAD considered "large amount" of money and needs documents stating where did it come from?

2: can i get the cash from my father and attach a letter signed by him that "its a gift".

3: does it have to be in Canadian Dollars?

4: can i deposit this amount right b4 i file the application? (this way my bank statement will be stating that i have 10000 CAD from no where and not in the past 6-12 months)

5: after filing the application can i use these fund?

Hi Majdsalim,

1. Immigration authorities reserves the right to question the source of POF. Each penny in your account would require AUTHENTIC documentation whether it is $1 or $10,000. In other words you have to prove that all the money for POF BELONGS to YOU.

2. There is no RULE in the OP manual or on the CIC website that explicitly mentions that "You can take money from family (or even from friends) as gift. I believe some members of this forum had deliberated the same but I have not come across any further feedback if this kind of GIFT was Finally accepted by VO.

3. POF does not have to be in CAD; the amount should be calculated appropriately to convert into $CAD. Mention the date and tool used to convert the money. It is preferable to keep some additional money in case of any fluctuations in the market.

4. This mode of fulfilling the requirement of POF is often adopted by many applicants, which is not desirable. VO would generally ask for 3-6months or sometimes 1year bank statement. You will risk your application in such a scenario if you fail to satisfy the query of the VO regarding the source of your POF.

5. Yes, you may USE the funds because they belong to you...there is no such rule against it, but the VO may ask for POF at any time of processing your application and definitely you will have to show the appropriate funds at the time of landing. Any deposit of money to your account is OPEN for scrutiny.

Mitali

 

[Cappuccino]

Thank you very much, no I'm not planing to borrow the money for my father is will to give me the full amount, its just that im 26 yr old and i dont have that much money saved

Ok cool But as I said please do also investigate the tax implications in your own country. For example, here in the UK if I received a £10,000 gift from my father part of that would be taxable, since there are limits as to how much can be received before it is considered income.

Best of luck,
Wayne.