Proof of Funds query

[singhshaman]

Hi All,

Although I am yet to apply for EE i wanted to make sure everything is in place already as far as proof of funds is concerned. The no. of family members is 2 (me and spouse), with me being the principal applicant. I have the following questions and request help:

1. Can bank account balance of my spouse also be used to show proof of funds.
2. Can Fixed Deposits in my name be used to show the proof.
3. If yes, Depending on when I get the ITA, the FD may be 3-4 months old rather than 6 months, will that be a cause of concern?

Thanks in Advance.

 

[StAnger]

Hi All,

Although I am yet to apply for EE i wanted to make sure everything is in place already as far as proof of funds is concerned. The no. of family members is 2 (me and spouse), with me being the principal applicant. I have the following questions and request help:

1. Can bank account balance of my spouse also be used to show proof of funds.
2. Can Fixed Deposits in my name be used to show the proof.
3. If yes, Depending on when I get the ITA, the FD may be 3-4 months old rather than 6 months, will that be a cause of concern?

Thanks in Advance.

1. Only if its a joint account
2. Yes
3. You will have to show the source of funds for this FD and prove that its not a loan.

 

[singhshaman]

Thanks St. Anger.

I dont have a joint account with my Spouse, it's her own salary account. In this case can I get the funds transferred from her account to my account to show the proof of funds?

 

[StAnger]

Thanks St. Anger.

I dont have a joint account with my Spouse, it's her own salary account. In this case can I get the funds transferred from her account to my account to show the proof of funds?

Yes you may and make sure to make a gift deed when you do so. It is vital to prove the source of funds.

 

[CanadaWeCome]

Yes you may and make sure to make a gift deed when you do so. It is vital to prove the source of funds.

If the spouse/partner-in law is accompanying, i don't think one needs the gift deed. Just a declaration from the spouse that the funds are meant for the common family expenses should be enough.

 

[singhshaman]

Thanks CanadaWeCome....did you face a similar situation...sorry I'm asking this because your answer is contradictory to some other posts I have read. It seems strange to me also that a gift deed is required from a member who is part of the application but just want to make sure what the exact rule is.

Also, I have given money as loan to a relative a couple of years back and it was just returned back to my account last month. I can show the proof of me transferring the funds and receiving back the money. Will this proof along with a letter of explanation work towards acknowledging this fund as mine. Is there addition requirement of any affidavit/deed/declaration? I am still at least a month away from completing my EE profile.

 

[CanadaWeCome]

Thanks CanadaWeCome....did you face a similar situation...sorry I'm asking this because your answer is contradictory to some other posts I have read. It seems strange to me also that a gift deed is required from a member who is part of the application but just want to make sure what the exact rule is.

Also, I have given money as loan to a relative a couple of years back and it was just returned back to my account last month. I can show the proof of me transferring the funds and receiving back the money. Will this proof along with a letter of explanation work towards acknowledging this fund as mine. Is there addition requirement of any affidavit/deed/declaration? I am still at least a month away from completing my EE profile.

I don't think (I may be wrong) CIC has mentioned this scenario on their webpage (Help/FAQ or otherwise) even if they have it, at least we are not aware of it.

We are in the same situation and we have put a declaration letter (still waiting for the outcome though) which makes sense because the spouse is accompanying and there is actually no gift. Its meant for family the use for every family member accompanying (and that includes living expenses in Canada for the family)

Regarding the transfer if you have loaned someone the money and then they pay you back, yes you can ideally write an LoE to explain that provided you back it up with the documented proof (read valid bank statements) showing both (Loan & repayment) the transactions.

 

[Asivad Anac]

I don't think (I may be wrong) CIC has mentioned this scenario on their webpage (Help/FAQ or otherwise) even if they have it, at least we are not aware of it.

We are in the same situation and we have put a declaration letter (still waiting for the outcome though) which makes sense because the spouse is accompanying and there is actually no gift. Its meant for family the use for every family member accompanying (and that includes living expenses in Canada for the family)

Regarding the transfer if you have loaned someone the money and then they pay you back, yes you can ideally write an LoE to explain that provided you back it up with the documented proof (read valid bank statements) showing both (Loan & repayment) the transactions.

2 points.

1. CIC explicitly asks for POF from the PA. Even at the port of entry, POF evidence might be requested only from the PA. If the dependents land after PA, they wouldn't be prompted for POF evidence as that gets covered when the PA lands first.

2. Families might separate/drift apart/break during the long-ish PR journey. In such an eventuality, spouse funds could no longer be accessible to PA. Which will lead to CIC refusing/revoking the PR at a later date or PA voluntarily withdrawing their application as they don't meet the funds requirements.

 

[Winry]

I think it seems to make sense to try to prove funds with money from someone that is part of the application. But as a lot of people has stated on their posts, on the PoF requirements it only talks about the principal applicant. We haven't know of any case yet that has used the spouse's money as PoF that has been successful, so we can't say it works....

 

[CanadaWeCome]

2 points.

1. CIC explicitly asks for POF from the PA. Even at the port of entry, POF evidence might be requested only from the PA. If the dependents land after PA, they wouldn't be prompted for POF evidence as that gets covered when the PA lands first.

2. Families might separate/drift apart/break during the long-ish PR journey. In such an eventuality, spouse funds could no longer be accessible to PA. Which will lead to CIC refusing/revoking the PR at a later date or PA voluntarily withdrawing their application as they don't meet the funds requirements.

Agree...Its the PA who needs to show the PoF.

Hence before submission we transferred the funds to the PA Account (joint with the accompanying spouse). Additionally we have also attached a Bank statement of the spouse (Accompanying the PA) with sufficient additional funds (apart from PA PoF) with a letter of declaration from the spouse that its a family corpus that's meant for the family.

Hope this is OK...Please confirm!

 

[Asivad Anac]

Agree...Its the PA who needs to show the PoF.

Hence before submission we transferred the funds to the PA Account (joint with the accompanying spouse). Additionally we have also attached a Bank statement of the spouse (Accompanying the PA) with sufficient additional funds (apart from PA PoF) with a letter of declaration from the spouse that its a family corpus that's meant for the family.

Hope this is OK...Please confirm!

Can't find anything wrong there.

 

[CanadaWeCome]

Can't find anything wrong there.

Thanks phew!!! relieved...

 

[singhshaman]

2 points.

1. CIC explicitly asks for POF from the PA. Even at the port of entry, POF evidence might be requested only from the PA. If the dependents land after PA, they wouldn't be prompted for POF evidence as that gets covered when the PA lands first.

2. Families might separate/drift apart/break during the long-ish PR journey. In such an eventuality, spouse funds could no longer be accessible to PA. Which will lead to CIC refusing/revoking the PR at a later date or PA voluntarily withdrawing their application as they don't meet the funds requirements.

Thanks Asiavad....any inputs on the loan issue?

 

[singhshaman]

I don't think (I may be wrong) CIC has mentioned this scenario on their webpage (Help/FAQ or otherwise) even if they have it, at least we are not aware of it.

We are in the same situation and we have put a declaration letter (still waiting for the outcome though) which makes sense because the spouse is accompanying and there is actually no gift. Its meant for family the use for every family member accompanying (and that includes living expenses in Canada for the family)

Regarding the transfer if you have loaned someone the money and then they pay you back, yes you can ideally write an LoE to explain that provided you back it up with the documented proof (read valid bank statements) showing both (Loan & repayment) the transactions.

Thanks Canadawecome

 

[singhshaman]

I think it seems to make sense to try to prove funds with money from someone that is part of the application. But as a lot of people has stated on their posts, on the PoF requirements it only talks about the principal applicant. We haven't know of any case yet that has used the spouse's money as PoF that has been successful, so we can't say it works....

Thanks winry