Proof of Funds Requirement - Bank Statement or Fixed Deposits

[aamirchandio]

Hello All,

I'm writing to ask whether I need to submit the Bank Statement or my one month old Fixed Deposit Account should suffice. My father and I were saving up for my Immigration and he has recently sold off one our family properties and has given/gifted the money over to me for a start in Canada. The cash is mine and is in a Fixed Deposit Account which is under my name. I want to know whether a one or two month old fixed deposit account would be accepted as Proof of Funds as I do not keep much cash in my current account because of security reasons.

Please help me out! :-X

Best Regards

P.S: I plan to apply by the first week of August.

 

[Faanni]

Hello All,

I'm writing to ask whether I need to submit the Bank Statement or my one month old Fixed Deposit Account should suffice. My father and I were saving up for my Immigration and he has recently sold off one our family properties and has given/gifted the money over to me for a start in Canada. The cash is mine and is in a Fixed Deposit Account which is under my name. I want to know whether a one or two month old fixed deposit account would be accepted as Proof of Funds as I do not keep much cash in my current account because of security reasons.

Please help me out! :

P.S: I plan to apply by the first week of August.



Yes,Fixed deposit is acceptable for Funds requirement,One or two month fixed does not matter,You should also deposit your Cah account statement,Dont worry about fund Just submit your application as soon as possible

 

[aamirchandio]

Faani! Thanks. Please tell me if I have to prove how these funds were transferred into the Deposit Account. Do i have to show the Sale Agreement of the property in support? Also, I want to sell my car in order to arrange for additional financing. How do I prove that these funds are mine or are given to me by my father?

 

[asyousuf]

Faani! Thanks. Please tell me if I have to prove how these funds were transferred into the Deposit Account. Do i have to show the Sale Agreement of the property in support? Also, I want to sell my car in order to arrange for additional financing. How do I prove that these funds are mine or are given to me by my father?

Funds of any type are acceptable except jewellry and personal affects including Vehicles. Share the Bank statement, investment units/certificates, property document (land / house etc) with proper / latest valuation certificate from legitimate valuer.

If u r getting funds from your parents, u need to have proper certificate (duly notarized) that proves that funds have been transferred to you by way of inheritance / gift and are permanently yours
gud luk
asyousuf

 

[aamirchandio]

Funds of any type are acceptable except jewellry and personal affects including Vehicles. Share the Bank statement, investment units/certificates, property document (land / house etc) with proper / latest valuation certificate from legitimate valuer.

If u r getting funds from your parents, u need to have proper certificate (duly notarized) that proves that funds have been transferred to you by way of inheritance / gift and are permanently yours
gud luk
asyousuf

Dear ASYousuf,

Thanks for responding. My Cash Account balance has minimal amount because of security reasons. However, my father sold one of his properties and have opened a Fixed Deposit Account Under my name. Moreover, I am selling my car to meet the requirements. Do i have to show the sources of all these funds? Do I have to produce the Sale Agreement or a Certificate of Inheritance/gift which you mentioned? Or just the amount in my fixed deposit amount would be enough to prove that the funds are mine?

Looking forward to your response.

 

[asyousuf]

Dear ASYousuf,

Thanks for responding. My Cash Account balance has minimal amount because of security reasons. However, my father sold one of his properties and have opened a Fixed Deposit Account Under my name. Moreover, I am selling my car to meet the requirements. Do i have to show the sources of all these funds? Do I have to produce the Sale Agreement or a Certificate of Inheritance/gift which you mentioned? Or just the amount in my fixed deposit amount would be enough to prove that the funds are mine?

Looking forward to your response.

If the account is already in your name and you have the right to operate it (as face value) than no need to prove the source. What u need to do that when u produce bank statement, amount (minimum required funds by CHC) better be in the bank account for minimum six months. This helps in proving the liquidity strength
gud luk
asyousuf

 

[devilhimselff]

I have read of problems if you declare that the Money is received as a GIFT from parents. Someone got a refusal doing that (Search forum). SO if its in your name and everything, just send. IF asked about source keep receipts/documents etc for Property sale/car sale etc. SO that you can show it is yours.

 

[aamirchandio]

If the account is already in your name and you have the right to operate it (as face value) than no need to prove the source. What u need to do that when u produce bank statement, amount (minimum required funds by CHC) better be in the bank account for minimum six months. This helps in proving the liquidity strength
gud luk
asyousuf

I have read of problems if you declare that the Money is received as a GIFT from parents. Someone got a refusal doing that (Search forum). SO if its in your name and everything, just send. IF asked about source keep receipts/documents etc for Property sale/car sale etc. SO that you can show it is yours.

Thank you all for replying. So it will be advisable to wait for six months now? Because my Deposit Account is hardly two months old currently.

Thanks

 

[Faanni]

Faani! Thanks. Please tell me if I have to prove how these funds were transferred into the Deposit Account. Do i have to show the Sale Agreement of the property in support? Also, I want to sell my car in order to arrange for additional financing. How do I prove that these funds are mine or are given to me by my father?

Dear

You need not to worry about it,in mostly cases they didnt demand of any proof,if u showed your funds in in your bank account wether it is fixed of cash account,it proves that you have the funds in your account,no need to send any extra documets for proof of funds except they demanded.Its more than enough,So be confident and apply for ...........,Gud luck

 

[pharmimran]

hello all!
i have USD $ 14000/- but the requirement is Can $ 13837/ for me and m spouse, the hisdifference is abt USD 320, will these funds be sufficient as a proof of fund? kindly reply

 

[canada_future]

Thank you all for replying. So it will be advisable to wait for six months now? Because my Deposit Account is hardly two months old currently.

Thanks

No need to wait just apply as soon as possible. I applied with no bank statement at all, i just attached a bank letter showing my account's balance and i have received PER.

 

[Faanni]

hello all!
i have USD $ 14000/- but the requirement is Can $ 13837/ for me and m spouse, the hisdifference is abt USD 320, will these funds be sufficient as a proof of fund? kindly reply

Yes off course this is more than enough,best of luck

 

[asyousuf]

hello all!
i have USD $ 14000/- but the requirement is Can $ 13837/ for me and m spouse, the hisdifference is abt USD 320, will these funds be sufficient as a proof of fund? kindly reply

i think there is a difference in currency parity of CAD and USD...1 CAD is equivalent to 1.06 USD. In my view, USD 14,000 are equal to CAD 13,200. Better put more money

gud luk
asyousuf

 

[pharmimran]

thanks asyousaf

 

[aamirchandio]

i think there is a difference in currency parity of CAD and USD...1 CAD is equivalent to 1.06 USD. In my view, USD 14,000 are equal to CAD 13,200. Better put more money

gud luk
asyousuf

Hello asyousuf!! Do we Have to Carry the required funds to Canada as well? Is that a requirement or we can take any amount we wish (less than the required proof of funds amount)??