Proof of funds requirements - Explained

[xylene]

I just received my MR yesterday and RPRF request along with a request for an explanation for the proof of funds. I am just wondering if I have my own bank account for more than a year and my funds came mostly from my parents how would i explain this? Should I explain that it came from them and from my savings and family business? is this acceptable? anyways, our family business is named under my parents. What papers do i have to present to prove this? thank you

If the account where the money is - is a joined account in your name, you can explain it to the CIC in a letter. All CIC wants to know is if this is your money which can be cashable and taken along with you at the time of landing. I think it would be accepted as proof of fund.

Since this is a joint account with your own parents it should be okay. However if the account is 'Joint - requiring all signatures' I am not sure. if the account can be operated by one of you independently, it shouldn't be a problem.

 

[klitaz]

Hi,
I have a concern. I have sent my application package already and I am a bit worried about my proof of funds. I am single and have sent a letter received from my local bank with my savings balance on two accounts. The total of my savings is canadian $ 14020.00 one account with my name alone has canadian $13000.oo and the other has a savings balance of $1020.00 which is a joint account with a sibling. I still meet and in fact marginally exceed the minimum of $11,086 required for single applicant. Will that result in the denial of my application??

Help my economic application form says $14020.00.
?????

 

[Owais Iqbal]

Hi,
I have a concern. I have sent my application package already and I am a bit worried about my proof of funds. I am single and have sent a letter received from my local bank with my savings balance on two accounts. The total of my savings is canadian $ 14020.00 one account with my name alone has canadian $13000.oo and the other has a savings balance of $1020.00 which is a joint account with a sibling. I still meet and in fact marginally exceed the minimum of $11,086 required for single applicant. Will that result in the denial of my application??

Help my economic application form says $14020.00.
?????

You should have only sent the one in which you have 13000 CAD. However, if neglecting your joint account, if you meet the requirements, it will not be an issue don't worry..

 

[Owais Iqbal]

If the account where the money is - is a joined account in your name, you can explain it to the CIC in a letter. All CIC wants to know is if this is your money which can be cashable and taken along with you at the time of landing. I think it would be accepted as proof of fund.

Since this is a joint account with your own parents it should be okay. However if the account is 'Joint - requiring all signatures' I am not sure. if the account can be operated by one of you independently, it shouldn't be a problem.

Please let me clarify this for you. Joint accounts other than with your spouse are NOT ACCEPTABLE in anyway.. If the money is in your account for more than one year than you can say that it is your earnings from your salary or anything. You don't have to mention that you have got them from your parents unless you have got them in heritage..

 

[neha_s]

Can we show property documents as a Proof of Fund???

 

[Owais Iqbal]

Can we show property documents as a Proof of Fund???

No you can't..

 

[ibrahimkl]

September Applicant - 24th sep recd - NOC 2171

Just a query, do they re-verify our proof of funds from bank?
I had submitted Fixed deposit receipts and bank statements of my wife, daughter and myself. But lately I have made some changes and shuffling of funds within these accounts. Total funds is as per their requirement, just worried if they want it in the same order as shown with the application.

 

[xylene]

Please let me clarify this for you. Joint accounts other than with your spouse are NOT ACCEPTABLE in anyway.. If the money is in your account for more than one year than you can say that it is your earnings from your salary or anything. You don't have to mention that you have got them from your parents unless you have got them in heritage..

I don't quite agree. If gifts from parents are acceptable why can't a joint account with parents be accepted? Did you get this info from the consulate or CIC?

 

[Owais Iqbal]

I don't quite agree. If gifts from parents are acceptable why can't a joint account with parents be accepted? Did you get this info from the consulate or CIC?

I know this for sure. I came to know this from my consultant who is a Canadian lawyer. Also, no one on this forum EVER supported this procedure. Rest is upon your discretion..

 

[ctg]

do i need to provide a deed of donation or any letter from my parents to prove that my POF was a "gift" from them? we dont have a joint account. i have my own bank account. my parent's just transfered their money to my account. is this allowed?

 

[amirsrima]

do i need to provide a deed of donation or any letter from my parents to prove that my POF was a "gift" from them? we dont have a joint account. i have my own bank account. my parent's just transfered their money to my account. is this allowed?

Dear, Normally they state that the funds should be your own and not borrowed. First - if you have in your bank account,its ok. If still you wanna be cross safe - do attach a letter from parents but stating that it is your share and has been gifted. *waraasat"

 

[calgarypr]

Hi, I have a little complicated situation. I was working in Canada when I have send my FSW application for PR and I had bank statement from BMO that I have $12000 CAD. Unfortunately company where I have worked was not able to secure LMIA for me and I am about to leave Canada soon. In the mean time I have received AOR but also to late to do the bridging of WP.
Now, what I would like to do is to withdraw money from BMO and bring it home and put it in my bank account at home since there is uncertainty that I will receive PR (like everyone else there is no 100% guaranty) and I don't want to go back to Canada to close my account. I want to close my account right now and not to wait until the PR decision is made because if it is negative, it would require one more trip to Canada and back. Is it ok to do that and send new POF to visa office?
Please advise, I really don't know what to do.

 

[kaemeemanalo]

hi i have a query regarding POF. I applied for FSW 2014 as Principal applicant and my wife as a dependent. we presented the POF in a Time Deposit Certificate. my question is will they even require us POF if my wife is currently in Canada working full time for two years as a Live in Caregiver? right now im waiting for my Local Visa Office for email my PER is dated Nov. 5, 2014. thanks and God speed!

 

[amirsrima]

Dear All,

I have a confusion about carrying settlement funds, as I am planning to first land along followed by my family after couple of months.
Do I need to carry and show Settlement funds while I reach? OR my family members are required to carry their own share once they land?

 

[Yvs Venkat]

Hi i was struck with the POF for Canada application so i read a post saying that the property can be shown with the mortgage property if in that case what has to be done so that i can follow the same to show the property that am planning to do the same..
Can nyone help in this regard with some more details that can be helpful for me to show the same for the POF section
Waiting for the valuable suggestions....