Proof of Funds

[kiwignd]

I have applied for Canadian Permanent Residency through the PhD Stream. I've gotten a request from the office in Ottawa for documents which includes a proof of funds (statements as well as activity over the last 6 months). I'm in a bit of a quandary over this. My money is in 3 separate bank accounts, 1 in Canada and 2 in my home country. I have a TFSA account here with $7500 CAD at present but the amount 6 months ago was $3450, so I believe that this is the amount that counts towards proof of funds. At home, I have $6500 CAD in one account (there for over a year) and $9000 CAD in another (there for over a year). The problem is that both these accounts are joint accounts with my sister. All the money in the first is mine, however she saves money in the second account and her salary also goes through there. The total balance for this account is $42000 (including my $9000). I'm not sure how to combine these to reach the threshold amount ($11115) and for the joint accounts how to let them know what the money is mine and not my sisters. Should she to do an affidavit indicating that a certain proportion of the money is mine? Any suggestions will be welcomed.

 

[donutbox]

I have applied for Canadian Permanent Residency through the PhD Stream. I've gotten a request from the office in Ottawa for documents which includes a proof of funds (statements as well as activity over the last 6 months). I'm in a bit of a quandary over this. My money is in 3 separate bank accounts, 1 in Canada and 2 in my home country. I have a TFSA account here with $7500 CAD at present but the amount 6 months ago was $3450, so I believe that this is the amount that counts towards proof of funds. At home, I have $6500 CAD in one account (there for over a year) and $9000 CAD in another (there for over a year). The problem is that both these accounts are joint accounts with my sister. All the money in the first is mine, however she saves money in the second account and her salary also goes through there. The total balance for this account is $42000 (including my $9000). I'm not sure how to combine these to reach the threshold amount ($11115) and for the joint accounts how to let them know what the money is mine and not my sisters. Should she to do an affidavit indicating that a certain proportion of the money is mine? Any suggestions will be welcomed.

Why don't you just separate the accounts that you have joint with your sister? Is there some specific reason why you and your sister need to have joint accounts?

Can't you just ask your sister to remove her portion of the money from the joint accounts and remove herself from the account so that the account is now only in your name?

Why do you say that "...I believe that this is the amount that counts towards proof of funds"? Why do you believe it's only $3450 of the $7500 CAD that counts?

Is all the $7500 CAD money in that TFSA account yours? Is the $7500 CAD liquid?

Can you account (to CIC) for how you came by that $7500 CAD in your TFSA account?

From what I see, you have this amount of funds:

(a) $7500 CAD (in a bank in Canada)

(b) $6500 CAD (in a bank back home, joint account)

(c) $9000 CAD (in a bank back home, joint account, you did not indicate how much of the $9k is actually yours)


The total money that belongs to you is, $7500 + $6500, which is $14,000, the threshold is $11,115.

I did not take into account (c).


(By the way, I do not know what is a "TFSA account")

 

[dbss]

Why don't you just separate the accounts that you have joint with your sister? Is there some specific reason why you and your sister need to have joint accounts?

Can't you just ask your sister to remove her portion of the money from the joint accounts and remove herself from the account so that the account is now only in your name?

Why do you say that "...I believe that this is the amount that counts towards proof of funds"? Why do you believe it's only $3450 of the $7500 CAD that counts?

Is all the $7500 CAD money in that TFSA account yours? Is the $7500 CAD liquid?

Can you account (to CIC) for how you came by that $7500 CAD in your TFSA account?

From what I see, you have the this amount of funds:

(a) $7500 CAD (in a bank in Canada)

(b) $6500 CAD (in a bank back home, joint account)

(c) $9000 CAD (in a bank back home, joint account, you did not indicate how much of the $9k is actually yours)


The total money that belongs to you is, $7500 + 6500, which is $14,000, the threshold is $11,115.

I did not take into account (c).


(By the way, I do not know what is a "TFSA account")

TFSA stands for Tax Free Savings account...basically you don't pay tax on the interest gained in through the tfsa