Proof of funds

[lucky boy]

Hello everyone

I want to apply for FSWP, for poof of funds can my I take my fathers money and deposit it in my account? will it be fine? besides doing job i help my father in business. please guide me.

Thanks

 

[del2yyz]

Yes you can ask your family members to help build your bank balance. Even i'm doing that.

Good luck.

 

[lucky boy]

Thank you del2yyz for your response. but dont you think it will be considered borrowed money?

Thanks

 

[del2yyz]

It surely is borrowed money (for taxation purposes in your home country).

CIC is only bothered about your networth at the time of applying even if it is borrowed money, but to be on the safe side i would suggest you to maintain that bank balance till the time you land in Canada.

This loan can later be repaid to your parents (with or without interest) or your parents can also show it as a gift to you, however your parents would have to make a declaration on an affidavit about the same.

PS: CIC does not want to know where you got your bank balance, that's the business of tax authorities in your home country.

Hope this helps.

 

[lucky boy]

thanku del2yyz for your response. Actualy i dont need to pay this money to my parents, but according to some post on this forum, you cannot borow money from anyone, the immigration dept is concerned about wether you borowed it or it your own money. I have property with my name. can I show it as a proof?

thanks

 

[del2yyz]

You dont have to actually borrow funds from your parents (i just mentioned it for taxation purposes). You can claim (if asked in the interview) that these were your savings which they have been holding since childhood.

If you are overly cautious, you can ask them to gift it to you (get in touch with your CA to get the affidavit for it made).

No, you cannot include property.

 

[lucky boy]

Thank you del2yyz for your response. Btw what u mean by CA. I will show affidavit if immigration officer require.

Thanks

 

[del2yyz]

CA means your Chartered Accountant or Attorney (one who manages your funds, taxation, income tax etc).

 

[PrincipalApplicant]

Hi fellows,

I live in Saudi Arabia and my account is in Saudi Riyals, to prove my assets in CAD Dollar will my saudi riyal account statement suffice? The amout is much more than the required funds value and I stated equivalent amount in CAD in my application.

 

[del2yyz]

Yes the bank statement in your local currency is sufficient.

 

[akbardxb]

You dont have to actually borrow funds from your parents (i just mentioned it for taxation purposes). You can claim (if asked in the interview) that these were your savings which they have been holding since childhood.

If you are overly cautious, you can ask them to gift it to you (get in touch with your CA to get the affidavit for it made).

No, you cannot include property.

You can include property in your name as assets and the bank balance in SAR in your account as assets but only at the time of application. Wherever the propert is held, you can covert to the prevailing exchange rate into CDN and the same applies to the balance in SAR. The logic for property inclusion is that if you migrate permanently, there is no real reason for you to maintain property elsewhere and you will be able to take these funds to Canada.


At the time of landing, you will have to show the minimum stipulated amount by family size in liquid currency ie hard cash or DD.