Proof of funds

[fatehelps]

One further question on proof of funds.
If I am planning to apply visa only for myself (but I will mention my dependents as 2 in my application) then how much money as proof funds I should show.

You need to show funds for 3, I presume.

Sooner or later, you'd bring the 2 dependents to stay with you. Logically, CiC would expect you to show for 3 ppl in that case.

 

[akshayaki123]

Hi All,

My first post on this forum.

I havent started the application process as yet. I have two doubts about the Proof of funds.

1. I have a loan against my name as primary and my father as secondary. this loan was taken against a property in India from ICICI Bank.
The amount is deducted every month from my account but partial amount is deposited by my father every month.
Can this cause a problem in my process?

2. Secondly, Whatever I save by end of month I transfer to my Wife's account and I am not a joint owner of that.
How can I use those funds to prove my competency to fulfill the need of minimum balance in bank account.

Thanks,
Akshay

 

[Asivad Anac]

Hi All,

My first post on this forum.

I havent started the application process as yet. I have two doubts about the Proof of funds.

1. I have a loan against my name as primary and my father as secondary. this loan was taken against a property in India from ICICI Bank.
The amount is deducted every month from my account but partial amount is deposited by my father every month.
Can this cause a problem in my process?

For POF, you need to request your bank(s) to issue you a letter detailing your average balance over the last 6 months. And the current amount therein should be more than or equal to your particular POF requirement. Usually your bank wouldn't mention your liabilities in such a document unless you explicitly ask for it (which you wouldn't in this case). What that means is, as long as your account(s) show the minimum POF amount as on the date of issuing of the letter and you continue to maintain your balance above that amount throughout the process, other transactions in the account(s) won't be a problem.

See here for more details (http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp)


2. Secondly, Whatever I save by end of month I transfer to my Wife's account and I am not a joint owner of that.
How can I use those funds to prove my competency to fulfill the need of minimum balance in bank account.

This is tricky because the POF should be in the joint custody of both the applicants. Maybe you can add your name to that account first and subsequently ask the bank to issue the letter.

Thanks,
Akshay