Proof of funds

[musabd]

Hello,
Can I show Fixed Deposit, DPS(monthly deposit scheme), National Savings Certificate, Shares as a proof of funds?

Thanks,
Musa

 

[Asivad Anac]

Hello,
Can I show Fixed Deposit, DPS(monthly deposit scheme), National Savings Certificate, Shares as a proof of funds?

Thanks,
Musa

Anything which can be readily converted to cash and is not volatile should be fine. Fixed Deposits and this monthly deposit scheme (if it is in a regular bank) fall under that category. Shares and bonds or savings certificate don't.

 

[musabd]

Thanks Asivad. But "savings certificate" isn't volatile here(in Bangladesh). It provides interest.

 

[Asivad Anac]

Thanks Asivad. But "savings certificate" isn't volatile here(in Bangladesh). It provides interest.

Can you readily convert it into cash? If so, recommend doing that and putting it into a bank when you are close to expecting an ITA.

Unfortunately, CIC prefers bank statements as POF so that pretty much rules out submitting certificates issued from any other authority against POF.

POF defined here ---> http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

 

[Eksler]

What about current accounts? Are they allowed?

 

[indianaspirant]

hi,
can my spouse's (who is included in the application) bank statements count towards my POF or i need to transfer those funds into my account and then take out a statement....please help

thanks

 

[Asivad Anac]

hi,
can my spouse's (who is included in the application) bank statements count towards my POF or i need to transfer those funds into my account and then take out a statement....please help

thanks

If it is a joint account with your name on it, no concerns and you can showcase that as-it-is. If not, you can transfer that into your account but also get a signed declaration letter from your spouse that explains that this is not a loan which needs to be returned to them. This letter will have to be submitted along with POF to CIC so that they don't question this unexplained transaction into your account.

 

[Asivad Anac]

What about current accounts? Are they allowed?

I don't imagine that would be a problem as long as it has the minimum required funds as per your situation, you're aware of and can satisfactorily explain the source of funds if and when asked by the VO and the bank gives out a letter as required by CIC.

 

[TC21]

I have a mortgage running in India for about 70% of the property value. Do I need to show the proof of funds over and above the mortgage amount?

 

[Asivad Anac]

I have a mortgage running in India for about 70% of the property value. Do I need to show the proof of funds over and above the mortgage amount?

The only interest CIC might have in your mortgage is if the scheduled payments being debited from your bank account(s) reduces the account balance below POF required at any point of time during the process. As long as you ensure that doesn't happen, you are safe on the POF front.

If you meant using your property as POF, you can't. If you meant calculating the mortgage as fixed liability, CIC isn't keen to know your personal balance sheet, they just want you to confirm that you have at least as much liquidity as required by them in terms of POF.

Hope this clarifies. All the best!

 

[sheR2016]

is it possible to use title deed of land as a funds support document?

 

[Asivad Anac]

is it possible to use title deed of land as a funds support document?

Not possible in most cases. Check at your LVO if they allow - I'd guess not.

 

[Evildead2]

Hi Guys,

I've got an account in scotiabank but only about $6000 available. I'm planning on getting my parents to transfer 5000 euro in so I make the POF threshold (and then giving the money back to them). Is this an option, could someone advise?

 

[Asivad Anac]

Hi Guys,

I've got an account in scotiabank but only about $6000 available. I'm planning on getting my parents to transfer 5000 euro in so I make the POF threshold (and then giving the money back to them). Is this an option, could someone advise?

This can work. You'll have to get a signed declaration from your parents that mentions all relevant details inc wire transfer ref and also categorically states that this amount is a gift to help you with settlement funds and NOT a loan that needs to be paid back to them. You'll then have to retain the monies in your account throughout the process and you can safely return it to them after landing in Canada. Strictly speaking, it can still be construed as a misrepresentation but that is just a minor technicality and you don't need to be worried doing it this way.

All the best!

 

[TC21]

The only interest CIC might have in your mortgage is if the scheduled payments being debited from your bank account(s) reduces the account balance below POF required at any point of time during the process. As long as you ensure that doesn't happen, you are safe on the POF front.

If you meant using your property as POF, you can't. If you meant calculating the mortgage as fixed liability, CIC isn't keen to know your personal balance sheet, they just want you to confirm that you have at least as much liquidity as required by them in terms of POF.

Hope this clarifies. All the best!

Thanks! this does clarify. I don't intent to use the property as POF. Just wanted to make sure I don't have to show the funds availability over and above the mortgage amount ( as per my consultant)