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 said:
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.musabd said:
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.indianaspirant said:
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.Eksler said:
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.TC21 said:
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.Evildead2 said:
