Proof of funds

[Asivad Anac]

I have a question around proof of funds, some friends owed me money and now in order to get my updated bank statements I have had those friends repay me back.
There is a deposit of 1500 and 3343 into my account. Can i explain in an LOW as to how I have this money or just send the bank statements.

Would seeing the deposits a days before I ask for updated bank statements cause a red flag?

Those are fairly large-ish amounts. Attach an LOE that explains that you were owed this amount by others. Not sure how would explain that further if needed. Probably by pointing out transaction history of loaning it out to friends if you did wire transfers to their accounts. If it was cash outflow and inflow, recommend keeping quiet about this because there is no way you can conclusively prove to CIC that these aren't borrowed funds. Just stay silent about it and let CIC ask you if they need.

On 2nd thoughts, CIC will know this ONLY if you give them bank statements. Try to get your bank to add average balance figure to your bank certificate/letter so that you don't need to attach bank statements.

 

[Mrs Aj]

Those are fairly large-ish amounts. Attach an LOE that explains that you were owed this amount by others. Not sure how would explain that further if needed. Probably by pointing out transaction history of loaning it out to friends if you did wire transfers to their accounts. If it was cash outflow and inflow, recommend keeping quiet about this because there is no way you can conclusively prove to CIC that these aren't borrowed funds. Just stay silent about it and let CIC ask you if they need.

On 2nd thoughts, CIC will know this ONLY if you give them bank statements. Try to get your bank to add average balance figure to your bank certificate/letter so that you don't need to attach bank statements.

But Asivad Anac, does that mean one should not include bank statements in documents for proof of funds?

In my case, my husband was the principal applicant in 2011 and 2013, when we attempted to apply for FSW but missed the submission deadlines. Now I am the PA because I got the ITA first and have higher points.

He has transferred the funds to my account. Will this be an issue? This is because i collected the letter from the bank today and the difference between my account balance and monthly average is over CAD18k

The fixed deposit is also in his name, as he was the principal applicant, this is monies we have both saved. What would you advice?

 

[Asivad Anac]

But Asivad Anac, does that mean one should not include bank statements in documents for proof of funds?

In my case, my husband was the principal applicant in 2011 and 2013, when we attempted to apply for FSW but missed the submission deadlines. Now I am the PA because I got the ITA first and have higher points.

He has transferred the funds to my account. Will this be an issue? This is because i collected the letter from the bank today and the difference between my account balance and monthly average is over CAD18k

The fixed deposit is also in his name, as he was the principal applicant, this is monies we have both saved. What would you advice?

CIC doesn't ask for bank statements. They ask for average balance over 6 months to check for unreasonably large difference between that figure and your present account balance because that might indicate the presence of borrowed funds.

Get a signed self-declaration from your husband that these funds are meant to be a gift not a loan hence need not be returned to them. That would suffice.

Show only as much monies as required in your specific case. CIC doesn't ask for full financial disclosure. If your POF can be declared without showcasing the FD in your spouse's name, remove that from your POF.

 

[witchkiki]

Hi Asivad,

May I ask you a question: I received a $8000 transfer from my father last month and I intend to send CIC my bank statements as POF. Should I get from my father a self-declaration that those money are gift and my father doesn't want them back, or just a receipt that those money were transferred from my father's account to me is enough?

 

[Asivad Anac]

Hi Asivad,

May I ask you a question: I received a $8000 transfer from my father last month and I intend to send CIC my bank statements as POF. Should I get from my father a self-declaration that those money are gift and my father doesn't want them back, or just a receipt that those money were transferred from my father's account to me is enough?

A signed self-declaration stating that this is a gift not a loan that hat to be returned to your father has to necessarily accompany your POF.

 

[rana91]

Hi
I am following the forum for long. But writing for the first time since EE launched. Was busy selling my assets to show funds. Please guide. I am a PA and property was in my spouse name which I sold and got the funds in our joint account recently. Now can I show it as POF along with sale deed copy and LOE.
Can I show in liquid only or in FD/TD as well.
Appreciate your suggestions

 

[Asivad Anac]

Hi
I am following the forum for long. But writing for the first time since EE launched. Was busy selling my assets to show funds. Please guide. I am a PA and property was in my spouse name which I sold and got the funds in our joint account recently. Now can I show it as POF along with sale deed copy and LOE.
Can I show in liquid only or in FD/TD as well.
Appreciate your suggestions

Show ONLY as much monies as you need towards POF. Get a signed self-declaration from your spouse that they have no reservations against you utilizing these funds as POF. You can even get them to mention that they have transferred these funds to you as gift not a loan hence these funds need not be returned to them.

That ways, you can avoid having to submit any documentation for sale of property.

You can show funds as cash in bank or deposits.

 

[rana91]

Thanks for the guidance
But the funds came recently into her(our joint) account as well.
Will CIC be asking the source of that as well.
I don't have any other individual savings account. Cant the funds lying in joint account or Joint FD can be shown as POF with declaration from spouse as suggested by you

 

[Asivad Anac]

Thanks for the guidance
But the funds came recently into her(our joint) account as well.
Will CIC be asking the source of that as well.
I don't have any other individual savings account. Cant the funds lying in joint account or Joint FD can be shown as POF with declaration from spouse as suggested by you

As you are the PA and you received monies from your spouse, I imagine CIC won't probe beyond that for source of funds. Funds lying in joint account or joint FD can certainly be used as POF. You will need to upload a signed self-declaration from the joint account holder that they don't have any reservations against you using those funds as your POF.

 

[Jkal]

Just an add on:-

I have a saving account and i opened Fixed Deposits (of 1 year, can be liquidated anytime) a few months back ( I am yet to get an ITA, and not expecting it for next 3 months, and by then, my deposit accounts would be more than 6 months old).
My question is:-

Other than the fixed deposit bank statements, do i need to show the saving account statement (in case CIC wants to know the source of these deposits) ??

 

[Asivad Anac]

Just an add on:-

I have a saving account and i opened Fixed Deposits (of 1 year, can be liquidated anytime) a few months back ( I am yet to get an ITA, and not expecting it for next 3 months, and by then, my deposit accounts would be more than 6 months old).
My question is:-

Other than the fixed deposit bank statements, do i need to show the saving account statement (in case CIC wants to know the source of these deposits) ??

Not required. If your fixed deposit has sufficient monies to serve as POF, your bank certificate/letter can simply indicate that.

 

[Jkal]

Thanks Asivad!

 

[Mrs Aj]

CIC doesn't ask for bank statements. They ask for average balance over 6 months to check for unreasonably large difference between that figure and your present account balance because that might indicate the presence of borrowed funds.

Get a signed self-declaration from your husband that these funds are meant to be a gift not a loan hence need not be returned to them. That would suffice.

Show only as much monies as required in your specific case. CIC doesn't ask for full financial disclosure. If your POF can be declared without showcasing the FD in your spouse's name, remove that from your POF.

Thank you Asivad