Proof of Funds

[sandyxe]

Hi Everyone,

I'm from India and applying under EE as single applicant and my family(wife + daughter) won’t be going with me to Canada. Here is my experience and would need to advice from fellow applicants

First Application -
Single Applicant (Option - Spouse coming to Canada with you? No)
Amount of fund bringing to Canada ->CAD 12,000
Application Submitted, Result -> Application was rejected due to lack of funds, not sure why as I'm applying as Single application?

Second Application -
Single Applicant (Option - Spouse coming to Canada with you? No )
Amount of fund bringing to Canada ->CAD 20,000(~ INR 10,00,000)
Application Submitted, Result -> Application was accepted into the pool. Hopefully I will get ITA in April 19th draw.


I'm not sure why the system only accepts my application if I show the amount of fund as CAD 2000? Despite the fact I have mentioned that my spouse and daughter would not be coming to Canada with me and funds are required to support yourself and your family in Canada.

Here are the details of the funds in hand and my financial obligations

1. Liquidity
Saving Bank A/C Balance : INR 4.5 lakhs
Personal Tax Saver FDs : INR 1 lakhs
Borrowed from relative recently : INR 3.5 lakhs
LIC, NSC certificates : INR 60,000
EPF balance : INR 50,000
Wife's Saving A/C balance : INR 50,000
Monthly savings : INR 30,000/month

2. Physical Property Assets
House costing : INR 50 lakhs
Agricultural property costing : INR 20 lakhs

3. Financial obligations
Car Loan EMI : INR 7,500/month
Home Loan EMI : INR 10,000/month
House Rent : INR 21,000/month
Monthly expenditures: INR 35,000/month

Looking at the above situation about Liquidity I feel that I'm going to be weak in showing Proof of funds . (As we have to show last 6 months bank balances and I do not have a good average bank balance history)
The option that I'm considering is -
1. Borrow more money from relatives and convert it into FDs and show FDs as part of proof of funds.
2. Show financial evaluations of my house and agricultural properties as part of proof of funds.

I request fellow members to please advice how can show proof of funds without looking financially weak.

Thanks.

 

[sandyxe]

The CIC website shows the following requirements for proof of funds.

Proof of funds

Purpose
To confirm whether the applicant meets the low-income cut-off (LICO), assessed by the amount of money they hold compared to the number of people in their family

Document requirements
1.The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans.
2. The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance for the past six months.
3. Other documents may also be requested, as necessary.

Individuals who must submit this documentation
The principal applicant