Proof of funds

[Derlette]

Good day everyone. Please i have a question. I am planning to relocate to candad from Nigeria, but I'm having issues with the required proof of funds. I have a relative in Canada who is suggesting that she can open a canadian account in my name where we can both make contributions towards the required proof of funds.

My question therefore is, will such an arrangement not raise a red flag with CIC? Considering the fact that i have never been to canada.

 

[PMM]

Hi

Good day everyone. Please i have a question. I am planning to relocate to candad from Nigeria, but I'm having issues with the required proof of funds. I have a relative in Canada who is suggesting that she can open a canadian account in my name where we can both make contributions towards the required proof of funds.

My question therefore is, will such an arrangement not raise a red flag with CIC? Considering the fact that i have never been to canada.

1. Yes, a very big red flag, IRCC is going to wonder how you came by the money, since it is not all yours.

 

[Derlette]

Hi



1. Yes, a very big red flag, IRCC is going to wonder how you came by the money, since it is not all yours.

Thanks alot for your response PMM

 

[Derlette]

Another question please. Would it be sufficient proof if i open a dollar account in Nigeria and then my relative sends the required funds into the said dollar account and signs a deed of gift transferring the money to me?

It is not an option for my relative to convert the money from Canadian dollars to Nigerian naira because due to the foreign exchange, she will lose money.
I will appreciate any response on this please.

 

[dotslash227]

She can send you the money. But she will need to give a signed declaration stating that the money she has sent you is debt-free and you will not owe her anything. And, she will have to provide a bank statement statement that suggests that funds she has given to you are old and legal funds.

 

[Derlette]

Thank

She can send you the money. But she will need to give a signed declaration stating that the money she has sent you is debt-free and you will not owe her anything. And, she will have to provide a bank statement statement that suggests that funds she has given to you are old and legal funds.

Thanks for your reply. Does this mean i will have to provide two statements of account? One for the domicilliary account which has the funds and another for the account of my relative who is sending the funds?



Also, my relative does t have the entire funds available right now, but she plans to make sizable payments to the dollar account till the required amount of funds is achieved. So there will be no lump sum transfers or payments.. would i still need a deed of gift?

 

[dotslash227]

Thank




Thanks for your reply. Does this mean i will have to provide two statements of account? One for the domicilliary account which has the funds and another for the account of my relative who is sending the funds?



Also, my relative does t have the entire funds available right now, but she plans to make sizable payments to the dollar account till the required amount of funds is achieved. So there will be no lump sum transfers or payments.. would i still need a deed of gift?

Yes and Yes

She might also need to tell from where she got those funds because she is not giving it to you in one go.

 

[DamieAyeni]

Please. is gift deed from a sponsor acceptable for student permit?

 

[dotslash227]

Please. is gift deed from a sponsor acceptable for student permit?

There are two approaches :
1. Have the sponsor sign a written statement that they are sponsoring your education and living expenses while you are in Canada along with bank statements [acceptable if the sponsor is a parent or a very close relative with substantial ties].

2. Have the sponsor transfer you the money and sign a gift deed and with bank statements that they indeed had the money with them and is not borrowed [acceptable in all cases].

I would prefer option 2, if the sponsor is a parent, either of both is fine.

 

[DamieAyeni]

There are two approaches :
1. Have the sponsor sign a written statement that they are sponsoring your education and living expenses while you are in Canada along with bank statements [acceptable if the sponsor is a parent or a very close relative with substantial ties].

2. Have the sponsor transfer you the money and sign a gift deed and with bank statements that they indeed had the money with them and is not borrowed [acceptable in all cases].

I would prefer option 2, if the sponsor is a parent, either of both is fine.

Thanks for your reply. Please another question, do I need to provide 4 month statement of acct from my sponsor who gave the gift deed or I need to provide my own personal statement of account for four month.?

 

[dotslash227]

Thanks for your reply. Please another question, do I need to provide 4 month statement of acct from my sponsor who gave the gift deed or I need to provide my own personal statement of account for four month.?

You need to provide statements of those who are gifting it to you, to prove, that they owned funds and are not borrowed. And not 4 months, but 6 months. If the funds are less than 6 months old, additional proof may be required to prove the source of funds, for example, pay stubs if it is salary, invoices-receipts and reference letter, if the funds came from providing some services to a client.

 

[ConnieCL]

Link :
Financial Requirements for International Students to Study in Canada
https://www.immigration.ca/financial-requirements-for-international-students-to-study-in-canada

 

[martzino93]

Please can anyone help me with information as regards to proof of fund. I just got my ITA and I will like to know the necessary documents that I need to get for my POF because my fund was given to my by my dad on installments and it’s not up to six month. Also, I have a one month investment certificate of this fund which will be due in a weeks time. Pls how do I go about this?