Proof of Funds

[CSV]

Hi, Trying to better understand the proof of funds.

If there is an influx of funds into the account that is not a gift deed can I still use this with my application? Is a background check carried out?

Does the bank letter have to also indicate any standing orders currently with the bank for the account?

Also once the ITA is issued and a statement is printed with a gift deed but the gift deed was given to within a few days of uploading my documents is this okay?

 

[uppperkut]

Hi, Trying to better understand the proof of funds.

If there is an influx of funds into the account that is not a gift deed can I still use this with my application? Is a background check carried out?

Does the bank letter have to also indicate any standing orders currently with the bank for the account?

Also once the ITA is issued and a statement is printed with a gift deed but the gift deed was given to within a few days of uploading my documents is this okay?

No one can call your bank and ask them about your funds. If there's an influx that doesn't have a proper explanation, your application "may" be refused. It's up to IRCC to decide on that matter though.

You don't have to show standing orders, but you must list debts you currently have.

There's no set rules around gift deeds on the IRCC website. Lots of people got their PR with gift deeds though. I don't think there was any rule around the date of the gift deed. As long as it includes the affidavit and proof of money transfer from that person, you should be set.

 

[CSV]

So my application could be rejected if they saw I have outstanding loans used for the application ?

 

[dotslash227]

So my application could be rejected if they saw I have outstanding loans used for the application ?

No. Outstanding debts is not a crime neither a criteria of eligibility. Through outstanding debts, they calculate your net worth and then see if you meet the minimum funds are not.

You only need to list your debts if the funds you show as POF are encumbered by a debt, otherwise, no need to list them.

If you show POF of $20,000 that are encumbered by loans worth $10,000, your net worth is $10,000 and not $20,000, that makes you ineligible.

If you show POF as $20,000 and have loans worth $10,000 but the $20,000 are not encumbered by your loans, that makes you eligible.

 

[uppperkut]

No. Outstanding debts is not a crime neither a criteria of eligibility. Through outstanding debts, they calculate your net worth and then see if you meet the minimum funds are not.

You only need to list your debts if the funds you show as POF are encumbered by a debt, otherwise, no need to list them.

If you show POF of $20,000 that are encumbered by loans worth $10,000, your net worth is $10,000 and not $20,000, that makes you ineligible.

If you show POF as $20,000 and have loans worth $10,000 but the $20,000 are not encumbered by your loans, that makes you eligible.

I don't think this is entirely true. If you have house mortgage, most people will be no where near paying off the mortgage. I don't think debts matter that much if you have a stable income which will be shown in your reference letters and bank statements, etc. As long as you're not drowning in debts, you should be ok.

The whole situation is evaluated as a whole IMO.

 

[Rav_C]

No one can call your bank and ask them about your funds. If there's an influx that doesn't have a proper explanation, your application "may" be refused. It's up to IRCC to decide on that matter though.

You don't have to show standing orders, but you must list debts you currently have.

There's no set rules around gift deeds on the IRCC website. Lots of people got their PR with gift deeds though. I don't think there was any rule around the date of the gift deed. As long as it includes the affidavit and proof of money transfer from that person, you should be set.

@uppperkut, in that case if I take a gift deed for the 100% of funding needed as proof should be okay?

As my savings are merely less and my spouse is willing to give me what it takes for the POF. As am a single applicant.

Thanks in advance,
Rav

 

[dotslash227]

I don't think this is entirely true. If you have house mortgage, most people will be no where near paying off the mortgage. I don't think debts matter that much if you have a stable income which will be shown in your reference letters and bank statements, etc. As long as you're not drowning in debts, you should be ok.

The whole situation is evaluated as a whole IMO.

What I had said was true only when the funds that you show as POF are encumbered a loan. What CIC does it, they try to ascertain the net worth of the funds that you show as POF. In case of house loans, your funds in bank account are not encumbered by any loan.

Let's say, if I have a fixed deposit of $10,000 and I took a credit card against it with a limit of $8,000, as long as the card is active, the net worth of my fixed deposit would be $2,000, I cannot withdraw those $10,000 until I pay back my credit card dues and close the card, so, the funds are actually encumbered by a loan/credit, which is what the IRCC wants to know.

 

[dotslash227]

@uppperkut, in that case if I take a gift deed for the 100% of funding needed as proof should be okay?

As my savings are merely less and my spouse is willing to give me what it takes for the POF. As am a single applicant.

Thanks in advance,
Rav

Yes, it is perfectly fine.

 

[uppperkut]

What I had said was true only when the funds that you show as POF are encumbered a loan. What CIC does it, they try to ascertain the net worth of the funds that you show as POF. In case of house loans, your funds in bank account are not encumbered by any loan.

Let's say, if I have a fixed deposit of $10,000 and I took a credit card against it with a limit of $8,000, as long as the card is active, the net worth of my fixed deposit would be $2,000, I cannot withdraw those $10,000 until I pay back my credit card dues and close the card, so, the funds are actually encumbered by a loan/credit, which is what the IRCC wants to know.

Yeah that makes sense. You're basically referring to secured vs unsecured credit cards.

 

[dotslash227]

Yeah that makes sense. You're basically referring to secured vs unsecured credit cards.

Not just cards but credit in general. One can take personal/business loans or any kinds of loans against fixed deposits too from the banks.

IRCC doesn't care about any one's entire net worth [If it were already high, they wouldn't be seeking to immigrate for better economic prospects in a different country, which includes me as well, this is also established by the fact the most of the people are opting for gift deeds for the money that are being given to them by their parents and are not using their own savings, because they do not have that much on their own] but the worth of the POF you are submitting. The funds are not meant to be spend on parties but on resettlement, that is why they shouldn't be encumbered by any liabilities.

 

[Rav_C]

@dotslash227, @uppperkut,

Thank you both for all your inputs. You have given me the confidence that am moving the right way. Will keep everyone here posted how it goes once I submit my application.

Thanks,
Rav

 

[Yacin_0107]

hi
I have a question that concerns me, since my wife will be the main applicant, should i also provide the bank documents (account statement, letter from the bank ..) or it is enough that my wife presents hers (we have PoF in her account) , knowing that in my account I have the sum of 7000 $ available and I also have an outstanding loan of which the remaining capital is 7000 $, so by deducting, my account will not help.
Thank you very much for all the information

 

[krishme007]

hi
I have a question that concerns me, since my wife will be the main applicant, should i also provide the bank documents (account statement, letter from the bank ..) or it is enough that my wife presents hers (we have PoF in her account) , knowing that in my account I have the sum of 7000 $ available and I also have an outstanding loan of which the remaining capital is 7000 $, so by deducting, my account will not help.
Thank you very much for all the information

If your spouse has sufficient funds meeting the criteria, then no need to show other accounts.

 

[Yacin_0107]

If your spouse has sufficient funds meeting the criteria, then no need to show other accounts.

Thank you for your answer. I was wondering if the immigration officers would ask for both the principal and second applicant's bank documents so that they could verify that neither of them had an outstanding loan that could handicap the PoF. Now It's clear for me as a secondary applicant, i don't need to bother myself with bank documents or work experiences.
Thank you very much

 

[Rav_C]

Dear All,

Need one suggestion here, I'm the only applicant here. My husband wouldn't be joining me for now as he wants to continue his role with the current employer and working on a project which would add to his resume and needs that experience. However, he should be ready to move in the next year. Any suggestions what should be the best way to put this together on the application which can help me convince the VO?

Thanks in advance,
Rav