Regarding Proof of Fund

[kami617]

hi everybody,
applying for PR requires Proof of Fund.. it states that
o 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.
Now thing is that I have recently opened an account and deposited the money in it...How come I would be able to show average balance for past six months???

 

[xpressentry]

You will have to declare the source of the funds and show a trace of where the funds came from in the new account.

 

[kami617]

source of funds like?? like i sold my property or assets (gold etc)?? these can be mentioned??

 

[xpressentry]

You have to show the source of funds and the trace of funds. Trace as in from which account the money came from or who deposited the money. Source is how you obtained the money. These have to be unencumbered so you can't borrow money from someone to show as your own. If it's coming from your parents, they need to make gift deed stating the money is a gift and not a loan.

 

[kami617]

thankyou for your guidance..i need 1 more suggestion...I have opened a bank account recently i.e on 15th of Feb 2017.I plan to deposit money in it..Is it ok to use a new account to provide proof of fund?? or an already old existing account be used???

 

[thestunner316]

thankyou for your guidance..i need 1 more suggestion...I have opened a bank account recently i.e on 15th of Feb 2017.I plan to deposit money in it..Is it ok to use a new account to provide proof of fund?? or an already old existing account be used???

technically it shouldnt make a difference, but to make the application water tight i would use an older account...

usually fraudsters borrow money from someone, open a new account and deposit money in it... and as soon as the purpose is done the money is returned to the lender with interest... to avoid this CIC asks for 6 months statement, better to have an account which has 6 months history to be on the safe side.

good luck

 

[kami617]

technically it shouldnt make a difference, but to make the application water tight i would use an older account...

usually fraudsters borrow money from someone, open a new account and deposit money in it... and as soon as the purpose is done the money is returned to the lender with interest... to avoid this CIC asks for 6 months statement, better to have an account which has 6 months history to be on the safe side.

good luck

but though the already active account might have history but it doesnt have any balance previously to show..?? Still go with the old one?

 

[thestunner316]

but though the already active account might have history but it doesnt have any balance previously to show..?? Still go with the old one?

yes. but ensure you show how you got the PoF also, receipts and everything related should be included.

good luck