Regarding proof of funds

[Avneet khurana]

Hello seniors,

I need your expertise here.

I have got my ITA, and arranging for funds to show in Proof of funds.

I have been working for 2 years, so don't have much funds on my own. Now I have two sources from where I can arrange my funds:

Parents:

Question 1: How should my parents give me the money? I have heard that if it is a cash transfer and if I use Gift affidavit or gift deed, it has only 50% chances of being accepted by Visa officer.

So in that case, should I ask my parents to make a Fix Deposit on my name for these funds?

(Again I have only heard this, that Fix deposits are acceptable)


Sister-in-law who lives in Canada: My major funds are being arranged by my Sister-in-law.

Question 1: Can I borrow funds from her? (She will give me the Gift deed, and other declarations required)

Question 2: I have heard that the money can come from any source, and if I convert that money to Fix Deposits, it is completely accepted by the Visa officer. Is this true? If so, my sister-in-law can transfer the money, and I can make FDs from that.

Question 3: If the FD way is acceptable, doesn't the date on FD opening date matters? For e.g. If I open a FD today, and submit the documents after one week. Is this acceptable?

Also, any other suggestions to manage the funds is welcome, I really need you guys help.

 

[superspecial90]

Hello seniors,

I need your expertise here.

I have got my ITA, and arranging for funds to show in Proof of funds.

I have been working for 2 years, so don't have much funds on my own. Now I have two sources from where I can arrange my funds:

Parents:

Question 1: How should my parents give me the money? I have heard that if it is a cash transfer and if I use Gift affidavit or gift deed, it has only 50% chances of being accepted by Visa officer.

So in that case, should I ask my parents to make a Fix Deposit on my name for these funds?

(Again I have only heard this, that Fix deposits are acceptable)


Sister-in-law who lives in Canada: My major funds are being arranged by my Sister-in-law.

Question 1: Can I borrow funds from her? (She will give me the Gift deed, and other declarations required)

Question 2: I have heard that the money can come from any source, and if I convert that money to Fix Deposits, it is completely accepted by the Visa officer. Is this true? If so, my sister-in-law can transfer the money, and I can make FDs from that.

Question 3: If the FD way is acceptable, doesn't the date on FD opening date matters? For e.g. If I open a FD today, and submit the documents after one week. Is this acceptable?

Also, any other suggestions to manage the funds is welcome, I really need you guys help.

All funds must be held in your name; there is no work around this.
No matter where you get the money from, you must put them in an account in your name.

1. FD's are most common POF submitted to CIC. So, go ahead and open your FD to use as POF. Also, you can borrow money from anyone you wish and put in your bank account to show that you have the fund. CIC very rarely asks about the source of funds. They ask for the source of funds from people who claim to be self-employed or claim to have businesses. Applicants who were employed has almost zero chance of being asked to provide the source of their fund. If you can manage the money from your parents, simply put the cash in your account and submit a statement. Do not include any gift deed or anything. I did that, my brother did that and CIC did not ask us anything. We kept the receipts for those deposits, just in case if CIC asked anything about the source. I would suggest you keep the receipts too. But do not bother about the gift deed. It is not necessary at all.
2. The opening date does not matter at all. CIC says you have to submit a statement with an average balance of last 6 months. But in my experience, it was not an issue. I put the money in a newly opened bank account right before submitting my application and it worked just fine. Actually, CIC never checked the fund either. My brother had many loans in his regular bank accounts. He also opened a new account an opened an FD which he used for POF. Worked just fine. Again, CIC did not even check.

By the time CIC will check (or come to the point of checking) your POF, it will be a few months already. As long as you have the money in the account on that date, CIC will be happy.

Hope this helps!