Proof of funds - dilemma or puzzle ....

[EEBANKER]

Hello everyone, here is the situation, and kindly advise,

-I got 19k CAD in employee saving fund for the company. (cant be liquidated now or will be significant loss 20%)

-I got a 15k CAD loan from my employer after mortgaging the units of the funds above to my employer (which is in cash in the current account of the Bank A, taken for the purpose of stock market investment but liquid now) last month

-I got 13k CAD personal finance loan from Bank A last month as well (which is in cash in the current account of the same bank, taken for the purpose of stock market investment but liquid now)

-credit card liability of 5k CAD from same Bank A

-5k CAD of my own cash assets in Bank A

-I got 1k CAD in bank B

what should i do to use as POF ? make a gift deed from dad and get it over with ? Much appreciated.

 

[can_indian]

Hello everyone, here is the situation, and kindly advise,

-I got 19k CAD in employee saving fund for the company. (cant be liquidated now or will be significant loss 20%)

-I got a 15k CAD loan from my employer after mortgaging the units of the funds above to my employer (which is in cash in the current account of the Bank A, taken for the purpose of stock market investment but liquid now) last month

-I got 13k CAD personal finance loan from Bank A last month as well (which is in cash in the current account of the same bank, taken for the purpose of stock market investment but liquid now)

-credit card liability of 5k CAD from same Bank A

-5k CAD of my own cash assets in Bank A

-I got 1k CAD in bank B

what should i do to use as POF ? make a gift deed from dad and get it over with ? Much appreciated.

I think that is the best way to proceed for you otherwise you may end up doing lots of paper work.

 

[Srushti]

GIFT DEED is the way to go for your case. Simple and less documentation work

 

[EEBANKER]

Thank you all for your care.
-My dad dont have a bank account but he can provide me with the money in cash. Would that work ? Can I open account for him now and transfer from it or CIC will ask for his account statement history ?

-Can the pof or bank statements be as of any date of the 90 days allowance (to use money deposited after ITA )to submit the documents or the funds have to be there in the date of the ITA or application submission ?

-Will credit card liability be deducted from the cash I have in bank ?

 

[can_indian]

Thank you all for your care.
-My dad dont have a bank account but he can provide me with the money in cash. Would that work ? Can I open account for him now and transfer from it or CIC will ask for his account statement history ? Cash gift is hard to prove, check out below thread for more information http://www.canadavisa.com/canada-immigration-discussion-board/-t349224.0.html;msg5935181#msg5935181

-Can the pof or bank statements be as of any date of the 90 days allowance (to use money deposited after ITA )to submit the documents or the funds have to be there in the date of the ITA or application submission ?

You do not need to have money in your account for 6 months or more to show as a POF. if you have it for more than 6 months, you may not be asked to provide the proof about where it come from.
When it comes to POF, you need to clear/answer/satisfy two things to visa officer. 1. Show money in the bank 2. the money is indeed yours to use it. (not borrowed or loaned)
Applicants can raise money
by selling property/car/gold.
by gift deed.
by salary savings.

-Will credit card liability be deducted from the cash I have in bank ?
Yes

 

[Srushti]

1. Get Gift Deed.
2. You will need to provide bank statements of your father too.
3. If he is giving you cash. You will have to prove legit source of that money
4. If the credit card debt is from the same bank where you are showing POF, then the bank will issue letter with both credit debt and cash available in your account.

 

[EEBANKER]

Thank you kind people for your care.

As for the second question, let me rephrase it.

Assume i got ITA end of May , I will have 90 days to submit the documents. So can I submit the POF after lets say 80 days with transactions and deposits (not huge unexplained ones) occurring after ITA? Or will I have to prove all the money is there by the date of ITA or submitting the profile to get into the pool ?

 

[can_indian]

Thank you kind people for your care.

As for the second question, let me rephrase it.

Assume i got ITA end of May , I will have 90 days to submit the documents. So can I submit the POF after lets say 80 days with transactions and deposits (not huge unexplained ones) occurring after ITA? Yes Or will I have to prove all the money is there by the date of ITA or submitting the profile to get into the pool ? You must explain flooding of money with those small transactions.


Best way, for you to open up a new account for your father, ask him to deposit his money. and when the time comes and you need gift-deed, It will be fine.

 

[EEBANKER]

Thank you dear