Proof of funds

[adspiercy]

i know there has been lots asked about this previously but I can't find the answer to my specific question.

My situation is that we have two young kids and currently own our own home. We put down a large deposit (approx 45%) and the house has nearly doubled in value whilst we have sat in it meaning we are in for quite a profit. Houses in our area sell really quickly so lot worried about that. Thing is though I don't want to up root the kids into a flat or rented house just before the big move and also don't want to lose money selling then renting ( rent will be double our mortgage).

My in laws have offered to buy into the house seeing as we have so much equity in it so we can release some money earlier, then they will take their profit when we sell. (Bank won't allow us to remortgage for this purpose as it's deemed as short term borrowing!!)

I understand you are not able to borrow the money off someone and the merits as to why but if we are looking to sell we will have enough and we would only pay our in laws back when we have sold. So in effect we are not borrowing but selling a stake in our home. Does this make sense?

Has anyone done this and is it allowed? Thanks for any help.

 

[TanakaM]

i know there has been lots asked about this previously but I can't find the answer to my specific question.

My situation is that we have two young kids and currently own our own home. We put down a large deposit (approx 45%) and the house has nearly doubled in value whilst we have sat in it meaning we are in for quite a profit. Houses in our area sell really quickly so lot worried about that. Thing is though I don't want to up root the kids into a flat or rented house just before the big move and also don't want to lose money selling then renting ( rent will be double our mortgage).

My in laws have offered to buy into the house seeing as we have so much equity in it so we can release some money earlier, then they will take their profit when we sell. (Bank won't allow us to remortgage for this purpose as it's deemed as short term borrowing!!)

I understand you are not able to borrow the money off someone and the merits as to why but if we are looking to sell we will have enough and we would only pay our in laws back when we have sold. So in effect we are not borrowing but selling a stake in our home. Does this make sense?

Has anyone done this and is it allowed? Thanks for any help.

Hi,

IRCC is not interested in your mortgage are all the plans you have. All the want to know is do you have MONEY/CASH or CASH EQUIVALENT to bring to Canada.

So my advise is don't even mention the mortgage in your application. Get your in-laws to transfer the required funds into your account and get them to sign a notarized gift deed. After you get PR you can sell the house and pay them back or they can give you the balance.

All the best.

 

[jayessess]

Hi everyone,
I already have sufficient funds in my account. But i have question. My friend borrowed money from me (I transferred the money online from my account) last year in April and now he wants to deposit it back to my account. It is around 2000 dollars. could it also be counted towards sudden influx of money? Should i ask him to do the transfer later. I only have one bank account and i live abroad and cant take the money in cash.

I just don’t want to miss the opportunity to get my money back .

Secondly, From the last 6 months my account balance steadily increased from 7000 to 13000 dollars with my salary payments and savings. Do i need to show that i had equal to or more than the minimum funds (~12164) each month for the last six months period. That unfortunately, i cant do.

 

[TanakaM]

Hi everyone,
I already have sufficient funds in my account. But i have question. My friend borrowed money from me (I transferred the money online from my account) last year in April and now he wants to deposit it back to my account. It is around 2000 dollars. could it also be counted towards sudden influx of money? Should i ask him to do the transfer later. I only have one bank account and i live abroad and cant take the money in cash.

I just don’t want to miss the opportunity to get my money back .

Secondly, From the last 6 months my account balance steadily increased from 7000 to 13000 dollars with my salary payments and savings. Do i need to show that i had equal to or more than the minimum funds (~12164) each month for the last six months period. That unfortunately, i cant do.

Well, firstly, you do not need to submit a bank statement if the bank letter has all the required information. So, although the deposit of $2000 is a minor influx, IRCC may never know about it. If you have to submit your statement, you can explain the influx in your LOE..

Secondly, you do not necessarily have to keep the minimum funds in your account for 6 months. However, you need to minimize the gap between your current and average balance. If there is a significant difference between the two you will need to explain the source of your funds. It is then left to the discretion of the office.

Regards