Proof of funds Before and After ITA

[swatzpotter14]

Hi,

I have to submit my profile towards the PR application and I'm stuck in one area the proof of funds.

I has declared 35,000 CAD as the funds I have before I received the ITA in my profile for the pool.

Now that I have received the ITA, and I need to show proofs, I currently have about 20,000 CAD which is liquid and available in my bank account as a transfer from my husband's account.

My queries are as follows,

1) Do I need to show a gift deed for my husband's transfer to my account
2) Is it okay that I declare 20,000 and show proof of funds for this amount versus my original suggestion of 35,000 CAD in my profile for the pool.

Thanks in advance!

 

[NMS@]

Hi,

I have to submit my profile towards the PR application and I'm stuck in one area the proof of funds.

I has declared 35,000 CAD as the funds I have before I received the ITA in my profile for the pool.

Now that I have received the ITA, and I need to show proofs, I currently have about 20,000 CAD which is liquid and available in my bank account as a transfer from my husband's account.

My queries are as follows,

1) Do I need to show a gift deed for my husband's transfer to my account
2) Is it okay that I declare 20,000 and show proof of funds for this amount versus my original suggestion of 35,000 CAD in my profile for the pool.

Thanks in advance!

Hi.
For how many persons are you applying?
For two persons you need approx 15,500 CAD only. If that's the case then showing 20,000 now is definitely not a problem. You just need to be above the minimum required amount.
Also you must maintain the required amount throughout the process till you land in Canada.

Secondly, I don't think you need to show gift deed from your husband if the money comes from his salary and he is accompanying you. If you show his bank details it should be fine. But yeah gift deed won't do any harm either. You should take more suggestions from seniors on this one.

Good luck!

 

[dr.josemrod]

Hi.
For how many persons are you applying?
For two persons you need approx 15,500 CAD only. If that's the case then showing 20,000 now is definitely not a problem. You just need to be above the minimum required amount.
Also you must maintain the required amount throughout the process till you land in Canada.

Secondly, I don't think you need to show gift deed from your husband if the money comes from his salary and he is accompanying you. If you show his bank details it should be fine. But yeah gift deed won't do any harm either. You should take more suggestions from seniors on this one.

Good luck!

You do need to show where does this influx of cash come from, and provide bank statements that prove that this money was in his account, because your 6 month average wont be as it has to, to account for all the money in your account.

 

[NMS@]

You do need to show where does this influx of cash come from, and provide bank statements that prove that this money was in his account, because your 6 month average wont be as it has to, to account for all the money in your account.

Yeah. I think I wasn't clear when I mentioned about showing his bank details, I meant that only. I don't know whether gift deed is needed from accompanying spouse.
But definitely the source of income must be shown as specified by dr.josemrod.

 

[swatzpotter14]

Thank you for the replies, so just to clarify. My mention of 35,000 CAD in the profile for the pool will not impact my current declaration of 20000 and the proof of funds for the same.

Yes, I will attach his bank statement too.

 

[suvadeep81]

Good day,
Please can you advise if term/fixed bank deposits with beneficiary as self and bank certs as supporting document is adequate for proof of fund?
Tks

 

[swatzpotter14]

Hi.
For how many persons are you applying?
For two persons you need approx 15,500 CAD only. If that's the case then showing 20,000 now is definitely not a problem. You just need to be above the minimum required amount.
Also you must maintain the required amount throughout the process till you land in Canada.

Secondly, I don't think you need to show gift deed from your husband if the money comes from his salary and he is accompanying you. If you show his bank details it should be fine. But yeah gift deed won't do any harm either. You should take more suggestions from seniors on this one.

Good luck!

Two persons yes... Thank you for your reply...

 

[jovi12]

Hi guys,
I have only one question. I received ITA on 20 Aug 2019 but I didn't have the whole amount of the required money at the time. With my next 2 salaries, it was completed, and it's going higher in these coming months, as I'm still working and being paid. So, the money was ready before submitting, not Before ITA. Will this be an issue?

 

[NMS@]

Hi guys,
I have only one question. I received ITA on 20 Aug 2019 but I didn't have the whole amount of the required money at the time. With my next 2 salaries, it was completed, and it's going higher in these coming months, as I'm still working and being paid. So, the money was ready before submitting, not Before ITA. Will this be an issue?

No issues. It's actually good to show genuinely increasing amount with salary each month. Your amount must be above the required amount when you submit documents. Do keep in mind the margin you need to maintain due to variation that might come in currency exchange rates. Maintain more amount than what is required. Good luck!

 

[jovi12]

No issues. It's actually good to show genuinely increasing amount with salary each month. Your amount must be above the required amount when you submit documents. Do keep in mind the margin you need to maintain due to variation that might come in currency exchange rates. Maintain more amount than what is required. Good luck!

Thank you for your reply!
That's exactly what has been happening with my account. Increasing monthly, as my only income is my salary. No issue about the exchange rate, the amount was more than the required limit when I submitted.

Thank you.

 

[krishna007]

Hi Guys,

Finally i got the required CLB 9 bands and got the score of 466. But POF is stopping me to apply for EE. I need your suggestions on Proof of Funds.

Actually, I don't have required funds in my bank account and I came to know that we can submit a gift deed from parents as a proof.

Please suggest, will there be any issues with gift deed ? or you want me to wait for few more months to submit my EE Profile ?

In case of no issues, please provide me with the procedure/ format of the gift deed from father like the LOE, when to be notarized etc.

Your guidance is appreciated !!

Thanks.

 

[swatzpotter14]

You can take a gift deed from your parents..

 

[NMS@]

Hi Guys,

Finally i got the required CLB 9 bands and got the score of 466. But POF is stopping me to apply for EE. I need your suggestions on Proof of Funds.

Actually, I don't have required funds in my bank account and I came to know that we can submit a gift deed from parents as a proof.

Please suggest, will there be any issues with gift deed ? or you want me to wait for few more months to submit my EE Profile ?

In case of no issues, please provide me with the procedure/ format of the gift deed from father like the LOE, when to be notarized etc.

Your guidance is appreciated !!

Thanks.

Gift deed from parents is totally acceptable. Go ahead with it. No worries

 

[Rishi2843]

Gift deed from parents is totally acceptable. Go ahead with it. No worries

Can u help me with when is the right time for funds under gift deed option. Like if I am going to apply in let say Jan 2020 and expect the ita to be received after let say 4 months then i have to get funds now or just after receipt of ITA. What if like we dont have funds now but get that after we receive ita. Some says it need to be 6 months old. So is there any stipulation like that even for funds with gift deed. Please help me with this

 

[Rishi2843]

Regarding POF there are always many opinion and small confusion so i wish that some one please clear it for me. I am explaining our financial condition below.
Me and my spouse is planning to apply in next 1-2 months. My wife will be first applicant and i am secondary. We both have single account in our individual name and one account is in joint name of both of us. I receive my monthly salary and perks in my overdraft account and transfer it to my savings account and perform all transactions from it. My wife is maintaining her single account with like minimum balance and now start using it for receiving small funds like payments and gifts from family, friends and debtors so as she will have a healthy balance of around 1 or 2 lac inr in her account at the time of application. So if in case we receive ita then we will be taking money from parents or in laws in the form of notarised gift deed for POF. I am secondary applicant and have a car loan under my name which can be liquidated easily if i have to leave the country. Also my overdraft is easily covered by my provident funds balance. Infact it is way beyond that. Also I have credit cards which are paid timely and credit limit is good.
So now my queries are
1. If we start maintaining balance by means of cash and transfer, will it arise suspicion to visa officer if he ask for 6 months old account Statement.
2. Sometimes my overdraft account goes in debit and credit status but it is backed by provident fund balance. Does this gives a bad impression on visa officer if this is to be shown for salary Credit purpose.
3 The total POF for 2 persons needs to be in first applicant name? Or needs to be in joint account or in combined manner in individual account of both of us.
4. We will receive gift from parents after we receive ita so that serve our purpose if we get it on affidavit format and get it attested from local authorities. In this case will our POF will be valid and there is no stipulation of balance maintenance in account or not?
5 Can some one please explain how to make this concern of mine regarding POF strong in pr process so that our application does not get rejected by canadian authorities.
A big thanks in advance waiting for satisfactory replies