A complete way to nail 'Source of fund' dilemma!

[vishalg]

Many thanks vishalg for your prompt reply. Now my Bo account is connected to my current salary account which means money from selling share will go to my salary account via EFT and from there I can issue cheque to my old account. In that case, will I have to give bank statement of my current salary account to prove source of fund of my old account?
Yes, trail of money has to be provided. Since this account is coming in picture, you need to provide a bank reference letter for this account. Along with this you need to upload the proof of liquidation of stocks. CIC would want to know if you have taken any loan through this account.If so, showing statement of current account for a month just to show debit will be okay or not?

 

[vishalg]

hi.

is it compulsory to show the net worth of my father as well if I'm only obtaining funds from my mother?? what if I only show my mother's net worth - will that be enough?

There is no need to show any one's net worth. But if you're planning to show it then only get your mother's certificate.

 

[sunny5868]

Hi everyone,

A question for you guys . Is the monetary gift for PoF can only come from an immediate family member or someone close can give it as well. My girlfriend ( we aren't common law partners) wants to help me out. Please advise on this matter. I'll appreciate it

Thanks

 

[Shivanker]

There is no need to show any one's net worth. But if you're planning to show it then only get your mother's certificate.

Thanks for the reply, but how sure are you that the net worth certificate is not needed as @anujgupta84 has mentioned that it shall be provided. it would be much easier for me if I don't have to provide that but I just want to make sure

 

[vishalg]

Thanks for the reply, but how sure are you that the net worth certificate is not needed as @anujgupta84 has mentioned that it shall be provided. it would be much easier for me if I don't have to provide that but I just want to make sure

in this thread only someone has mentioned that he did not upload his father's​ networth and got PPR ( check last 10 pages, might be there somewhere). Also, you have received gift from your mother so providing a net worth certificate for your mother still makes sense.

 

[Al Mahmud]

Thanks again vishalg .
Spoke to my security house and they said it is possible to link my old account to BO account which means I can withdraw money from selling share in my old account. Doesn't it mean I don't have to show or mention my other account at all? Also can my father in law gift my wife money for settlement in Canada and me being a PA show this as POF from her account? I will get a bank certificate of my wife's account and six months average balance, also a letter from her.

 

[sumitk222]

Dear Seniors,
First of all let me thank everyone for sharing their experiences and information regarding POF dilema. I would be grateful if you can help me out with my question below:

I am working in US. In my situation, I do have sufficient amount of money as POF (which is 16K $) in my US salaried bank account, but if I see average of past 6 months it is coming around 10 K $. The current balance of 16 K is because I have been managing my finances and saving for past 3 months to show as POF. Other than my salary, there hasn't been any credit entry to my salaried account. Will it be okay if I go ahead and show this as POF with average being less than the threshold or would you consider it risky ? I believe the reason for 6 months bank statements is to help identify any borrowed large sum of money. Please correct me if I am ill informed here.

Many Thanks for your time and help on my query!!

 

[sunny5868]

Hi everyone,

A question for you guys . Is the monetary gift for PoF can only come from an immediate family member or someone close can give it as well. My girlfriend ( we aren't common law partners) wants to help me out. Please advise on this matter. I'll appreciate it

Thanks

Anyone?

 

[Al Mahmud]

Dear Seniors,
First of all let me thank everyone for sharing their experiences and information regarding POF dilema. I would be grateful if you can help me out with my question below:

I am working in US. In my situation, I do have sufficient amount of money as POF (which is 16K $) in my US salaried bank account, but if I see average of past 6 months it is coming around 10 K $. The current balance of 16 K is because I have been managing my finances and saving for past 3 months to show as POF. Other than my salary, there hasn't been any credit entry to my salaried account. Will it be okay if I go ahead and show this as POF with average being less than the threshold or would you consider it risky ? I believe the reason for 6 months bank statements is to help identify any borrowed large sum of money. Please correct me if I am ill informed here.

Many Thanks for your time and help on my query!!

You can go ahead with bank certificate, average balance of last six months and may be bank statement to show that money in your account belongs to you and comes from your salary. I have been reading about POF since i recieved my ITA (having nightmare about POF) and I am sure you won't have any problem with POF.

 

[vishalg]

Thanks again vishalg .
Spoke to my security house and they said it is possible to link my old account to BO account which means I can withdraw money from selling share in my old account. Doesn't it mean I don't have to show or mention my other account at all?
if it is credited directly in your old account then no worries at all, just show this accountAlso can my father in law gift my wife money for settlement in Canada and me being a PA show this as POF from her account? I will get a bank certificate of my wife's account and six months average balance, also a letter from her. This is fine. Also get a declaration from your spouse that she allows you to utilize the funds for immigration purpose and she will be accompanying you upon receiving the COPR

 

[vishalg]

Dear Seniors,
First of all let me thank everyone for sharing their experiences and information regarding POF dilema. I would be grateful if you can help me out with my question below:

I am working in US. In my situation, I do have sufficient amount of money as POF (which is 16K $) in my US salaried bank account, but if I see average of past 6 months it is coming around 10 K $. The current balance of 16 K is because I have been managing my finances and saving for past 3 months to show as POF. Other than my salary, there hasn't been any credit entry to my salaried account. Will it be okay if I go ahead and show this as POF with average being less than the threshold or would you consider it risky ? I believe the reason for 6 months bank statements is to help identify any borrowed large sum of money. Please correct me if I am ill informed here.

Many Thanks for your time and help on my query!!

Your understanding is correct. No need to worry about the average. Current amount is above LICO and you shave the proof of funds being credited in your account. You can use an LOE to explain this and also upload payslips for last 6 months to support this.
Best of luck

 

[modupetemi]

Hello everyone....Pls advise

A good samaritan (family friend actually) whom i had discussed this canadian journey with at the beginning of the year and whom i complained to about the amount of money i would need to have in my account as pof, suddenly asked her trust fund manager to transfer close to 20,000CAD into my acct today.

Nw I wasn't expecting it cos she didn't assure me she would do so nd when i called she said she was borrowing me for my pof.

I haven't received ITA yet. Bt I'm already thinking.... when i eventually do, where would i say i got 20,000CAD from? Although the name of the sender was ***** marina trust Ltd bt i dnt av evidence that i did any investment with them or that i have any trust fund with them.

What do i do pls?

 

[Al Mahmud]

Guys, sorry for coming up with so many questions !

Let's say I have 10k in my account which just got added two months ago and I have proper explanation for 7k. 3k also belongs to me but because of lack of evidence I don't wish to claim this money as POF. So is it okay claim 7k for pof and add more money with proof of source leaving 3k as not part of POF though all balance will add up in the current balance. Balance substracting 3k will be above threshold of LICO. Also if i transfer this 3k to another account, will sudden drop raise any red flag?

Thanks !

Vishalg and other experts are requested for their kind attention !

 

[vishalg]

Hello everyone....Pls advise

A good samaritan (family friend actually) whom i had discussed this canadian journey with at the beginning of the year and whom i complained to about the amount of money i would need to have in my account as pof, suddenly asked her trust fund manager to transfer close to 20,000CAD into my acct today.

Nw I wasn't expecting it cos she didn't assure me she would do so nd when i called she said she was borrowing me for my pof.

I haven't received ITA yet. Bt I'm already thinking.... when i eventually do, where would i say i got 20,000CAD from? Although the name of the sender was ***** marina trust Ltd bt i dnt av evidence that i did any investment with them or that i have any trust fund with them.

What do i do pls?

responded in another thread

Guys, sorry for coming up with so many questions !

Let's say I have 10k in my account which just got added two months ago and I have proper explanation for 7k. 3k also belongs to me but because of lack of evidence I don't wish to claim this money as POF. So is it okay claim 7k for pof and add more money with proof of source leaving 3k as not part of POF though all balance will add up in the current balance. Balance substracting 3k will be above threshold of LICO. Also if i transfer this 3k to another account, will sudden drop raise any red flag?

Thanks !

Vishalg and other experts are requested for their kind attention !

responded in another thread

 

[sumitk222]

Your understanding is correct. No need to worry about the average. Current amount is above LICO and you shave the proof of funds being credited in your account. You can use an LOE to explain this and also upload payslips for last 6 months to support this.
Best of luck

Thanks @vishalg