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

[anujgupta84]

Those are 2 different sources altogether. The first one is taken from CIC site of generic checklist items while the second one is taken from the post ITA personalized checklist generated for an applicant. It isn't a change in time - it's a change in place. Plus the first one is outdated - the relevant documentation is here (http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp).

I'm not going to belabor the point again but I would only like to reiterate the futility (not to mention the incorrectness) of submitting evidence of one's liabilities without including the slightest hint of one's corresponding assets. Remember that CIC isn't extending you a loan for them to worry about your personal financial worth - they want to be convinced that you will have some money to fall back on while searching for a job in Canada so that you don't end up on welfare immediately.

I completely agree with you Asivad about CIC not extending us a loan. But, since they have clearly mentioned the point about 'loan/debt/credit card', isn't it a preferable option to show them beforehand, if we fall under any such situation?

 

[Asivad Anac]

I completely agree with you Asivad about CIC not extending us a loan. But, since they have clearly mentioned the point about 'loan/debt/credit card', isn't it a preferable option to show them beforehand, if we fall under any such situation?

No.

Because even you understand that all CIC is really looking out for is evidence that you haven't taken a loan for the purposes of showcasing POF. You might have any other loans taken to procure any other asset but that loan and that asset are immaterial to the application unless, of course, you liquidate the said asset, deposit the monies in the bank and use the money as POF with proper paper trail. Telling them about all other consumer/retail loans that one has is unnecessary and unwanted information, which they never asked for in the first place.

 

[Liara]

Hello!
Will be grateful for some guidance.
I have a USD account with about $1000 (which I put there in cash in August; there were no other transactions).
My mom is ready to give me 14 or 15K as a gift (this money is currently in the form of cash), which I will ultimately place in my other, local currency account.
My husband has a few credits to his name.

So, questions:
1) Do I have to somehow explain the source of $1000?
2) Will it be sufficient to just submit a notarized gift deed of 14K CAD?
3) Will my husbands's credits be an issue? Is this information relevant at all (he is a dependent)?
4) The currency my POF will be mostly denominated in seesaws like crazy. What date will they use to convert the sum to CAD to see if I have enough?
5) The Help in the profile states that for PR I must attach "an official letter issued by your financial institution indicating your financial profile". When they say "your financial institution", are they referring to the bank I have my accounts with?

 

[anujgupta84]

Hello!
Will be grateful for some guidance.
I have a USD account with about $1000 (which I put there in cash in August; there were no other transactions).
My mom is ready to give me 14 or 15K as a gift (this money is currently in the form of cash), which I will ultimately place in my other, local currency account.
My husband has a few credits to his name.

So, questions:
1) Do I have to somehow explain the source of $1000?
I don't think so you need to show the source of such small transaction

2) Will it be sufficient to just submit a notarized gift deed of 14K CAD?
I would suggest you to submit Gift Deed, Affidavit and net-worth certificate.

3) Will my husbands's credits be an issue? Is this information relevant at all (he is a dependent)?
No, the overall minimum value of funds for two guys needs to be proved, that's it.

4) The currency my POF will be mostly denominated in seesaws like crazy. What date will they use to convert the sum to CAD to see if I have enough?
Don't get into such details. In all fairness, the date of your Bank letter would be taken into consideration. Even if we try we cannot help it.

5) The Help in the profile states that for PR I must attach "an official letter issued by your financial institution indicating your financial profile". When they say "your financial institution", are they referring to the bank I have my accounts with?
Yes, the Bank. In Canada people can open accounts with Banks as well as Financial Institutions. That's how they used the particular word.

 

[anujgupta84]

No.

Because even you understand that all CIC is really looking out for is evidence that you haven't taken a loan for the purposes of showcasing POF. You might have any other loans taken to procure any other asset but that loan and that asset are immaterial to the application unless, of course, you liquidate the said asset, deposit the monies in the bank and use the money as POF with proper paper trail. Telling them about all other consumer/retail loans that one has is unnecessary and unwanted information, which they never asked for in the first place.

Thanks for the information Asivad.

 

[silkyshadow]

Thanks a lot

To,
Citizenship and Immigration Canada
Date: XX-XX-XXXX

Subject: Proof of funds explanation

Dear Sir/Ma'am,

This is with regards to the documents that I have enclosed to prove that I have sufficient funds for my application of Permanent Residence. I hold following bnk accounts :

1. Xxxxx with ABC Bank balance as on xx-xx-XXXX Xxxxxx
2. xxxxxx with XYZ Bank balance as on xx-xx-xxxx. Xxxxxx
3. .....

All the funds in aforementioned accounts belong to me and I have accumulated them through my hard work and dedication. I believe I have necessary financial stability which will help me and my family survive peacefully in Canada.

In case you need further clarification, please feel free to call me at XXXXXX or e-mail me at Xxx@XXX.com

Yours truly,

XXXXXX


Don't forget to sign it before scanning and uploading. You may add whatever details yiou want as long it's helping the cause.

All the best.

 

[rollingpunjab]

Dear Friends

As I scroll through the documents check list after accepting invitation to apply, I can see that under my name I have a link to add "proof of funds" (I am a prime applicant). MY wife is showing her bank balance too. In fact, she is showing more money than me (She is co-applicant). But I don't see similar link to upload "proof of funds" under her name in documents check list.

My query is, where should I upload her bank statements and letter from bank?

Will it create any discrepancy if I upload her bank statement and letter from bank under my name in "proof of funds" section?

Please guide

Regards

 

[Jkal]

Dear Friends

As I scroll through the documents check list after accepting invitation to apply, I can see that under my name I have a link to add "proof of funds" (I am a prime applicant). MY wife is showing her bank balance too. In fact, she is showing more money than me (She is co-applicant). But I don't see similar link to upload "proof of funds" under her name in documents check list.

My query is, where should I upload her bank statements and letter from bank?

Will it create any discrepancy if I upload her bank statement and letter from bank under my name in "proof of funds" section?

Please guide

Regards

This is what i have done:-
Got my name added as Joint Holder to my wife's account
Got the statements
Wife wrote a LOE stating that i am Joint holder and she has no issue with me using the fund.
Will submit everything together as POF

 

[rollingpunjab]

This is what i have done:-
Got my name added as Joint Holder to my wife's account
Got the statements
Wife wrote a LOE stating that i am Joint holder and she has no issue with me using the fund.
Will submit everything together as POF

Well in my case, It ll take a long time if I try to add my name to her account. Its her salary account. Since my wife is co-applicant with me and also coming with me, will it be a problem if I upload her bank statement and bank letter directly under my "proof of funds" section

 

[Jkal]

Well in my case, It ll take a long time if I try to add my name to her account. Its her salary account. Since my wife is co-applicant with me and also coming with me, will it be a problem if I upload her bank statement and bank letter directly under my "proof of funds" section

in my case, Bank was HDFC.. it didnt take longer to get it done. At least try it out if u have time.
I am not sure if wife's fund will be accepted NOW (it used to be) as it looks like CIC has become more strict in this.

 

[rollingpunjab]

Thanks a lot Mr. Jkal. I will do the same as You if I find no other way.

However, any other person who has got any idea regarding this issue, Please guide me.

Refer below for my earlier post explaining the issue in detail:

As I scroll through the documents check list after accepting invitation to apply, I can see that under my name I have a link to add "proof of funds" (I am a prime applicant). MY wife is showing her bank balance too. In fact, she is showing more money than me (She is co-applicant). But I don't see similar link to upload "proof of funds" under her name in documents check list.

My query is, where should I upload her bank statements and letter from bank?

Will it create any discrepancy if I upload her bank statement and letter from bank under my name in "proof of funds" section?

Please guide

Regards

 

[Asivad Anac]

Thanks a lot Mr. Jkal. I will do the same as You if I find no other way.

However, any other person who has got any idea regarding this issue, Please guide me.

Refer below for my earlier post explaining the issue in detail:

As I scroll through the documents check list after accepting invitation to apply, I can see that under my name I have a link to add "proof of funds" (I am a prime applicant). MY wife is showing her bank balance too. In fact, she is showing more money than me (She is co-applicant). But I don't see similar link to upload "proof of funds" under her name in documents check list.

My query is, where should I upload her bank statements and letter from bank?

Will it create any discrepancy if I upload her bank statement and letter from bank under my name in "proof of funds" section?

Please guide

Regards

POF is required only from the PA. Which is why your spouse doesn't have that placeholder in their list.

 

[rollingpunjab]

POF is required only from the PA. Which is why your spouse doesn't have that placeholder in their list.

oK, so in that case what should I do.

Should I get her bank statement and letter from bank uploaded under my "proof of funds" section?

OR

Add my name in her account and then let her sign an affidavit stating that she doesnt have any problem if I use the funds in the account for settlment in canada?

OR

Transfer her money to my account and then write letter of explanation myself with her's and mine account stament as back up documents?

OR

Make a joint FD on her and my name using money in her account and use it alongwith her bank statement?

Please guide

Regards

 

[Asivad Anac]

oK, so in that case what should I do.

Should I get her bank statement and letter from bank uploaded under my "proof of funds" section?

OR

Add my name in her account and then let her sign an affidavit stating that she doesnt have any problem if I use the funds in the account for settlment in canada?

OR

Transfer her money to my account and then write letter of explanation myself with her's and mine account stament as back up documents?

OR

Make a joint FD on her and my name using money in her account and use it alongwith her bank statement?

Please guide

Regards

Options 2/3/4 would work along with all supporting documents. Option 1 is unconfirmed so far on the forum.

 

[Liara]

Thank you very much!