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

[nirav277]

Hello everyone..!!

Thanks for your reply. I had another query,

Initially when he had created the profile, we had mentioned that we would bring funds of approx 18,000 CAD both me and my wife put together...

However, while uploading the docs for POF, it is allowing only the primary applicant to upload... So for only 1 person we have around 15000CAD which is above the limit as specified by CIC for 2 people(14k)...

Are we still safe or should we transfer the funds to make it to 18,000 CAD

Please reply...

Thanks & Regards..
Nirav

 

[RRfromfaraway]

quick question regarding this topic:

according to CIC - You do not have to show that you have these funds if:

you have a valid offer of arranged employment in Canada AND
you are currently working or authorized to work in Canada.

Here is my scenario. I was under implied status when ITA was issued - authorized to work. In a mean time my extension on WP was refused, so I stopped working. I lived in Canada for 7 years now. I have my car here (2009 Mazda worth around 5K) furniture etc and 10,000 in my account (including 5,000 RRSP). there is 10% withholding tax when RRSP is cashed. I am not going to restore my status and stay as a visitor but instead I am going home and wait for my application to be processed. I can provide my bank statements, but totalling only around 10K, I am going to sell my car so I will have my minimum required but probably not till after I have to send my application in. Also, my parents sold a property at home and it is being split between 3 children. It is around 50K each but it is in euros and not in my name right now. I don't have an account back home where they could transfer the money and wrote me a gift letter. Also I don't want them to transfer the money to Canada just yet.

Can anyone give me any advise?

 

[anujgupta84]

Hello everyone..!!

Thanks for your reply. I had another query,

Initially when he had created the profile, we had mentioned that we would bring funds of approx 18,000 CAD both me and my wife put together...

However, while uploading the docs for POF, it is allowing only the primary applicant to upload... So for only 1 person we have around 15000CAD which is above the limit as specified by CIC for 2 people(14k)...

Are we still safe or should we transfer the funds to make it to 18,000 CAD

Please reply...

Thanks & Regards..
Nirav

You are absolutely safe!

 

[anujgupta84]

quick question regarding this topic:

according to CIC - You do not have to show that you have these funds if:

you have a valid offer of arranged employment in Canada AND
you are currently working or authorized to work in Canada.

Here is my scenario. I was under implied status when ITA was issued - authorized to work. In a mean time my extension on WP was refused, so I stopped working. I lived in Canada for 7 years now. I have my car here (2009 Mazda worth around 5K) furniture etc and 10,000 in my account (including 5,000 RRSP). there is 10% withholding tax when RRSP is cashed. I am not going to restore my status and stay as a visitor but instead I am going home and wait for my application to be processed. I can provide my bank statements, but totalling only around 10K, I am going to sell my car so I will have my minimum required but probably not till after I have to send my application in. Also, my parents sold a property at home and it is being split between 3 children. It is around 50K each but it is in euros and not in my name right now. I don't have an account back home where they could transfer the money and wrote me a gift letter. Also I don't want them to transfer the money to Canada just yet.

Can anyone give me any advise?

You just need to show them the POF needed before submitting the application. If you are selling car, you need to provide them with appropriate document. If have a Gift deed of Cash, deposit it to a bank account (after opening) and then tell in LOE that the source of this fund is actually a Gift deed from your parents. The Total amount from your different accounts can make up for POF.

I do not not see an issue at all with regards to POF for you.

 

[zanny]

You just need to show them the POF needed before submitting the application. If you are selling car, you need to provide them with appropriate document. If have a Gift deed of Cash, deposit it to a bank account (after opening) and then tell in LOE that the source of this fund is actually a Gift deed from your parents. The Total amount from your different accounts can make up for POF.

I do not not see an issue at all with regards to POF for you.

Anuj,

Any sample LOE you have which we can use. I have sale of financial assets and gift from wife (co-applicant). I have the paper trail and gift deed ready, I am little confused on how to explain it in LOE

 

[anujgupta84]

Anuj,

Any sample LOE you have which we can use. I have sale of financial assets and gift from wife (co-applicant). I have the paper trail and gift deed ready, I am little confused on how to explain it in LOE

This is what I produced when I was asked for 'Source of funds'. It need not be anything special. Just a simple explanation. REMEMBER, to sign it before uploading!!!

 

[zanny]

This is what I produced when I was asked for 'Source of funds'. It need not be anything special. Just a simple explanation. REMEMBER, to sign it before uploading!!!

Thanks man!

 

[PK_11]

Hi i have required amount in my account right now, i m student in canada and doing part tym job as developer which makes my bank balance equal to required amount just this month(havent borrowed money yet), my dad had made FD in my name 4 months back(just for back up as i was not sure i will be able to make required amount, but slowly i made it through my part time job salary. ). Do required amount has to be constant for 6 months ?

 

[anujgupta84]

Hi i have required amount in my account right now, i m student in canada and doing part tym job as developer which makes my bank balance equal to required amount just this month(havent borrowed money yet), my dad had made FD in my name 4 months back(just for back up as i was not sure i will be able to make required amount, but slowly i made it through my part time job salary. ). Do required amount has to be constant for 6 months ?

No, money need not be constant for 6 months. If you just made up the balance equivalent or more than what's required , you are all good. You need not to include the FD from your Dad in your application.

 

[PK_11]

No, money need not be constant for 6 months. If you just made up the balance equivalent or more than what's required , you are all good. You need not to include the FD from your Dad in your application.

thanks alot

 

[vik008]

Hi Anuj,

First of all, a heartily thanks for the valuable thread on proof of funds. It is indeed very helpful to all.

Coming to the question:
Me and my wife has got PT notification from Ontario. My wife is a primary applicant.
We have managed to get necessary funds into wife's a/c.
The funds are transferred by my Dad to my A/c and I would be transferring the same to my wife's a/c.
Is it necessary to make Gift Deed to show money in my wife's account is Gift from me which in turns require additional Gift deed from my dad as well for a complete fund trail?
Or a self declaration from me is sufficient as SOF for my wife (with Statements supporting the transaction details for the recent transfer from me to her)?

She has been transferring the money from her a/c to mine since couple of years so It can be proved by her a/c statements that its her money which I am giving her back. Would this be sufficient?

 

[anujgupta84]

Hi Anuj,

First of all, a heartily thanks for the valuable thread on proof of funds. It is indeed very helpful to all.

Coming to the question:
Me and my wife has got PT notification from Ontario. My wife is a primary applicant.
We have managed to get necessary funds into wife's a/c.
The funds are transferred by my Dad to my A/c and I would be transferring the same to my wife's a/c.
Is it necessary to make Gift Deed to show money in my wife's account is Gift from me which in turns require additional Gift deed from my dad as well for a complete fund trail?
Or a self declaration from me is sufficient as SOF for my wife (with Statements supporting the transaction details for the recent transfer from me to her)?

She has been transferring the money from her a/c to mine since couple of years so It can be proved by her a/c statements that its her money which I am giving her back. Would this be sufficient?

Had I been at your place, I would have included a Gift Deed. This would keep things simple rather than taking the VO all the way back to last two years. Your 'self-declaration' would have sufficed had that been your money and not your dad's.

Put in a Gift deed and affidavit from father, self declaration from your wife that she doesn't have any issues with you using that money without any restrictions, bank statements, Letter of Explanation. I don't see any issues this way.

 

[KingBing]

@Anujgupta84: Thanks to start this very helpful thread..
I have a query. I am about to applying for CIC. A friend of mine came back from Europe, he did not have any account here. He needed money so his family sent him 1,500,000 in my bank account (as he asked me to help him regarding funds transfer from his homeland). This transaction was made in July 2015. So if I attach my 6 months bank statement and this transaction will reflect in my statement, does CIC asks me for this and what proof I have to submit in this regard?
second question is My parents are willing to help me to give me funds for Canadian settlement. I have told them to write a cross cheque in favor of my name and also they signed stamped paper gift deed and also stamped paper affidavit in which they mentioned that they are giving this money to me for my settlement in Canada and they will not ask about this money in future and also I can use those funds in any manners without any questioning from their part. If I attach both, Gift Deed & Affidavit, and a copy of cheque and also statement of my mother's bank account which reflect transaction of money transfer to my account and also attach my bank statement reflection transaction of money receiving (with LOE obviously, in which I will explain every transactions) Is this enough proof to satisfy visa officer?
Thanks

 

[anujgupta84]

@Anujgupta84: Thanks to start this very helpful thread..
I have a query. I am about to applying for CIC. A friend of mine came back from Europe, he did not have any account here. He needed money so his family sent him 1,500,000 in my bank account (as he asked me to help him regarding funds transfer from his homeland). This transaction was made in July 2015. So if I attach my 6 months bank statement and this transaction will reflect in my statement, does CIC asks me for this and what proof I have to submit in this regard?

No, they aren't bothered about the transactions as long as you have enough in your account for you and whosoever is coming along with you.

second question is My parents are willing to help me to give me funds for Canadian settlement. I have told them to write a cross cheque in favor of my name and also they signed stamped paper gift deed and also stamped paper affidavit in which they mentioned that they are giving this money to me for my settlement in Canada and they will not ask about this money in future and also I can use those funds in any manners without any questioning from their part. If I attach both, Gift Deed & Affidavit, and a copy of cheque and also statement of my mother's bank account which reflect transaction of money transfer to my account and also attach my bank statement reflection transaction of money receiving (with LOE obviously, in which I will explain every transactions) Is this enough proof to satisfy visa officer?
It's perfect. But include net-worth certificate too, it will prove to VO that they have enough money to survive easily after the money transferred to you
Thanks

 

[Tishfaith]

Hi Anujgupta84,

I have a few questions:

If I got an ITA on October 2, can I put money in my account after that (say on October 15 to top up my account with US$300) and then later get the bank statement for CIC?


Is it ok for me to get a Bank statement in the first week of November given that my ITA was October 2? (this is because I am waiting for a cheque to clear).


Thanks