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

[anujgupta84]

Hi anujgupta, I've been following this forum and can see how effectively you have clarified all the doubts.

I've a question for you. I've applied for SINP and have 60% of POF that is more than 6 months old. But the remaining 40% is only 1 month old. I did a gift deed that I've received the amount from my father and notarized it. Will this create a problem as it only 1 month old? What if SINP nominates and CIC sees that the POF is not 6 months old?

Please advise.

No, it wouldn't create any issues. You are absolutely fine subramani..

 

[anujgupta84]

I am going to provide six months statement, document from bank about current balance, average balance for six months, account opened date, my investments in bank official letter. My funds are from pay stubs from my work. I am not borrowing any money from anyone. Do i still need to submit the Letter of Explanation (LOE)?

LOE just talks on your behalf about your application. Since the applicant is not present in person, it is a good way to clear any doubts. If your application is simple enough for VO to understand, don't include a LOE. It's not mandatory.

 

[subramani_vs]

No, it wouldn't create any issues. You are absolutely fine subramani..

Thank you my friend. Your inputs are helpful for lot of people like me.

 

[Lady B]

LOE just talks on your behalf about your application. Since the applicant is not present in person, it is a good way to clear any doubts. If your application is simple enough for VO to understand, don't include a LOE. It's not mandatory.

Thanks for taking time to explain how to nail the source of Fund issue. I have a question based on my situation, I am the principal applicant, my hubby will be transferring the full required fund into my account in bulk few days/week into submission.

He will make a gift deed and LOE as providing the fund for our application,
He will be providing his own statement to show the debit side, but the money was a bulk payment into his account as well which he will also be providing a property sales agreement and the purchase receipt when he bought the property and survey. Will this be an enough evidence for POF?
Does he need to show that he has other properties or net worth? so they don't think he used all his asset/investment for the POF. Thank you

 

[anujgupta84]

Thanks for taking time to explain how to nail the source of Fund issue. I have a question based on my situation, I am the principal applicant, my hubby will be transferring the full required fund into my account in bulk few days/week into submission.

He will make a gift deed and LOE as providing the fund for our application,
He will be providing his own statement to show the debit side, but the money was a bulk payment into his account as well which he will also be providing a property sales agreement and the purchase receipt when he bought the property and survey. Will this be an enough evidence for POF?
Absolutely, you have everything covered.

Does he need to show that he has other properties or net worth? so they don't think he used all his asset/investment for the POF. Thank you
Net worth is only needed if money is borrowed from someone and you want to show the VO that the Donor can survive without the donated money. You have all bases covered. All the best!

 

[softwaretesting]

Thanks Anuj. That's quite a detailed explanation. Although I am not borrowing funds / or taking a gift from anyone, i do have transactions in the recent months where in my husband has transferred funds into my account , me being the principal applicant. I have explained this in the LOE. But I do not have any other documents to support this. The bank statement mentions his name that the money has been transferred from his account to mine, so thats all i can explain. Can't think of anything else...any pointers ??

Hi Pooja, hope there was no need to explain it further. I have similar case - my wife will be transferring from her account. As she will be getting this from her brother who is abroad, I am not planning to get affidavits. Hope, it will not cause any issues.

 

[helena21]

Hi guys,

I also have a question about this famous topic. I got OINP nomination and I am preparing my documents now to be able to apply fast.

Concerning the funds, do I need to show all my accounts or the savings account will be enough? I have more than enough money on it as I have been depositing money to it since 2010.

My bank is unable to give me the average of 6 months. Instead they have put:
- account opened: xx.2010
- Balance on 01.01.2015.
- Balance on 01.08.2015.
- Balance on 01.09.2015.
- Balance on 01.10.2015.
- Balance on 01.11.2015.
- Balance on 01.12.2015.
- Balance on 01.01.2016.
- Balance on 01.02.2016.

The amounts are growing as I never withdraw anything from there. I have an automated transfer, every month when I receive my salary I deposit some money there.

Will this be enough as proof? Or I need to ask them to do it differently?

 

[JoacRy]

@helena21, looks good to me. Don't forget they also must state:

1) You are title holder of the accounts
2) The account numbers
3) 6 months of bank statements

Also are you doing this for any credit cards or loans you have as well?

 

[helena21]

@helena21, looks good to me. Don't forget they also must state:

1) You are title holder of the accounts
2) The account numbers
3) 6 months of bank statements

Also are you doing this for any credit cards or loans you have as well?

Hi, thanks for a fast reply.

The letter starts like this:

STATEMENT

bank name confirms that helena21 passport number xxxxx, personal number xxxxx, has EUR savings account No.xxxxxwith the amount of:xxxx

and then below they put the things I mentioned before.

As they wrote the opening balances of each month, do I still need 6 month statements for this account? I'm asking because they are pretty hard to talk to. I've spent two hours begging them to rework this statement already to fit CIC needs as they didn't have the template to put 6 month average and I'm afraid that if I go back and ask something else. They will freak out.


I actually have no loans or credit cards. The only thing I have is my current account in local currency where I receive my salary. Do I need to show that one as well? Or I can print out the online statement and just ask them to sign it and stamp it?

 

[JoacRy]

Hi @helena21, 3 quick things:

1) Do you have access to online banking? If yes, PDF the statements yourself and attach to the letter the bank will give you. Also check the balances are correct at each date milestone in those 6 months.

2) As a matter of fact, my advice is to show all your accounts. the more the better as it will clearly show that you have more funds than required.

3) As you are showing currency in Euros use the spot rate on the day to convert the balances to $CAD equivalent.

 

[helena21]

Hi @helena21, 3 quick things:

1) Do you have access to online banking? If yes, PDF the statements yourself and attach to the letter the bank will give you. Also check the balances are correct at each date milestone in those 6 months.

2) As a matter of fact, my advice is to show all your accounts. the more the better as it will clearly show that you have more funds than required.

3) As you are showing currency in Euros use the spot rate on the day to convert the balances to $CAD equivalent.

Perfect, I will print the online statements and add them to the bank letter! Great advice!

And of course I'll do the rest that you suggest.

Thanks a lot!

 

[subramani_vs]

Hi Anujgupta, FD's are accepted by both SINP and CIC, right? I saw a note in a different forum that they are not accepting it.

Did you showed FD as POF? Just to make sure that I'm save. :'(

 

[Jkal]

Are you not asking the same question which has been answered multiple times and the very first post in this thread talks about it?

I have a query regarding Proof of Fund for FSW Express Entry.

As per CIC for since I will be coming to Canada alone I need to have $12,164 (Canadian dollar) in my account. The bank letter should also state the current balance of each account as well as the average balance in the past six months.

I am confused regarding the six month average balance. I am about to make my EE profile this month and have enough points over 450 so I expect to get my ITA in next draw. Currently, I don't have the amount and I will be getting the funds from my father as a gift. So if I deposit the amount now in my account I would only be having one month balance of required $12,164 (Canadian dollar).

What you people suggest?
1. Should I put the money in my bank account now and wait for five months so that I can have an average bank statement with $12,164 (Canadian dollar)? and I will make my EE profile after 5 months.
2. Or is it fine if my father can sign me a gift deed along with a legal notarized letter that he has given me the funds as a gift. In that case I can make my profile now but my average bank balance would be very low but the current balance would have the stated amount. Just to make it clear my father sponsored my MBA from UK. He paid the fees and living expense while I was in UK.

Thanks and looking to a positive response.

 

[syeduzairhaider]

Are you not asking the same question which has been answered multiple times and the very first post in this thread talks about it?

Well, the first posts does answer some points. However, the average balance question is not answered. Keeping in mind the important nature of this part, I am entitled to ask. Cheers!

 

[JoacRy]

People who get their bank balance to put the 'average balance over the last 6 months' are lucky. My bank refused to do it despite me pleading with them and having been a good customer for my entire time with the bank.

My bank manager gave me the standard excuse about how legally she cannot do it. In my opinion this is rubbish because the average balance will be a fact not some made up number. The best she would do for me is provide the letter with my name, date account opened, type of account, account number, current balances in the account, and print and sign each page of the last 6 month of statements.

It's something at least. I don't know what's wrong with these people and why they are refusing to help people who have been good customers.