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

[Kazem]

Guys, I have leased a car for which payments of approximately CAD 250 are deducted each month from my salary account.

Now this is the same account I plan on showing to CIC, and I will not have the required amount in it for the past 6 months (have all the relevant information to explain to them why, and that the money is mine), so I want to know if CIC will ask why there is a specific amount deducted from my account each month.

What do I do to preempt or prevent this?

Can anyone answer this please?

 

[vishalg]

Hi friends..

This thread has been such a huge relief that so many ppl have used gift deed as Proof of funds. I'm planning to take gift deed of 10L from my father and I have already got ITA. The problem is since I'm on my maternity break the last months average balance in my account is very low. Is it ok?

Please clear your inbox to receive any further messages.
CIC asks for 6 months balance just to verify if there is any significant credits in your account and if these funds are yours or borrowed. There is no problem if you don't have the required funds for last 6 months. For POF you need to upload the following along with bank's letter as per CIC'S requirements
1. Gift Deed
2. Proof of transfer (cheque/internet transfer receipt)
3. Father's 6 month statement proving that he hasn't taken any loan ( although this is just a safety measure as there are couple of applicants who have not uploaded this and have successfully got PR)
Best of luck

 

[mohamelwy]

Hey Guys,

I have received the ITA, and have some questions:

- My Bank statement shows well more than the amount needed by CIC, but it shows the regular installments of a LARGE LOAN that I used to acquire a piece of land (Can prove the purchase). Can that loan affect my situation negatively although I'm paying it regularly?

- I have a stock account of about that also has the amount needed for CIC, Can it be considered? Should I get the statement stamped? The financial entity is overseas!

please share your knowledge with me because this loan thing is my main concern now.

Thanks a lot for your help in advance.

 

[kewldudex]

Thanks for such an informative thread.

I have a query regarding Proof of funds, a couple of months ago I transferred a large chunk of money from my salary account in another country (Kuwait) to my Indian Account - reason being I moved from Kuwait back to India. Irrespective of this transaction my Indian bank account always had enough funds (above the low-income-cutoff). Now, I am providing the letter from Indian bank but Since I have left Kuwait I may not be able to get a letter from the Bank in Kuwait, instead, I have an Account Statement that shows that fund transfer (from both Indian and Kuwait Bank) - will it suffice? And should I explain about it in the LOE?

 

[haceeb]

In case of gift deed, is father's 6 months statement required?

Does CIC investigate father source of income etc ?

 

[vishalg]

In case of gift deed, is father's 6 months statement required?

Does CIC investigate father source of income etc ?

earlier applicants used to provide this( just to be extra safe). But someone in this thread or the other has received PPR without uploading the donor's statements

 

[vishalg]

Hey Guys,

I have received the ITA, and have some questions:

- My Bank statement shows well more than the amount needed by CIC, but it shows the regular installments of a LARGE LOAN that I used to acquire a piece of land (Can prove the purchase). Can that loan affect my situation negatively although I'm paying it regularly?
Home loans don't affect your POF so this would not have an impact. Let the bank mention this loan on the letter. You can also mention in an LOE.

- I have a stock account of about that also has the amount needed for CIC, Can it be considered? Should I get the statement stamped? The financial entity is overseas!
Stocks are not considered as a valid since they are volatile. They can be considered only after you liquidate them and deposit the amount in your account.
please share your knowledge with me because this loan thing is my main concern now.

Thanks a lot for your help in advance.

 

[vishalg]

Thanks for such an informative thread.

I have a query regarding Proof of funds, a couple of months ago I transferred a large chunk of money from my salary account in another country (Kuwait) to my Indian Account - reason being I moved from Kuwait back to India. Irrespective of this transaction my Indian bank account always had enough funds (above the low-income-cutoff). Now, I am providing the letter from Indian bank but Since I have left Kuwait I may not be able to get a letter from the Bank in Kuwait, instead, I have an Account Statement that shows that fund transfer (from both Indian and Kuwait Bank) - will it suffice? And should I explain about it in the LOE?

Request your Kuwait based bank for a stamped statement. If they can send send you the stamped one then it is fine. Otherwise, you should upload following
1. Email trail of communication with Kuwait based bank
2. Online statement highlighting that particular transaction
3. Stamped statement of Indian bank highlighting the same amount credited to your Indian account after applying conversion rates.
4. Explain all this in an LOE.

 

[vishalg]

Can anyone answer this please?

if this deduction doesn't reflect in your bank letter then no explaination is required. If by any chance you are uploading the bank statements also. You can use an LOE to explain this deduction.

 

[kewldudex]

Request your Kuwait based bank for a stamped statement. If they can send send you the stamped one then it is fine. Otherwise, you should upload following
1. Email trail of communication with Kuwait based bank
2. Online statement highlighting that particular transaction
3. Stamped statement of Indian bank highlighting the same amount credited to your Indian account after applying conversion rates.
4. Explain all this in an LOE.

Thanks for replying Vishalg. Well the former option is close to negative but yes there no harm in trying, if not I'll mention it in LOE.

I have another amateur query regarding LOE, is LOE a single placeholder? Means in this one single document we have to mention any and all discrepancies?

As I have a couple of other things to put in the LOE as well , so should I write a cover letter and attach each of the necessary documents in a Appendix or is there any other suitable way to proceed with this?

 

[vishalg]

Thanks for replying Vishalg. Well the former option is close to negative but yes there no harm in trying, if not I'll mention it in LOE.

I have another amateur query regarding LOE, is LOE a single placeholder? Means in this one single document we have to mention any and all discrepancies?

As I have a couple of other things to put in the LOE as well , so should I write a cover letter and attach each of the necessary documents in a Appendix or is there any other suitable way to proceed with this?

creating a cover letter/TOC is a cleaner way to represent information. Use multiple LOEs, club them together and a TOC/index for reference.

 

[Kazem]

if this deduction doesn't reflect in your bank letter then no explaination is required. If by any chance you are uploading the bank statements also. You can use an LOE to explain this deduction.

Hey Vishalg,

I will naturally be uploading the 6 months bank statement, however, if you might remember my situation - I will be getting a big cheque from my company of around $15-16000 (sales commission) which I will deposit in the same bank account.

I will include a copy of the cheque my company made out to me and will also add a letter from my company stating the money is mine, along with my commission statement for the year 2016, which will have an additional 10-12k.

Now it will be evident on my bank statement that around the 5th or 6th of each month, there is a payment deduction of CAD 290...and it's a pretty exact figure...so even if my bank doesn't mention this on their letter, will this capture the attention of CIC?

 

[vishalg]

Hey Vishalg,

I will naturally be uploading the 6 months bank statement, however, if you might remember my situation - I will be getting a big cheque from my company of around $15-16000 (sales commission) which I will deposit in the same bank account.

I will include a copy of the cheque my company made out to me and will also add a letter from my company stating the money is mine, along with my commission statement for the year 2016, which will have an additional 10-12k.

Now it will be evident on my bank statement that around the 5th or 6th of each month, there is a payment deduction of CAD 290...and it's a pretty exact figure...so even if my bank doesn't mention this on their letter, will this capture the attention of CIC?

There will not be any problem, you can explain the deduction through LOE. Also, do provide the docs that you mentioned above for supporting your claim for the commission. You're good to go.

 

[Kazem]

There will not be any problem, you can explain the deduction through LOE. Also, do provide the docs that you mentioned above for supporting your claim for the commission. You're good to go.

Thanks a bunch, mate.

One last thing, what do you reckon I should say in my LOE? Speak the truth; that the deduction is a car loan, or say I use this for expenses or something?

What would be a valid reason?

 

[vishalg]

Thanks a bunch, mate.

One last thing, what do you reckon I should say in my LOE? Speak the truth; that the deduction is a car loan, or say I use this for expenses or something?

What would be a valid reason?

mention it as car loan. Car loan doesn't have impact on POF