A query regarding proof of funds!

[mce.sahil]

Hello All,

As is obvious from the subject above, this is a query regarding proof of funds. The thing is that, I have been maintaining most of the required balance in my savings account while awaiting the ITA, but I have also invested some of this money in the equity market along with some previous holdings. So, is this is a feasible scenario wherein I cash in my equity holdings the moment I get an ITA and transfer that to my saving accounts? If it is not too complicated, I would prefer to invest more of that money lying idle in the savings account.

many thanks

 

[sushsmart15]

I would highly suggest you to be not greedy at this point of time and invest your money only after you land and find a job in Canada. Yes, you can convert this amount into FD, if you want.

 

[mce.sahil]

I would highly suggest you to be not greedy at this point of time and invest your money only after you land and find a job in Canada. Yes, you can convert this amount into FD, if you want.

Many thanks for the reply above.
Also, please advise if I can use the balance in my current account as a proof of fund which is in my company's name and not my name. I am the sole proprietor for the said company.

Regards

 

[sushsmart15]

Many thanks for the reply above.
Also, please advise if I can use the balance in my current account as a proof of fund which is in my company's name and not my name. I am the sole proprietor for the said company.

Regards

No, the account should be in your name only. OR it could be a joint account in your spouse's and your name.
Bank account in company's name will not be acceptable. You should move your money from this account to a different account in your name only.
Please avoid what Vijay Mallya did at all costs.......hahaha

 

[mce.sahil]

No, the account should be in your name only. OR it could be a joint account in your spouse's and your name.
Bank account in company's name will not be acceptable. You should move your money from this account to a different account in your name only.
Please avoid what Vijay Mallya did at all costs.......hahaha

Many thanks for that. Confusion Cleared. + 1