About funds?

[akila868]

Hi all,

I have a concern regarding the funds required. The total funds required is CAD $ 15312 for both myself and my wife. I have a deposit worth of CAD $ 10000. The remaining im trying to cover from the following,

1) Other savings (deposit to staff account) - CAD $ 1500 (currently available)
2) A loan from my employer - CAD $ 3000 (to be taken)
3) Funds from my uncle - CAD $ 1000

The main deposit of CAD $10000 is more than 1 year old, but my other savings are not 6 months old. And I am borrowing money as mentioned in points 2 & 3. Will these be problem for showing funds?

Can my aunt show part of the funds (my fathers sister)?

I have two credit cards from two different banks, not the same bank where i hold the deposits. Do I need to show these as well?

I have not still applied for EE. But just want to know about the funds so i could be ready.

 

[DelPiero07]

You cannot borrow money to meet the minimum required funds.

If your uncle is willing to gift you the money then you can get a gift deed for the amount gifted.

 

[tarun1110]

Hi,
I have a doubt regarding the proof of funds. I have more than 12300 CAD, as per the requirement but about 10000 CAD are in form of joint fixed deposits. Me and my mother are the joint holders of the deposits. Are joint FDs accepted as proof of funds? I can easily show an account balance of 12300 CAD, as the FDs will mature next month but in that case my 6 month average balance will be around 3000 CAD at the tie of ITA.
Also, I can show an account balance of 12300 CAD but my 6 month average balance would not be 12300 in that case.

Note - I haven't started the application process, though I have cleared IELTS. CRS would be 470 based on my qualifications and IELTS score.

Please advise.

Thanks.

 

[akila868]

You cannot borrow money to meet the minimum required funds.

If your uncle is willing to gift you the money then you can get a gift deed for the amount gifted.

Sorry for asking this. Whats is a gift deed?

 

[akila868]

And the deposit of CAD $10000 is Joint with my mom and wife. Will this be a problem?

 

[DelPiero07]

Sorry for asking this. Whats is a gift deed?

Basically a legal document that states that the donor (your uncle) is gifting you money (not loaning) and does not expect to get this money back.

 

[akila868]

Basically a legal document that states that the donor (your uncle) is gifting you money (not loaning) and does not expect to get this money back.

Ok this means this needs to be signed in front of a Lawyer. Thanks friend.

 

[mgnlky]

Hi,
I have a doubt regarding the proof of funds. I have more than 12300 CAD, as per the requirement but about 10000 CAD are in form of joint fixed deposits. Me and my mother are the joint holders of the deposits. Are joint FDs accepted as proof of funds? I can easily show an account balance of 12300 CAD, as the FDs will mature next month but in that case my 6 month average balance will be around 3000 CAD at the tie of ITA.
Also, I can show an account balance of 12300 CAD but my 6 month average balance would not be 12300 in that case.

Note - I haven't started the application process, though I have cleared IELTS. CRS would be 470 based on my qualifications and IELTS score.

Please advise.

Thanks.

You can only use joint accounts if it's a spouse.

 

[akila868]

You can only use joint accounts if it's a spouse.

I can change it back to a Joint with my Wife. If I change now will that be a problem. I have the deposit history.

Can I change the deposit to a different Bank now. Will that be a problem?

 

[tarun1110]

You can only use joint accounts if it's a spouse.

Thanks. But, what about joint account with parents?

 

[mgnlky]

Thanks. But, what about joint account with parents?

You can only use use joint account's if it's a spouse on the account. Given you're not married to your parents, no. You cannot use it. The funds must be only in your (and/or your spouse's name).

 

[akila868]

I can change it back to a Joint with my Wife. If I change now will that be a problem. I have the deposit history.

Can I change the deposit to a different Bank now. Will that be a problem?

 

[akila868]

Will having Credit Cards be a problem, if still it is in another bank. I wont be able to settle all my credit card bills since I have to raise money for showing funds.

 

[Mansourhex13]

Will having Credit Cards be a problem, if still it is in another bank. I wont be able to settle all my credit card bills since I have to raise money for showing funds.

Good evening Sir,
I have the same problem with credit card? What did you do back then?