Proof of funds borrowed TO someone

[BriarRose]

Hi guys,

I have a question. My husband and I are in the process of starting our EE application and we were wondering if there will be a problem if my husband borrowed $10 000 to his brother a couple of months ago. He is expecting to get the money back in 2 months. Both transactions will be visible in the account (my husband sending the money to his brother and him sending the money back). Do you think this will raise a red flag with the immigration officer? After reading this forum extensively I don't think it should but it doesn't hurt to ask. Also, does the full amount of $16 135 (for 2 people) need to be on our account for a certain amount of time before receiving an ITA? Do we even need to have the full amount to receive ITA?

 

[starlordavuthu]

Hi guys,

I have a question. My husband and I are in the process of starting our EE application and we were wondering if there will be a problem if my husband borrowed $10 000 to his brother a couple of months ago. He is expecting to get the money back in 2 months. Both transactions will be visible in the account (my husband sending the money to his brother and him sending the money back). Do you think this will raise a red flag with the immigration officer? After reading this forum extensively I don't think it should but it doesn't hurt to ask. Also, does the full amount of $16 135 (for 2 people) need to be on our account for a certain amount of time before receiving an ITA? Do we even need to have the full amount to receive ITA?

Money should be yours period, this should not be a borrowed money or loaned money. You are expected to maintain this amount till your PR is approved which may take anywhere from 3 months to an year. Also you would need to show 6 months balance once your receive your ITA. You also need to show proof of funds when you travel to Canada on PR.

 

[BriarRose]

The money is ours but it's currently on loan to someone. So, we didn't loan the money from someone but TO someone. Thank you for the explanation as to how long we need to maintain the amount. I am aware that we also need the funds when traveling to Canada.

 

[BriarRose]

Thank you so much.

 

[starlordavuthu]

It may raise a red flag. When the analyst sees the transaction they may ask you about the transaction. Even if you give them the right explanation, it's at the analyst's discretion whether to reject your application or not. Moreover, these things will only increase the waiting period. Better maintain the funds for few months before submitting the application.

I second this, we certainly dont know how a case officer can interpret these kind of situations so it is best to keep POF as clean as possible.

 

[riceandnoodles]

You don't borrow the funds to someone, you loan or lend it to someone, hence the confusion. And I agree with the rest that it leads to more questions raised.

 

[BriarRose]

Will it be enough to have the funds on the account for 3 or 4 months prior to receiving ITA?

 

[cansha]

Will it be enough to have the funds on the account for 3 or 4 months prior to receiving ITA?

You would need 6 months history at the time of submission. And you want to avoid that big transaction showing in your bank statements so plan accordingly.