Proof of Funds Confusion

[ayekayman]

Ask your bank for the certificate in the format required by CIC. If they refuse for some reason, your FD certificate should suffice provided it contains sufficient funds towards your POF and is at least 6 months old.

Thank you Asivad!

 

[sugan28]

HI Asivad,

I provided loan to my dad from my income.He will give back the loan and its enough for my POF. What type of document I have to provide the source of funds?

Thanks,
Sugantharaj.M

 

[Asivad Anac]

HI Asivad,

I provided loan to my dad from my income.He will give back the loan and its enough for my POF. What type of document I have to provide the source of funds?

Thanks,
Sugantharaj.M

A signed self-declaration from their end that they are returning the loan. You will have to substantiate that with bank statements showing actual transfer of funds (if you can show both outward and inward remittances between the 2 accounts, perfect!).

 

[avantikrishnan]

Hi Asivad Anac,

Cool Name!

My husband is the primary applicant & we have received our ITA in the 15th draw. When we were looking at the proof of Funds form that we had submitted, we just realized that the Form mentioned Main applicant right on the top, but both my husband & I wrote down all our individual bank accounts wherever we had saved money. This included 1 bank account of mine, 1 bank account of his & 1 FD in my name. This should not make any difference right, since the total amount of money that we will be showing is more than what is stipulated by the CIC and we have been saving for more than 6 months since both of us are working.

We are just a little concerned regarding this as I read a few posts on how few people had their Application rejected for small errors & we just wanted to check on this before we go ahead. Awaiting your revert.

Thanks,
Avanti

 

[Asivad Anac]

Hi Asivad Anac,

Cool Name!

My husband is the primary applicant & we have received our ITA in the 15th draw. When we were looking at the proof of Funds form that we had submitted, we just realized that the Form mentioned Main applicant right on the top, but both my husband & I wrote down all our individual bank accounts wherever we had saved money. This included 1 bank account of mine, 1 bank account of his & 1 FD in my name. This should not make any difference right, since the total amount of money that we will be showing is more than what is stipulated by the CIC and we have been saving for more than 6 months since both of us are working.

We are just a little concerned regarding this as I read a few posts on how few people had their Application rejected for small errors & we just wanted to check on this before we go ahead. Awaiting your revert.

Thanks,
Avanti

No one has yet confirmed if they have been rejected for showcasing POF in the spouse's name instead of the PA's name though CIC explicitly asks for POF from the PA. This can mean that CIC accepts this documentation, no one has tried this successfully yet or the ones who were rejected haven't come back to tell their story yet.

The safest way to do this would be to transfer everything to the PA and then upload the POF (entirely in the PA's name now) along with a signed self-declaration from you that these transactions (include all transaction details) were a gift not a loan hence need not be returned to you at any point in time and also upload evidence of actual fund transfer from your account to the PA's account.

 

[rohitsinp23]

Asivad
Joint account with spouse is fine, but someone sAid " no objection certificate" is required if account is joint with spouse. Is it right? It means spouse have to declare that PA can be use all money belongs to joint saving account, and notarized it with govt stamps on it.

 

[Asivad Anac]

Asivad
Joint account with spouse is fine, but someone sAid " no objection certificate" is required if account is joint with spouse. Is it right? It means spouse have to declare that PA can be use all money belongs to joint saving account, and notarized it with govt stamps on it.

If it is a joint account, that is fine because it has the PA's name on it. Doesn't need an LOE or notarization. A signed self-declaration of no objection towards PA using these funds for POF purposes can be provided.

 

[avantikrishnan]

No one has yet confirmed if they have been rejected for showcasing POF in the spouse's name instead of the PA's name though CIC explicitly asks for POF from the PA. This can mean that CIC accepts this documentation, no one has tried this successfully yet or the ones who were rejected haven't come back to tell their story yet.

The safest way to do this would be to transfer everything to the PA and then upload the POF (entirely in the PA's name now) along with a signed self-declaration from you that these transactions (include all transaction details) were a gift not a loan hence need not be returned to you at any point in time and also upload evidence of actual fund transfer from your account to the PA's account.

Oh okay. My husband's account shows 3/4th of the amount required & I just contribute some amount, but mine is not a joint account, it is my individual account. Let me discuss with my husband on what needs to be done.
Thanks a lot for your help!