Proof of funds - Queries

[alysha]

Hi all,

I've gone through many threads here but am unable to find definitive answers to some queries. Kindly advise.

1) The average balance in my savings account (joint with my mother, me being the second account holder) since the past 6 months is only around CAD200$. But I have more than the required CAD13000$ in the form of FDs (again in the joint names of me and my mother). Can I show the FD receipts as proof of funds? Or will it not be accepted since it is held jointly?

2) If I liquidate an FD and place the required amount in my savings account, then the duration will not be for 6 months. Will it still be acceptable? (Currently waiting for my ECA report, will enter the pool next month. I'm almost confident of getting an ITA immediately because of my score. *Knock on wood*)

3) Which among the two is to be submitted - A letter signed by the bank manager showing summary of accounts and balances held for the past 6 months or a statement of the savings bank account for the same period?

 

[lampbreaker]

If both the savings account and FD are held at the same bank, submit a letter from the bank showing all the accounts and their respective balances and 6 month average. That will be sufficient.

Since the account is jointly held with your mother, she should execute an affidavit stating that the funds are freely available to you for the purpose of settling into Canada.

 

[Publius_Cornelius_Scipio]

what is FD?

 

[subodhp]

Fixed deposit (called cd in US)

 

[subodhp]

To add on to lamp breaker, you can show any fund that can be liquidated ex. Fd, savings, investment, stocks, pf. The catch in your situation is that they are not in your primary name (or in secondary applicants name) and hence the need for an affidavit to confirm your mother is fine with you liquidating those funds

 

[imdsumit]

I had my proof of funds gathered 1.5 months before I finally got my ITA. Will these proofs from banks still be valid to be submitted?

 

[jackdawn]

Hi all,

I've gone through many threads here but am unable to find definitive answers to some queries. Kindly advise.

1) The average balance in my savings account (joint with my mother, me being the second account holder) since the past 6 months is only around CAD200$. But I have more than the required CAD13000$ in the form of FDs (again in the joint names of me and my mother). Can I show the FD receipts as proof of funds? Or will it not be accepted since it is held jointly?

2) If I liquidate an FD and place the required amount in my savings account, then the duration will not be for 6 months. Will it still be acceptable? (Currently waiting for my ECA report, will enter the pool next month. I'm almost confident of getting an ITA immediately because of my score. *Knock on wood*)

3) Which among the two is to be submitted - A letter signed by the bank manager showing summary of accounts and balances held for the past 6 months or a statement of the savings bank account for the same period?

If you are breaking the fd and showing it in your account that is fine, average balance of six months not required, write an loe that the amount is from an FD

If the funds are in your joint account make sure you get a letter from your mother stating that the funds are solely for you and for pof for you immigration application

If you are submitting an fd certificate, get a letter from the bank stating that the fd is readily redeemable

 

[GhAyoub]

Guys can you give me an insight about the gift deed? I cannot afford the whole amount of money (19,390$ for my case), so I'm planning to take some of the amount from my dad as a gift.

Is it common ?
Does CIC have any problem with this?
Does it have any downside in the future?