Proof Of Funds Query

[hshringi]

Hi Guys,

So I'm back with yet another concern for y'all:

Do I absolutely "have" to show a minimum 6 month's bank balance equal to (approximate) 15k CAD? (I'm married)

And if I do, then can I show my investments in mutual funds and fixed deposits as proof of bank balance?

Finally, my dad is willing to fund my expenses - will a notarized document from him confirming that he's willing to fund me suffice? I'll obviously attach his bank balance proofs accordingly

He doesn't even mind transferring the relevant amount into my account - the only problem with this is that transferring such a large amount will incur a significant tax loss and so it doesn't really make sense to transfer the amount (unless there simply isn't any alternative options ofcourse)

 

[Stanlee]

Hi Guys,

So I'm back with yet another concern for y'all:

Do I absolutely "have" to show a minimum 6 month's bank balance equal to (approximate) 15k CAD? (I'm married) - Not necessary, the idea for 6 months bank balance is to verify that there is no inflow of a large sum of money, originating from loan or borrowed funds. If you can justify the inflow of funds with documentary evidence, then you are good to go.

And if I do, then can I show my investments in mutual funds and fixed deposits as proof of bank balance? - Mutual funds/stocks/ULIPs etc are financial instruments whose value varies on a daily basis, some day it could CAD 15,000 while on some days it would go down to CAD 12000. However, if you liquidate these financial instruments, the proceeds from them can be used as proof of funds.

Finally, my dad is willing to fund my expenses - will a notarized document from him confirming that he's willing to fund me suffice? I'll obviously attach his bank balance proofs accordingly - You will have to get a Gift Deed executed.

He doesn't even mind transferring the relevant amount into my account - the only problem with this is that transferring such a large amount will incur a significant tax loss and so it doesn't really make sense to transfer the amount (unless there simply isn't any alternative options ofcourse) - While showing the proof of funds, the funds will have to be in your name, then only the Gift Deed would be valid. Gift Deed will not be valid for an amount which would be transferred in the future.

 

[hshringi]

Thanks for all that info - lot I need to read into

What is a gift deed by the way and what is the process of getting it in India?

Cheers!

 

[Stanlee]

Thanks for all that info - lot I need to read into

What is a gift deed by the way and what is the process of getting it in India?

Cheers!

Check out this link http://www.canadavisa.com/canada-immigration-discussion-board/gift-money-declaration-from-father-to-son-outline-t347593.0.html

 

[hshringi]

Thanks a lot bro - you definitely deserve a +1 for that

That's a massive hassle off my back~

 

[Stanlee]

Thanks a lot bro - you definitely deserve a +1 for that

That's a massive hassle off my back~

Thanks! All the best!