Proof of funds - Strange case

[zanny]

Hi Guys,

Sorry for starting a new post but my case is little strange and hence wanted experts to help me out

All my savings have been in my wife's account and in equity mutual funds/stocks.

I have received the invite and I am planning to transfer everything from wife's account into my account tomorrow. Plus I will get gift from my father to make up the limit by next of next week. I don't want to touch my equity holdings as market is little down and I feel by the time I move to Canada, I will have better returns on it

Now the problem which i think I am facing is

1. If my wife and my father transfer the money into my account and I get a letter from them (that money is gift), will that do? My wife will accompany me to Canada
2. I will not have the 6 month avg balance of CAD 14.8k. Will that have an issue
3. I have around CAD 8K in my employee provident fund - Can I show this? I can liquidate it once I leave my job which I will when I am in process of moving to canada
4, Do I need to convert the money i get from my parents and wife into a fixed deposit? or i can just keep in my savings account?


Thanks in advance.

 

[dobes]

Hi Guys,

Sorry for starting a new post but my case is little strange and hence wanted experts to help me out

All my savings have been in my wife's account and in equity mutual funds/stocks.

I have received the invite and I am planning to transfer everything from wife's account into my account tomorrow. Plus I will get gift from my father to make up the limit by next of next week. I don't want to touch my equity holdings as market is little down and I feel by the time I move to Canada, I will have better returns on it

Now the problem which i think I am facing is

1. If my wife and my father transfer the money into my account and I get a letter from them (that money is gift), will that do? My wife will accompany me to Canada
2. I will not have the 6 month avg balance of CAD 14.8k. Will that have an issue
3. I have around CAD 8K in my employee provident fund - Can I show this? I can liquidate it once I leave my job which I will when I am in process of moving to canada
4, Do I need to convert the money i get from my parents and wife into a fixed deposit? or i can just keep in my savings account?


Thanks in advance.

Put the money from your parents and your wife into your account or a joint account with your wife. Get documents showing the transfer, and letters from your parents and your wife clearly stating that the money is a gift and that you do not have to pay it back in any way. I don't know anything about provident funds, but I have read other Indian applicants saying that that is fine. You'd better check that though, and see if anyone who got PR used that kind of account.

Remember two things - first, Canada is not interested in knowing all your financial resources - they only care that you have enough. You just have to show that 14.8K. The second thing is, there is no requirement to have had the money for six months. The six months requirement is to show a sudden influx of money - which yours will show. The reason CIC wants to know about that is that it raises suspicions of a loan, which you cannot use as your funds. So what you have to do is dispel that notion through any and all means possible. You want to show the money leaving your wife's account and your parents' account, and coming into yours. And then you want to get letters - even notarized letters if possible - that that money is a gift with no strings attached.

You are allowed to use gift money to settle in Canada. You just can't have a loan. So prove where that money came from, and get the people whose accounts it came from to certify that it is a gift, and you are good to go! Good luck!

 

[caththisking]

Hi Guys,

Sorry for starting a new post but my case is little strange and hence wanted experts to help me out

All my savings have been in my wife's account and in equity mutual funds/stocks.

I have received the invite and I am planning to transfer everything from wife's account into my account tomorrow. Plus I will get gift from my father to make up the limit by next of next week. I don't want to touch my equity holdings as market is little down and I feel by the time I move to Canada, I will have better returns on it

Now the problem which i think I am facing is

1. If my wife and my father transfer the money into my account and I get a letter from them (that money is gift), will that do? My wife will accompany me to Canada
If your wife is part of your application then you can add yourself in her account as joint and put it as support doc. Also you can show her account as your POF with a letter stating that she is willing for the same.
2. I will not have the 6 month avg balance of CAD 14.8k. Will that have an issue
I don't think so but just make sure after you submit you don't use them for sometime
3. I have around CAD 8K in my employee provident fund - Can I show this? I can liquidate it once I leave my job which I will when I am in process of moving to canada
yes you can show that. Please check other thread regarding this.
4, Do I need to convert the money i get from my parents and wife into a fixed deposit? or i can just keep in my savings account?
Keep in the savings account and it is enough.

Thanks in advance.

 

[zanny]

Thanks a lot Dobes and caththisking for the quick response. Clears a lot of doubts in my mind

 

[Asivad Anac]

Agree with everything except the bit about provident funds. I don't know much about those either but members have indicated that these funds aren't present in their bank accounts - they are kept in another federal-monitored account which guarantees their availability to the account holder under specific circumstances. CIC explicitly asks for funds in the bank or investment accounts linked to the bank. I imagine provident funds do not meet the criteria to be used as POF.

 

[Salseiro]

...

My bank statements also have this problem: I made a large money transfer to one of my accounts within the previous 6 months. This is my money and I can surely prove that. It's just I didn't think this would be required when I filed all of the documents. My application has been under review since late May and my ECAS status reads "In process". Do you think it would make any difference if I send an affidavit now via a CSE? Alternatively, I could also send my common-law spouse's bank statements, which, coupled with mine, have enough funds to meet the minimum requirements even without the sum mentioned above. Or, perhaps, it's too late and I have no other option but to wait and hope that CIC makes a request for additional supporting documentation, should it want any clarifications, instead of turning me down altogether?

 

[zanny]

Agree with everything except the bit about provident funds. I don't know much about those either but members have indicated that these funds aren't present in their bank accounts - they are kept in another federal-monitored account which guarantees their availability to the account holder under specific circumstances. CIC explicitly asks for funds in the bank or investment accounts linked to the bank. I imagine provident funds do not meet the criteria to be used as POF.

They are indeed kept into a federal-monitored account and can be used only under certain conditions - resignation and a possible unemployment for 90 days is one of them.

 

[dobes]

They are indeed kept into a federal-monitored account and can be used only under certain conditions - resignation and a possible unemployment for 90 days is one of them.

You'd better check with other applicants who have this kind of account and see if they have gotten PR using this for all or part of their funds. When in doubt - don't use it. You could get a VO who understands that you will be able to use those funds when you quit and move to Canada, or you could get one who is a real stickler for rules and rejects your application because they aren't immediately available to you. It's not worth the potential heartache if you have another option.

 

[Asivad Anac]

They are indeed kept into a federal-monitored account and can be used only under certain conditions - resignation and a possible unemployment for 90 days is one of them.

As CIC explicitly asks for monies in the bank account AND a letter from the banking institution, I imagine that rules out using these funds as POF.

 

[Sunnyvaswani]

I suppose we can use money in stocks and mutual funds as proof of funds because these are liquid investments and are usually available on one day or two days notice. correct me someone please if i am wrong as i'll also be using such investments as proof of funds !!

 

[dobes]

Hi Guys,

Sorry for starting a new post but my case is little strange and hence wanted experts to help me out

All my savings have been in my wife's account and in equity mutual funds/stocks.

I have received the invite and I am planning to transfer everything from wife's account into my account tomorrow. Plus I will get gift from my father to make up the limit by next of next week. I don't want to touch my equity holdings as market is little down and I feel by the time I move to Canada, I will have better returns on it

Now the problem which i think I am facing is

1. If my wife and my father transfer the money into my account and I get a letter from them (that money is gift), will that do? My wife will accompany me to Canada
2. I will not have the 6 month avg balance of CAD 14.8k. Will that have an issue
3. I have around CAD 8K in my employee provident fund - Can I show this? I can liquidate it once I leave my job which I will when I am in process of moving to canada
4, Do I need to convert the money i get from my parents and wife into a fixed deposit? or i can just keep in my savings account?


Thanks in advance.

There is another thread on this site called ANYONE USE EPF AS PROOF OF FUNDS UNDER EE, and in that thread 1) people report getting PR using this type of fund for PoF, and 2) an actual mail from a VO in Delhi is posted saying that Provident Funds are acceptable as PoF. So it sounds like you're good!