Proof of Funds

[Kamal Menon]

Hi,
Just wanted to check with the forum if the below will be considered as complete for Proof of Funds for 2 individuals (understand the amount to be shown in ~ CAD 15, 500 = INR ~ 8.1 Lakhs)

1) FD worth INR 4.25 lakhs
2) Wife's current account having a balance on INR 5 lakhs (recently got proceeds from an insurance policy the same will be explained in the LOE).
3) An outstanding Personal Loan of INR 2.2 lakhs (taken a year back for personal purposes and due to close in Jan 2020).
4) An outstanding Credit Card Statement of INR 50,000/- (have 2 cards under the same bank, so maybe can show only Credit Card details for 1 out of 2 cards whichever is completely credit free - in that case this amount of INR 50,000/- need not be an issue).
4) EPF Statement / EPF Passbook along with UAN Card showing INR 10 Lakhs supported with salary slips linking the UAN number.

Just wanted to check with the seniors if the above will be accepted

Appreciate the support.

Thanks

 

[prpurohit]

Hi,
Just wanted to check with the forum if the below will be considered as complete for Proof of Funds for 2 individuals (understand the amount to be shown in ~ CAD 15, 500 = INR ~ 8.1 Lakhs)

1) FD worth INR 4.25 lakhs
2) Wife's current account having a balance on INR 5 lakhs (recently got proceeds from an insurance policy the same will be explained in the LOE).
3) An outstanding Personal Loan of INR 2.2 lakhs (taken a year back for personal purposes and due to close in Jan 2020).
4) An outstanding Credit Card Statement of INR 50,000/- (have 2 cards under the same bank, so maybe can show only Credit Card details for 1 out of 2 cards whichever is completely credit free - in that case this amount of INR 50,000/- need not be an issue).
4) EPF Statement / EPF Passbook along with UAN Card showing INR 10 Lakhs supported with salary slips linking the UAN number.

Just wanted to check with the seniors if the above will be accepted

Appreciate the support.

Thanks

1) FD
2) wife's current account balance.

These two are sufficient in your case. Make sure to get a notarized letter from wife that states you have access to her funds anytime. It will be helpful to attach 6 months bank statement to show that there has been no sudden inflow of money into your accounts.

3) personal loan
4) outstanding credit debt
You don't need to show personal loan or outstanding credit card. They only want to know that you have sufficient funds and that they are not borrowed.

5) Since you already have sufficient funds in FD and wife's account ...showing EPF is absolutely not required. Showing additional funds won't get your PR faster. It will also be less documentation from your end. But if you really want to show it then you can...it's upto you.

 

[Kamal Menon]

Thanks.

But just wondering, 6 months statement would show EMI been paid against the loan each month. Won't that raise any questions ?

 

[prpurohit]

Thanks.

But just wondering, 6 months statement would show EMI been paid against the loan each month. Won't that raise any questions ?

EMI reflecting in your statement won't raise questions. In fact it is very normal for families to have home loan/car loan emi's reflecting in their statements and Canadian government does not have a problem with that as long as you have your minimum funds as needed. IRCC just wants to make sure that you did not take any loan to show POF...but any other loan is not a problem.