+1(514) 937-9445 or Toll-free (Canada & US) +1 (888) 947-9445

proof of funds

hope2018

Champion Member
Mar 14, 2018
1,251
547
Hello folks,

I have a US bank account with enough funds but I also have a car loan with the same bank. Do I need to show my loan amount as well? It has not been included in the letter issued by the bank, or the statements.
If it is not there on the statements then you do not need to show loan amount. If you show it will be deducted from your amount shown as PoF.
 

salilkuk

Member
Aug 23, 2018
12
5
If it is not there on the statements then you do not need to show loan amount. If you show it will be deducted from your amount shown as PoF.
Is that true? I've been reading in so many places that loans don't matter and all they care about is the amount of money you have in your account,
 

hope2018

Champion Member
Mar 14, 2018
1,251
547
Is that true? I've been reading in so many places that loans don't matter and all they care about is the amount of money you have in your account,
Doesn't matter only if you don't show, but if you do then chances are it will be deducted from your total.
 

Lorenc80

Hero Member
Aug 13, 2018
246
50
Hello folks,

I have a US bank account with enough funds but I also have a car loan with the same bank. Do I need to show my loan amount as well? It has not been included in the letter issued by the bank, or the statements.
you should include it. no statement required for the loan
 

Jimmyincanada

Member
Nov 4, 2018
12
2
US
Category........
AOR Received.
06-12-2018
Med's Done....
01-1202018
I have this confusion about POF
We are showing the funds in a joint account ( wife and me) , she is the primary applicant. That account was mine earlier but I added her name a month ago. I got the ITA two days ago. As of now he funds are 50 percent if what we need to show. My wife got a new job and we both are working now and in next 3-4 weeks ( with in the 60 day limit to submit application ) we will be able to gather the required funds. He funds will be coming from both if our pay cheques.
In this case , we certainly will not be having a good 6 monhs balance.
1. Will that be an issue ??
2. Considering the account of only mine earlier and it has some money in it but now the account is a joint account and both have access to that money... can that be questioned ???
3. We will be transferring money to one account ( joint account) from other salary accounts as when the pay cheque comes in next 3-4 weeks axcumulating to he amount needed. Is that an issue ? The funds will be seen as deposited very recently
4. We both have huge student loans ( we studied here in US ) do we need to show that ???? And how will that affect us ?
5. Should we show the bank statements of all the accounts from where we are transferring money to this joint account ??
I am sorry for this long query, this is bothering me now. Everything else is all set except this part. The mone hat we show is certainly not borrowed but is coming in bits from our salaries.
Thank you for help.
 

renagupa

Member
May 22, 2019
13
0
If the FD is six months or more old, then you do not need to provide the source of funds. This is what I did for me, my friends and siblings.
My FDR is not 6 months old. What should I do? Do i need to attach Bank statements of the account? That account is held jointly by me and my mother with me as the first holder.
 

hitesh0414

Hero Member
Apr 17, 2016
449
81
Category........
Visa Office......
NDVO
NOC Code......
4011
Job Offer........
Pre-Assessed..
App. Filed.......
10 December, 2016
AOR Received.
10 December, 2016
Med's Done....
26 November,2016
Passport Req..
10-03-2017
My FDR is not 6 months old. What should I do? Do i need to attach Bank statements of the account? That account is held jointly by me and my mother with me as the first holder.
IRCC wants to know 6 months average balance as per their rule. Better attach statements. You need to have your mother’s name from the account. Joint account with parents and siblings is not accepted.
 

renagupa

Member
May 22, 2019
13
0
T
IRCC wants to know 6 months average balance as per their rule. Better attach statements. You need to have your mother’s name from the account. Joint account with parents and siblings is not accepted.
But FDR are in my name. I just need to show funds from where the FDR came from and that account can be held jointly, i believe. And also, i am thinking of attaching a consent letter from my mother stating the use of funds by me anytime. How much viable does that sound to you?
 

hitesh0414

Hero Member
Apr 17, 2016
449
81
Category........
Visa Office......
NDVO
NOC Code......
4011
Job Offer........
Pre-Assessed..
App. Filed.......
10 December, 2016
AOR Received.
10 December, 2016
Med's Done....
26 November,2016
Passport Req..
10-03-2017
T

But FDR are in my name. I just need to show funds from where the FDR came from and that account can be held jointly, i believe. And also, i am thinking of attaching a consent letter from my mother stating the use of funds by me anytime. How much viable does that sound to you?
The CIC rules clearly states that the account should not be held jointly by your parents or siblings. I understand the joint account you hold is just the source of money for your FD, but I still suggest to remove the name of your mother from the account.
 
  • Like
Reactions: joe2632

joe2632

Full Member
Jul 25, 2018
48
7
33
Qatar,from Bangalore
Category........
FSW
NOC Code......
3012
Hi all,
I am currently waiting for my WES and ICAS report and expecting by december 2019.I come from a middle class family and cannot arrange 15kCAD for myslef n my wife.So through agency,I got a agent number,who promises to show 10lakh in my account if i initially deposit 1lakh and pay their service charge of 40k.They will put the remaining 9 Lakh and give me paper from the bank in the desired format and promised that those amount maturity can be for 2 year or until we reach Canada.He also said they have done it before ,no need to worry.Please suggest me is it fine? He told he will open an FD account in my wife's name due to the banks those agents are tied up is in my wife's native.What should i look into and when should i open this account to show more than six month time so that i dont want to mess up with source of fund.please guide.
Thank you
 

joe2632

Full Member
Jul 25, 2018
48
7
33
Qatar,from Bangalore
Category........
FSW
NOC Code......
3012
Hi all,
I am currently waiting for my WES and ICAS report and expecting by december 2019.I come from a middle class family and cannot arrange 15kCAD for myslef n my wife.So through agency,I got a agent number,who promises to show 10lakh in my account if i initially deposit 1lakh and pay their service charge of 40k.They will put the remaining 9 Lakh and give me paper from the bank in the desired format and promised that those amount maturity can be for 2 year or until we reach Canada.He also said they have done it before ,no need to worry.Please suggest me is it fine? He told he will open an FD account in my wife's name due to the banks those agents are tied up is in my wife's native.What should i look into and when should i open this account to show more than six month time so that i dont want to mess up with source of fund.please guide.
Thank you
Hi,

Fixed deposits are good to show. I did that. Upload FD Certificate, Bank letter confirming FD opening date, opening amount, maturity date, maturity amount and stating that FD is free of any loans and also gift deed (in your case).
 

joe2632

Full Member
Jul 25, 2018
48
7
33
Qatar,from Bangalore
Category........
FSW
NOC Code......
3012
The CIC rules clearly states that the account should not be held jointly by your parents or siblings. I understand the joint account you hold is just the source of money for your FD, but I still suggest to remove the name of your mother from the account.
Hi all,
I am currently waiting for my WES and ICAS report and expecting by december 2019.I come from a middle class family and cannot arrange 15kCAD for myslef n my wife.So through agency,I got a agent number,who promises to show 10lakh in my account if i initially deposit 1lakh and pay their service charge of 40k.They will put the remaining 9 Lakh and give me paper from the bank in the desired format and promised that those amount maturity can be for 2 year or until we reach Canada.He also said they have done it before ,no need to worry.Please suggest me is it fine? He told he will open an FD account in my wife's name due to the banks those agents are tied up is in my wife's native.What should i look into and when should i open this account to show more than six month time so that i dont want to mess up with source of fund.please guide.
Thank you
 

mr.preetsingh

VIP Member
Oct 26, 2017
4,550
814
Canada
Hi all,
I am currently waiting for my WES and ICAS report and expecting by december 2019.I come from a middle class family and cannot arrange 15kCAD for myslef n my wife.So through agency,I got a agent number,who promises to show 10lakh in my account if i initially deposit 1lakh and pay their service charge of 40k.They will put the remaining 9 Lakh and give me paper from the bank in the desired format and promised that those amount maturity can be for 2 year or until we reach Canada.He also said they have done it before ,no need to worry.Please suggest me is it fine? He told he will open an FD account in my wife's name due to the banks those agents are tied up is in my wife's native.What should i look into and when should i open this account to show more than six month time so that i dont want to mess up with source of fund.please guide.
Thank you
Hyderabad is it?

There are people who certainly follow this procedure. Its all about trust. if the funds are older, then PR is not a problem. Choice is yours.
 

joe2632

Full Member
Jul 25, 2018
48
7
33
Qatar,from Bangalore
Category........
FSW
NOC Code......
3012
Am from Bangalore and wife from Kerala,Agent is also from Kerala.He is connected with agency ,because they only gave number.In which way is it better to show?He told he would create a Fixed deposit on her name because all the Kerala documents she can give.Then should i convert it into a joint account?From ITA,how old is better ?Or is it considered from the creation of express entry application?
thank you friend
Hyderabad is it?

There are people who certainly follow this procedure. Its all about trust. if the funds are older, then PR is not a problem. Choice is yours.[/QUOTE
 

mr.preetsingh

VIP Member
Oct 26, 2017
4,550
814
Canada
Am from Bangalore and wife from Kerala,Agent is also from Kerala.He is connected with agency ,because they only gave number.In which way is it better to show?He told he would create a Fixed deposit on her name because all the Kerala documents she can give.Then should i convert it into a joint account?From ITA,how old is better ?Or is it considered from the creation of express entry application?
thank you friend
I know some people who do that. I would not advice such thing. Rest choice is yours.
 
  • Like
Reactions: joe2632