PROOF OF FUNDS !

[satnak]

Hi,

I got some money transferred from my dad's account and some from my father in laws account. Some of it is still in my account and balance my husband is using in his business. Is that Ok or its a problem??

Please advise.

Thanks

Satnam

 

[Mezo2009]

Hi,

I got some money transferred from my dad's account and some from my father in laws account. Some of it is still in my account and balance my husband is using in his business. Is that Ok or its a problem??

Please advise.

Thanks

Satnam

The funds should be available under the main applicant name.

 

[dr.anam]

can the funds be not in the accompanying spouse's name ?

 

[spyder2011]

I have recently read the guide and as far as I remember it can be in either main applicant's name or Spouse name. Guru's please correct me if I am wrong.

I have another question here. Can I show current valuation of my Stocks, Mutual Funds?

 

[Cappuccino]

Hi,

I got some money transferred from my dad's account and some from my father in laws account. Some of it is still in my account and balance my husband is using in his business. Is that Ok or its a problem??

Please advise.

Thanks

Satnam

The funds must be in your name, or the name of an accompanying spouse.

Furthermore they must be YOUR funds - they cannot be borrowed from your father or your father in law. If a large transfer is made from their accounts you will have to explain it. You will need to provide a minimum of 3 months bank statements prior to applying (they may even want up to 6 months statements). This is because they want to be convinced that the money belongs to you.

If they are giving you the money and it is not a loan you might be able to provide sworn afidavits from them that the money is a gift and does not have to be repaid, but whether CIO or CHC will accept these is another matter.

Bottom line is that if you do not have sufficient funds, you are not eligible to apply - so your best course of action is to wait until you do have the sufficient funds and then apply. Applying now, using money that doesn't belong to you as funds, is a bad idea, since not only are you likely to be rejected but it could also have a negative impact on any future applications.

Do you have any equity in property which you could use for all or part of your proof of funds?

Wayne.

 

[spyder2011]

Wayne, Thanks for prompt reply.

I do have property but it is inherited from my parent and My brother is also equal partner. (where as only me and my wife are applying for FSW and my brother is not accompying us). Hence, I thought that I would show Shares and Mutual funds that I have. CIC's guide says liquid assets ( I think Shares(stocks) and Mutual funds are also liquid assets and I can sell them anytime and I would get my money in 2 days.) My question is can I show current value of my portfolio consisting of Shares and Mutual Funds?

Regards,
S

 

[coolguy2010]

Wayne, Thanks for prompt reply.

I do have property but it is inherited from my parent and My brother is also equal partner. (where as only me and my wife are applying for FSW and my brother is not accompying us). Hence, I thought that I would show Shares and Mutual funds that I have. CIC's guide says liquid assets ( I think Shares(stocks) and Mutual funds are also liquid assets and I can sell them anytime and I would get my money in 2 days.) My question is can I show current value of my portfolio consisting of Shares and Mutual Funds?

Regards,
S

Shares and Mutual Funds are not considered as POF.

 

[Mezo2009]

Dears,

Where you've read that POF can be under the name of accompanying spouse? I checked the guide and OP6 and what both referred is only 'applicant' which is the PA. Here is what reads:

"Settlement funds

The applicant must clearly demonstrate that they have sufficient and available funds to meet the requirements or that they have arranged employment as defined in R82.

The funds must be:

-available and transferable;

-unencumbered by debts or other obligations.

The amount of funds are assessed according to the applicant‘s family size using 50% of Statistics Canada‘s most current Low Income Cut-off (LICO) for urban areas with populations of 500,000 or more. "

Cheers

 

[dr.anam]

but there was a member m forgetting teh name...she mentioned that she was the PA and showed funds in her accompanying spouses name..n she had landed in canada..
plz help with more suggestions over it !

 

[Cappuccino]

Shares and Mutual Funds are not considered as POF.

Yes, I think they consider shares a little too volatile to be considered proof of funds. Whereas property values, although not completely fixed, are a lot more stable.

Wayne.

 

[Cappuccino]

but there was a member m forgetting teh name...she mentioned that she was the PA and showed funds in her accompanying spouses name..n she had landed in canada..
plz help with more suggestions over it !

Can't remember reading anything official except many members who have said all or part of their funds was in the accompanying spouse's name and this was accepted fine.

Check out this thread:
http://www.canadavisa.com/canada-immigration-discussion-board/proof-of-funds-t54407.0.html

Confirmed by New Delhi VO:
"bank accounts in your name or the name of your accompanying spouse/common-law partner"

I guess it MAY vary from visa office to visa office, however.

Wayne.

 

[Mezo2009]

Wayne,

If this turns to be true, then it will be of huge relief to many!

Folks, please let's know in case you land on trusted source for this.

Thanks

Can't remember reading anything official except many members who have said all or part of their funds was in the accompanying spouse's name and this was accepted fine.

Check out this thread:
http://www.canadavisa.com/canada-immigration-discussion-board/proof-of-funds-t54407.0.html

Confirmed by New Delhi VO:
"bank accounts in your name or the name of your accompanying spouse/common-law partner"

I guess it MAY vary from visa office to visa office, however.

Wayne.

 

[satnak]

If needed we can get affidavit from our parents that the money they gave us need not to be returned. BUT in case VO asks for current POF, we can send fresh FD (for six months term) along with old FD (Nov, 2010) amounting to 75% of POF rqmnt + our saving account details. Actually mu husband do not keep much balance in saving account. His business is mostly done on CASH basis, that is why we first deposited cash in our parents account and then transferred it to our saving account to be safe to be answerable for this CASH deposit.

About bank account on PA name, it is a JOINT ACCOUNT, so I guess that would not be a problem. About FD on my husband name, lets hope VO accepts it.

 

[Mezo2009]

If needed we can get affidavit from our parents that the money they gave us need not to be returned. BUT in case VO asks for current POF, we can send fresh FD (for six months term) along with old FD (Nov, 2010) amounting to 75% of POF rqmnt + our saving account details. Actually mu husband do not keep much balance in saving account. His business is mostly done on CASH basis, that is why we first deposited cash in our parents account and then transferred it to our saving account to be safe to be answerable for this CASH deposit.

About bank account on PA name, it is a JOINT ACCOUNT, so I guess that would not be a problem. About FD on my husband name, lets hope VO accepts it.

Thanks Satnak for sharing your experience. Have you heard from the VO? Have they accepted it? We like to know how it goes. Thanks