Shared account with brother as POF

[afsar9930]

I share a foreign currency account with my brother. Can use that account for POF or it has to be exclusively under my name

 

[CanadaWeCome]

I share a foreign currency account with my brother. Can use that account for POF or it has to be exclusively under my name

Can be shared if he is accompanying, else needs to be exclusive.

 

[afsar9930]

What if I am the primary applicant ?

 

[CanadaWeCome]

What if I am the primary applicant ?

Even so. As it is sharing has nothing to do with primary or accompanying.

 

[Stanlee]

I share a foreign currency account with my brother. Can use that account for POF or it has to be exclusively under my name

No, for POF you cannot use accounts where parents or siblings are joint accountholders.

 

[afsar9930]

I am sorry, but I should have asked what if I am the primary account holder. I live abroad and just for emergency my brother also has access to the funds. What if I put LOE in which my brother testifies that he can't use those funds for his use.

Kindly let me know as I do not work in my country of birth (of whose passport I hold) but outside and these days I am in my country of citizenship, so I can go get my brothers name out of that account

 

[Stanlee]

I am sorry, but I should have asked what if I am the primary account holder. I live abroad and just for emergency my brother also has access to the funds. What if I put LOE in which my brother testifies that he can't use those funds for his use.

Kindly let me know as I do not work in my country of birth (of whose passport I hold) but outside and these days I am in my country of citizenship, so I can go get my brothers name out of that account

It is advisable to make you as the sole accountholder.

 

[afsar9930]

Alright! Will do.

I have 2 more questions if you can answer.

1) I can provide my 6 months old bank statement, but I don't have required funds as of now. I would have them may be in 1 month and around the same time I would make my EE profile. Is that ok or I need to have those funds 6 months prior to creating my profile.


2) I have some 5000 Canadian dollars cash which I don't want to convert in USD as I hope in near future Canadian dollar will rise. Problem is, in my country u can't open an account in Canadian dollar but only in USD.
Is there some way that those 5000 cads can contribute towards POF requirement ?

 

[Stanlee]

Alright! Will do.

I have 2 more questions if you can answer.

1) I can provide my 6 months old bank statement, but I don't have required funds as of now. I would have them may be in 1 month and around the same time I would make my EE profile. Is that ok or I need to have those funds 6 months prior to creating my profile.


2) I have some 5000 Canadian dollars cash which I don't want to convert in USD as I hope in near future Canadian dollar will rise. Problem is, in my country u can't open an account in Canadian dollar but only in USD.
Is there some way that those 5000 cads can contribute towards POF requirement ?

1. It should be OK as long as you can prove the source of funds and also justify that it did not originate from a loan in any form from from friends, relatives or any financial institution.
2. Generally cash in hand would raise suspicion as it would look like a loan and you will have to prove it with documentary evidence that the funds rightfully belongs to you. Would suggest you to deposit in the cash either in a foreign currency bank account (if possible) or convert and deposit in USD.

 

[afsar9930]

Thanks man much appreciated!!!!