Visitor Visa Funds in Current Account

[kuljeetsingh]

Hello Experts,

I am wondering that whether a businessman from India who wants to visit his child in Canada, can show his funds in his Current account? He has around $40,000 in his current account. He wanna visit for one month and his wife will accompany him. He can show current account bank statements for the past one year. In his current account some times there is $100,000 and some times $ 40,000. The bank statements of this current account will show these transactions. He also can transfer the funds in his saving account, but these funds will be recent. I wanna ask can he show bank statements of both accounts (current and saving), but statements of saving account will be recent. On the other side as IRCC suggests that we can have bank draft in convertible currency, will you please suggest me that what is this "convertible currency" and can the bank draft be recent?

Your valuable suggestion will be appreciated.

 

[Bryanna]

Hi,

Your friend can certainly submit the bank statements for his current account and savings account. However, for the current account/his business account:
1. Is he the sole proprietor/sole owner?


2. Not every dollar in his current account is his income. That's why he must submit an expenditure sheet stating how much of this bank balance will go towards paying company operating costs, employee salaries, taxes, vendor payments, etc.

And, how much of the current account balance will actually be available for his Canada visit.


3. As a business person, is he allowed to spend company income on a personal holiday.... including company money for a holiday with his wife?


4. If it is a partnership company, is he authorized by his partners to spend company income on a personal holiday with his wife?


Cheers

 

[kuljeetsingh]

Dear Bryanna,
Thanks for your response. I was mistaken, actually the account type is Cash Credit Account (CC). And the friend is sole proprietor/sole owner. He is going to transfer $20,000 in his saving account recently for his visit.

 

[Bryanna]

Your friend should not submit the bank statement of his Cash Credit account as it would give an incorrect picture of his financial situation. A Cash Credit account is similar to a bank overdraft. It's a short-term loan issued by a bank, as working capital, against hypothecation of stocks/inventory.

Your friend must submit only his savings account statement. Again, transferring CAD 20,000 from his Cash Credit account would incorrectly inflate the funds available for his Canada visit

 

[kuljeetsingh]

Thanks a lot Bryanna.

 

[Jassar86]

Your friend should not submit the bank statement of his Cash Credit account as it would give an incorrect picture of his financial situation. A Cash Credit account is similar to a bank overdraft. It's a short-term loan issued by a bank, as working capital, against hypothecation of stocks/inventory.

Your friend must submit only his savings account statement. Again, transferring CAD 20,000 from his Cash Credit account would incorrectly inflate the funds available for his Canada visit

I am sole proprietor and showed last six month statement and it has a lot of transaction and balance is 6000 can dollars....its a small flour mill and i am sole owner....i used it as proof of funds ...is it ok