Large one-time deposit into our bank account - suspicious for proof of funds purposes?

[wakongah]

My spouse and I made a substantial cash deposit to a bank account that we don’t normally use, amounting to approximately 50x the account’s average balance over the past year or so. Some of it was used to pay first year’s tuition, while the rest we plan to leave there for living expenses if/when we get to Canada. The account didn’t have much activity prior to this deposit because it’s a USD account so we didn’t reply have much use for it until now. We only decided to use it again to prepare for Canada since our local currency has been very volatile recently and we wanted to make sure we had enough CAD when we arrive in Canada.

My concern is if we show this account’s statements as our proof of funds, will the visa officer find it suspicious? We are applying through SDS, btw, and this account’s statements will be in addition to the first year’s tuition payments and a GIC, plus other bank accounts so I guess theoretically we should be able to show sufficient proof even without this account. Obviously showing more funds is ideal, but will this account help or hurt our case?

 

[disha2406]

If you cannot justify the bulk deposit, they will definitely find it suspicious. Given your case, you can proceed without showing this bank account.

 

[RamSatt]

You can show this bank account statement and the funds as proof, if you can substantiate where the funds came from. If you have other salary accounts, investments, and sources of Income, I would suggest you furnish those details to show that you and your spouse legitimately deposited that money. Furnish salary slips, and proof of employment for example to show that the both of you earn a sizeable amount of Income which proves that 50x deposit. If you had sold land, or property to get that money, furnish details related to that. This is to ensure the VO can connect the dots. If you prove nothing of that sort, they could wonder where this mystery amount came from.

 

[SDCDreams]

How did your application go? Was it successful? My spouse and I have the same situation. In our USD account, there was a deposit of CAD 14, 000 from cash savings we have had for more than two years. My spouse is a businesswoman and keeps USD in cash to hedge against local currency fluctuations. She also holds the cash so she can access it to restock her business, as USD is not readily available in banks when you need it. When it was time for the application, we deposited the cash to make the balance around $ 42,000. We made a huge tuition deposit, reducing the balance to $ 32,000. We explained in the application that we made some cash deposits into that account from savings we had a long time ago and why my spouse usually holds cash in USD. We even provided news clipping of some of the FX Policies. From all the money we have as proof of fund, a total of about $ 63,000, that $14,000 bothers me. We tried to provide enough proof of our financial strength, like our dollar purchases in the last year through my account to my spouse's account. You can see the trace and history of every penny except that $14 000. It bothers me.