Proof Of Fund query

[chennai22canada]

Hi,

I need some clarification regarding 'Proof Of Funds'.My dad is willing to give me $ 21,000 as a gift. I do not have any obligation to return the money back to him. I plan to put it into a Fixed Deposit under my name.

1.Will this be considered as ''borrowed'' money ? Will I have to produce any document stating that this is a gift and not a loan ?

2.Will a Fixed Deposit be considered as a proof of fund?

Thank you.

 

[niravk]

This will be treated as borrowed money...and most likely CIC will disapprove this.

The amount is too high to raise a flag.

 

[chennai22canada]

Thanks for your reply niravak. Would it be accepted if I choose to keep the cash in my account for six months and then create a EE profile ? Would it still be considered as cheating the system.

 

[Jkal]

1.Will this be considered as ''borrowed'' money ? Will I have to produce any document stating that this is a gift and not a loan ?

I have read many posts on it and conclude that it should be fine. Get a letter from ur dad that its a gift from him.

2.Will a Fixed Deposit be considered as a proof of fund?
This works for sure.

 

[niravk]

1.Will this be considered as ''borrowed'' money ? Will I have to produce any document stating that this is a gift and not a loan ?

I have read many posts on it and conclude that it should be fine. Get a letter from ur dad that its a gift from him.

2.Will a Fixed Deposit be considered as a proof of fund?
This works for sure.

Should this letter from either of the parents written on a stamp paper? Or even a normal A4 size document is fine enough.

 

[Jkal]

Should this letter from either of the parents written on a stamp paper? Or even a normal A4 size document is fine enough.

I have mostly seen it quoted as "on normal A4 paper" only.

 

[Rahul_S]

Can I show my PPF account as a proof of funds ???

It is solely in my name

 

[Jkal]

Only if your PPF is 15 years old. ;D
In general, PPF is not cash-able immediately and hence not considered for Pof

 

[chennai22canada]

Thank you Jkal.

 

[fbdtotnt]

My bank account also has a monthly debit for the home loan installment, if I have to show the funds from this bank account for POF, will having a long term home loan reflect as a liability on my account? Does CIC take the housing loan into consideration?

 

[Jkal]

My bank account also has a monthly debit for the home loan installment, if I have to show the funds from this bank account for POF, will having a long term home loan reflect as a liability on my account? Does CIC take the housing loan into consideration?

I have a similar situation and i believe at least half of folks here would be having some sort of loan/emi going on.
I am too not sure about it. Probably, we need to check with folks who have got ITA.

 

[chakri8385]

How about Post Office recurring deposit account? Can that be shown as POF?
It is more than 2 years old and is encashable at any time now.

If yes, what kind of documents would I have to prepare?

 

[Neel0526]

Hi Expert,

Below POF will be accepted by CIC?

Jan- $2100
Feb- $5000
Mar-$8000
April - $11000
May - $ 14000
June - $ 16000

Thanks in advance.

 

[Intocanada]

Hi Expert,

Below POF will be accepted by CIC?

Jan- $2100
Feb- $5000
Mar-$8000
April - $11000
May - $ 14000
June - $ 16000

Thanks in advance.

Are you filing the application under CEC? If that is the case, it isn't necessary to show minimum funds.

HTH

 

[Neel0526]

I am filling under CEC, but now not in Canada. My employer contract ended, so I returned back to my home country.

Few of my friends taken money from me during my tenure in Canada and they have started depositing $s into my Canadian Account.