Proof of funds
- Thread starter fq786
- Start date
Hi,
Check the official link: Applications for permanent residence programs subject to the Express Entry completeness check - Canada.ca
From the above link:
Proof of funds
Purpose
To confirm whether the applicant meets the low-income cut-off (LICO), assessed by the amount of money they hold compared to the number of people in their family
Document requirements
In best best-case scenario if you can provide a letter from the bank listing all details as mentioned above and the average balance for the past six months, then you may not need to provide bank statements. However, it is always good to include bank statements for 6 months.
In case you have transactions where funds were deposited in the past six months, make sure to provide additional information about the source of such funds (e.g. if you received funds from a family member, then include a gift deed).
Check the official link: Applications for permanent residence programs subject to the Express Entry completeness check - Canada.ca
- Go to the section Proof of funds
From the above link:
Proof of funds
Purpose
To confirm whether the applicant meets the low-income cut-off (LICO), assessed by the amount of money they hold compared to the number of people in their family
Document requirements
- The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans.
- The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance for the past six months.
- Other documents may also be requested, as necessary.
In best best-case scenario if you can provide a letter from the bank listing all details as mentioned above and the average balance for the past six months, then you may not need to provide bank statements. However, it is always good to include bank statements for 6 months.
In case you have transactions where funds were deposited in the past six months, make sure to provide additional information about the source of such funds (e.g. if you received funds from a family member, then include a gift deed).
Answered earlier: https://www.canadavisa.com/canada-immigration-discussion-board/threads/proof-of-fund.825040/post-10643926
To re-iterate, you can submit 3 months of bank statement instead of 6 months. But if you took gift deed, never disclosed it and IRCC demanded 6 months statement, you'll have to be ready for that situation.
Thank you!
I don’t have a gift deed.
It’s my own money in bank account.
I can get 6 months statement too but they are not as per IRCC fund requirement.
Therefore, i am thinking to submit 3 months instead but i am not sure if that will be sufficient or if IRCC ask for any specific number of months of bank statements
You should get a letter from the bank where you are showing funds in whatever letter format the bank provides which lists your 6-month average balance or if they only list balance as on date.
- You can also ask your bank to print 6 month's statement and stamp it OR you can print your online statements and get those stamped.
- The statement format doesn't matter. Every statement shows the date of transaction, inflow, outflow, and final balance along with your name, account number, and address.
- And since you are ready to provide a 3-month statement, you can easily provide a 6-month statement unless you don't want to show certain transactions to IRCC which they may question.
I am willing to show 6 months too, nothing fishy about any transaction. I was only confused about showing 6 months because for the first 3 months, i had a lower balance then IRCC fund requirement. I have a few questions that i am confused about and seeking help:
1. I am told now that its ok even if in initial statements the balance is lower then required so long as my current balance is more than the requirement, IRCC only want to verify that the money belongs to me. Can you confirm if my understanding is correct?
2. I heard somewhere that for a transaction of more than $1000 i have to explain, is that so?
3. I am a CEC and PNP candidate so do i have to show POF?
Thanks
- Yes, your understanding is correct, if the initial statement balance was lower but later your balance is higher, that is totally fine as long as the source of those funds is clear.
- (1) For example, Someone in Canada may be getting a bi-weekly salary of CAD 2000, so over 6 months a person would accumulate CAD 24000 (which is over CAD 13800) for a single person's funds requirement, and the same person may have CAD Zero at the beginning. Since the source of money is Payroll, it is totally fine in such a case.
- (2) Another person is only earning a bi-weekly salary of CAD 750, so the max a person would accumulate over 6 months is CAD 9000. Now, this person has transferred money from some other accounts (self or someone else) or made cash deposits of around CAD 5000 to reach the final bank balance of CAD 14000. So, in such a case, it will be good to explain the source of that CAD 5000 (which could have been made via multiple deposits), so as to make sure IRCC is clear how you got that money.
- Check your ITA invitation letter which will confirm if you received a CEC or PNP invite. The first line of the letter would be written like:
- "Based on the information you provided us in your Express Entry profile, we are pleased to invite you to apply for permanent residence under the Provincial Nominee Program (PNP) through....."
- For a CEC invite, you don't need to show POF. Check the official response: Do I need to include proof of funds for Express Entry? (canada.ca)
- For a PNP invite, you will need to show POF
Hi, I lost my PR status with family back in Nov, 2018. The reason behind that was my child born outside Canada, after her birth we tried to get her visa but failed because of application error. My question is my PRTD applications refused and finally court case refused because of residency obligation. To mention above all to give you exact picture of my case, I'm interested to have my PR status back, with your expert advice I can make my move. Secondly, tell me do I need to file fresh case for immigration? If so, what possible streams you thing I can opt for that.
Hello everyone,
I have received an invitation for the Skilled Immigrants Program from Express Entry, and I have a question concerning the proof of funds:
Currently, I have more than the minimum amount required in my bank account. However, over the last six months, there was one month (depending on when I submit everything, as I have a 60-day deadline) where my balance was below the minimum required.
Does this mean that my application will be rejected?
I have received an invitation for the Skilled Immigrants Program from Express Entry, and I have a question concerning the proof of funds:
Currently, I have more than the minimum amount required in my bank account. However, over the last six months, there was one month (depending on when I submit everything, as I have a 60-day deadline) where my balance was below the minimum required.
Does this mean that my application will be rejected?