Proof of Funds - EE, Post ITA, Arrival

[tanit]

CIC Official Notes : http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

Unless you are currently authorized to work in Canada and have a valid job offer from an employer in Canada, or you have been invited to apply under the Canadian Experience Class, you must show that you have enough money to support yourself and your family after you get to Canada.
You cannot borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they are not coming with you).
You will need to show proof to the Canadian visa office in your home country that you have enough money when you apply to immigrate.
Nbr of Family Members Funds Required(in Canadian dollars)
1 $12,164
2 $15,143
3 $18,617
4 $22,603
5 $25,636
6 $28,913
7 or more $32,191
You do not have to show that you have these funds if:
you have a valid offer of arranged employment in Canada AND
you are currently working or authorized to work in Canada.
you must declare the amount when you arrive 10k+. You must fill out form Cross-Border Currency or Monetary Instruments Report - Individual (E677) [PDF]
http://www.cbsa-asfc.gc.ca/publications/forms-formulaires/e677.pdf

Express Entry :

CIC FAQ
Do I need to include proof of funds for Express Entry?
You will be asked to enter in your Express Entry profile the amount of money you will have to help you settle in Canada. This is to show that you can support yourself and any family who come with you to Canada, and helps us assess which programs you may be eligible for.
You will only need to meet the settlement fund requirement if it applies to the program you are invited to apply under.
If you are invited to apply under the Federal Skilled Worker Program or Federal Skilled Trades Program, you will need to show that you meet the settlement funds requirement unless you: are currently authorized to work in Canada, and have a valid job offer from an employer in Canada.
Note: You do not have to meet the funds requirement if you were invited to apply under the Canadian Experience Class.
The system currently asks all applicants to provide a proof of funds document. If you don’t need to provide proof of funds, you must upload a letter explaining either that you have been invited to apply under the Canadian Experience Class, or that you have a valid job offer.

Visa Office :

Dear Sir/Madam,
This is in response to your recent email enquiry to the Immigration Section of the Canadian High Commission in New Delhi.
Acceptable proof of funds are:
-bank accounts in your name or the name of your accompanying spouse/common-law partner;
-cashable investments in your name or the name of your accompanying spouse/common-law partner;
-cashable fixed deposits in your name of the name of your accompanying spouse/common-law partner.
Not acceptable are:
-bank accounts in someone else's name;
-bank accounts which are joint in your name and someone else (other than your accompanying spouse/common-law partner);
-bank accounts in the name of your spouse who is not accompanying you to Canada ;
-property valuations;
-vehicle valuations;
-jewellery valuations.
You are not required to carry your funds in cash when you arrive in Canada. You are, however, required to show documentary evidence that you have the funds available (in bank accounts or cashable investments), and that they can be transferred to Canada.
A port of entry officer in Canada may seek to confirm these funds before granting you permanent residence along with your dependants.

ref: shreya99 : proof-of-funds-requirements-explained-t45043.0.html;msg323657
Landing

Is it necessary to carry the P.O.F. while 'Landing' ?
100%. A part of the 'Record of Landing' "Interview" is to ensure 'sustainability' in Canada by the applicant. The IO must ensure that you carry enough funds [based on LICO] which will help you settle easily, w/out any burden on Canadian Social Services. Remember, except for 'refugees' under the Refugees Protection Act, Canada doesn't offer financial assistance for any other categories of applicants.
Irrespective of the no. of family members performing the 1st landing, the entire POF [as per the chart above] must be shown to the IO at the POE. Subsequent 'landings' by the 'accompanying dependents' do not need to show the POF.
That means, whether the PA alone or one or more of his family members are 'landing' for the 1st time, the above funds are required. It's another matter whether the IO at the POE doesn't ask for it [very often that happens]. But, w/out the POF our entry can be 'Denied'.
The fact remains that we will actually need those monies once we land. Under avg, & usual circumstances -the POF described by the CIC is a necessity to survive in Canada, w/out a job, for approx. 6 months. Thus, in all earnestness we 'must' carry the 'landing funds' in a 'liquid' format* -easily accessible anytime upon landing.
Now, not all Bank Statements would be acceptable for 'landing'. There are instances when a Bank Statement was negated and the applicant was denied entry. I learnt it from the various forums & listening to the experiences of some families in Canada. Most 3rd world bank's statements will not be acceptable. Some examples were given, but I refrain to put-it-up here.
However, the statement/s of banks from UK, US, Norway, ANZ etc. were accepted in quite a few cases [I know of one personally]. Also, statement/s of International Banks [having a presence in Canada] were acceptable, viz. HSBC, Stanchart, RBC etc. But again, one case stated that their Citibank Statement was not accepted.
Now, here's a dichotomy. Our landing is supposed to be one of the most beautiful experiences of our lifetime. We have given our entirety to this process, didn't we? Something we had been looking forward to -for quite sometime now. What if a particular IO refuses to accept our bank statement?
Well, we have learnt that many of the bank's statement they do accept, but what if? And then, would we be running around towards all the possible hierarchy in the CBSA at the POE for a solution -which might come by, for sure? But won't that mar the thrills of our 'long-awaited-anticipated' first-foot into the Canadian soil? Do we take that chance? Is it that important to carry the bank statement than expect to come-out of the airport, with the family & kids, in 30-45 minutes, smoothly?
*I recommend carrying them in 1)Some Cash, 2)TCs & 3)a Bank Draft [it takes about 30+ days to encash that]. -all the 3 formats [only], No Bank Statement/s.

Ref : qorax post : proof-of-landing-funds-t39318.0.html;msg265220

 

[tanit]

now what's about this 6month proof before applying ? this is absolutely confusing

1/ I have the money more than 13kCAD in my bank account by the date of application to the visa office , why the hell do they need it 6 months earlier.
2/ I am the only responsible for the actions in my bank account ( withdrawal or other )

imagine that , i am investing my money and by the date needed , the money is in my account and will be there until i use it in canada

Plz can experienced guys explain the steps ,
thank you guys

 

[Asivad Anac]

1. 6 month rule doesn't exist the way you described it. What exists is IRCC asking to see 6 month average balance. That exists to ensure that these funds aren't borrowed. IRCC believes that you haven't borrowed funds if there are no suspiciously large credit activities in your account within the last 6 months. This will be proved if your 6 month average balance is sufficiently close to your current balance. Or you can prove it to them by showcasing 6 months of bank statements.

2. Actually one is allowed to sell one's asset(s) on the same day as post ITA submission and even claim those sale proceeds as valid POF. Provided one is able to prove conclusively that the asset belonged to them, was indeed sold at said price and that the sale proceeds were deposited in the bank.

3. The only 3 requirements are - at least as much money as defined by LICO, readily available to the PA, not borrowed from anywhere.

 

[tanit]

from OI EE pnp

Bank account outside of Canada
If you do not have a personal bank account in Canada, you must provide six
months of original up-to-date bank statements from a recognized financial
institution. The bank statements must:
 Demonstrate personal account standing/final balance that meet or exceeds
the LICO; AND
 Include the following details:
o Your name;
o Account number;
o Transit and institution number;
o Account balance; and
o Currency.

 

[tanit]

Guys I really need Help :

EE participant have to show proof of funds.

My relative in canada is sponsoring my funds for my immigration,
Is there any way to do it ?

 

[sushsmart15]

You need to get a gift deed on a stamp paper and get it notarized.
Your relative needs to mention in the gift deed that this money is a gift to you and need not be returned back.
Of course, this money has to be transferred to your bank account and the transaction should be visible in the bank statements.

 

[tanit]

You need to get a gift deed on a stamp paper and get it notarized.
Your relative needs to mention in the gift deed that this money is a gift to you and need not be returned back.
Of course, this money has to be transferred to your bank account and the transaction should be visible in the bank statements.

thank you sushsmart15

actually am not in canada, so I donno how i can have a bank account since am not there.
I have 42 days left to find a way to submit my docs to OI pnp, i have all the supporting documents except Proof of Funds.

can I create a bank account in canada, even if am not in there ?

 

[sushsmart15]

thank you sushsmart15

actually am not in canada, so I donno how i can have a bank account since am not there.
I have 42 days left to find a way to submit my docs to OI pnp, i have all the supporting documents except Proof of Funds.

can I create a bank account in canada, even if am not in there ?

A bank account which is only in your name and can be in any bank in any country and in any currency i.e. the country of your residence or your home country.
Get the required amount from your relative on the gift deed and the same amount to be transferred into your bank account.

 

[AshlynJ]

Hello,

I'm living in Canada and have both Canadian and foreign bank accounts.

I don't have enough money in Canadian account for Proof of Funds in FSWP,

but I have some money in a bank account in my home country which can be a supplement to it.

In this case, can I use the certificate of balance and transactions for 6 months of my account outside of Canada as Proof of Funds?

or should I transfer that money into Canadian account?

It's all cashable, but I have some reason to keep it there.

 

[vishalg]

Hello,

I'm living in Canada and have both Canadian and foreign bank accounts.

I don't have enough money in Canadian account for Proof of Funds in FSWP,

but I have some money in a bank account in my home country which can be a supplement to it.

In this case, can I use the certificate of balance and transactions for 6 months of my account outside of Canada as Proof of Funds?

or should I transfer that money into Canadian account?

It's all cashable, but I have some reason to keep it there.

bank account in home country is valid.
get the prescribed letter from the bank on the letterhead and you are good to go.

 

[AshlynJ]

bank account in home country is valid.
get the prescribed letter from the bank on the letterhead and you are good to go.

Thank you for the reply, vishalg!!

Have a nice weekend Wink

 

[Navin1988]

Can anyone clairfy the 6 month balance which is required?

 

[anis_huq]

Hi,
I have submitted my Express Entry application. The thing is, when the ITA came, the amount in my account was not
sufficient. So my father gave me the money as GIFT (CASH Deposited from my father's account in the same bank).
The amount shown in the bank account is roughly CAD 25,000 (for 3 members, husband, wife and infant daughter).

Now the thing is, the GIFT money transferred to my account is visible in the bank account statements that I had provided.
However, I did NOT provide any documented source of the gift. Now, my question is:

Will IRCC ask for the source? In that case, I can provide paperwork, as it is a genuine gift.
OR will IRCC outright reject my application without asking for any paperwork.

Please answer as I am a lot confused regarding this issue.

Bye.

 

[ggirl]

Hi Guys,

Please I need answers to these questions.

1. If I sell my car to raise money for proof of funds, what document can I use to prove I sold my car and the funds were not borrowed.
2. How long should the funds sit in my account before applying for PR.

 

[ngans]

Most banks in our country don't provide an official letter covering what is needed, although I have tried hard to make requests. As a result, I can only collect many statements from various bank divisions to get the whole thing. However, it is really very challenging as I am using 5 banks and under each bank I hold several accounts.
So my question is, if one of my accounts already has sufficient funds, can I only submit all the account info and balances under this bank? However, I also have a home mortgage with this bank and the mortgage will only be settled after a long time. Does this matter to my application?

Thanks a lot and look forward to your reliable reply!