Proof of Funds (Express Entry)

[faraz2512]

I

I personally don't know the existence of any specific requirement or template for a gift deed. However given your letter and the proposed attachments along with it, I can tell you it sounds very convincing. Others here can use yours as a template for a gift deed

Well then... I hope this is accepted by the CIC and no hurdles come because of POF.. Thanks for the positive answer..

 

[jayessess]

Hi everyone,
I already have sufficient funds in my account. But i have question. My friend borrowed money from me (I transferred the money online from my account) last year in April and now he wants to deposit it back to my account. It is around 2000 dollars. could it also be counted towards sudden influx of money? Should i ask him to do the transfer later. I only have one bank account and i live abroad and cant take the money in cash.

I just don’t want to miss the opportunity to get my money back .

Secondly, From the last 6 months my account balance steadily increased from 7000 to 13000 dollars with my salary payments and savings. Do i need to show that i had equal to or more than the minimum funds (~12164) each month for the last six months period. That unfortunately, i cant do.

 

[Usmanjamil]

Hi Guys,

Hope everyone's doings fine.

I have successfully done IELTS and WES to prepare myself for Express Entry.

Now i am working out for my Proof of funds.

I have successfully managed ~14k CAD$ to show up in my bank statement, but i have one on going Vehicle Loan which is auto-deducted every month from my account from last 2 years and is scheduled to be deducted for next 3 years ( total 5 years vehicle installments).

How does this affect my case, because i need to keep this car until fully paid to bank so my (non-dependent) family members can use it in future and it shall be taken care of even after i go to Canada.

Any suggestions, how it will affect my case.

I am a Pakistani National applying from Dubai.

Regards,
Usman Jamil

 

[vishalg]

Hi everyone,
I already have sufficient funds in my account. But i have question. My friend borrowed money from me (I transferred the money online from my account) last year in April and now he wants to deposit it back to my account. It is around 2000 dollars. could it also be counted towards sudden influx of money? Should i ask him to do the transfer later. I only have one bank account and i live abroad and cant take the money in cash.

I just don’t want to miss the opportunity to get my money back .

Secondly, From the last 6 months my account balance steadily increased from 7000 to 13000 dollars with my salary payments and savings. Do i need to show that i had equal to or more than the minimum funds (~12164) each month for the last six months period. That unfortunately, i cant do.

It will not impact your POF

 

[Usmanjamil]

It will not impact your POF

Hey Vishalg,

I have successfully done IELTS and WES to prepare myself for Express Entry.

Now i am working out for my Proof of funds.

I have successfully managed ~14k CAD$ in last 3 months to show up in my bank statement, but i have one on going Vehicle Loan which is auto-deducted every month from my account from last 2 years and is scheduled to be deducted for next 3 years ( total 5 years vehicle installments).

How does this affect my case, because i need to keep this car until fully paid to bank so my (non-dependent) family members can use it in future and it shall be taken care of even after i go to Canada.

Any suggestions, how it will affect my case.

I am a Pakistani National applying from Dubai.

 

[vishalg]

Hey Vishalg,

I have successfully done IELTS and WES to prepare myself for Express Entry.

Now i am working out for my Proof of funds.

I have successfully managed ~14k CAD$ in last 3 months to show up in my bank statement, but i have one on going Vehicle Loan which is auto-deducted every month from my account from last 2 years and is scheduled to be deducted for next 3 years ( total 5 years vehicle installments).

How does this affect my case, because i need to keep this car until fully paid to bank so my (non-dependent) family members can use it in future and it shall be taken care of even after i go to Canada.

Any suggestions, how it will affect my case.

I am a Pakistani National applying from Dubai.

Vehicle loan is not a problem, don't worry. You can write an LOE and explain the situation.

 

[Gorgy]

Excuse me, guys!

Have anyone here submited a bank statement / certificate showing Only the current balance ?

Like there is no mention of the last six months transactions .... Just the current balance

 

[Dream-mer]

Hi, I would most probably get an ITA in the next draw. But I have a question.

Does the minimum POF amount required needs to be in my account for the whole six months?
Right now I only have around half the amount and remaining half will be accumulated during the next three months and I plan to submit my application near the end of the 90 days period. So it will be that the required POF amount will be reached in my account only a month before the submission of application. The average balance of the last six months will be much less than the POF amount. Is that fine or should I opt out of ITAs right now and accept one maybe after a couple of months when I reach the required POF amount?

All the credits in my account will be through salary transfers.

 

[vishalg]

Hi, I would most probably get an ITA in the next draw. But I have a question.

Does the minimum POF amount required needs to be in my account for the whole six months?
No
Right now I only have around half the amount and remaining half will be accumulated during the next three months and I plan to submit my application near the end of the 90 days period. So it will be that the required POF amount will be reached in my account only a month before the submission of application. The average balance of the last six months will be much less than the POF amount. Is that fine or should I opt out of ITAs right now and accept one maybe after a couple of months when I reach the required POF amount?
This is ok as long as you can prove that the money is yours and the source of the funds.
All the credits in my account will be through salary transfers.

 

[AmirHNK]

Excuse me, guys!

Have anyone here submited a bank statement / certificate showing Only the current balance ?

Like there is no mention of the last six months transactions .... Just the current balance

No need to include statements and transactions. The bank just have to list the closing balances of your chequing and savings accounts for the past 6 months, and the latest balance of your loans/credits you have with that bank.

Please follow the template provided in the following link:
http://canadavisahelpcentre.com/requirements-steps-tips-express-entry-proof-funds/

 

[Botinok]

Guys, this is a really BIG issue! Please, need your help!

I have a Proof of finance in 69 pages, cause I got 5 accounts and my banks can not give an average balance for 6 months, they only can print out a statement per each month, but on separate peace of paper. So taking into consideration 5 accounts and 6 pages per each I got 30 pages + I got a translation of each - that means double everything.....

The thing is that my file exceeds 4 Mb, so I need to compress it. Maximum I got is 6.8 Mb.

Here're the questions:
1. Date of my bank statement is end of April, should I take out everything which is earlier than November 1st?
2. There're bank statements, that really didn't have a lot of transactions and balance, but they were mentioned in a main Bank letter (that I have these accounts), should I show them anyway because bank mentioned it even if there are no money there?

 

[akashbhalla89]

Hi,
I have a got a gift deed from my parents in INDIA, and I am in canada so I have not signed on that. Shall i go ahead and make notarize document here saying that i accept the gift or is it fine without that as well.

 

[agandhi]

Hello Experts,

Please help, I had few queries regarding proof of funds:

- Can one use the "Cancellation Value Certificate"/"Surrender Value Certificate" from LIC policies as proof of funds? has anyone ever used it?
- For accompanying Spouse case, do all the funds have to belong to primary applicant? or the money in Spouse's saving account should also be fine?
- How much funds on minimum should be fine to show for self+spouse (total 2 persons)?
- Can one use EPF/PPF account statement to be considered as proof of funds?
- Can money taken from Parents as Fixed Deposit(FD), which is quite recent, be used as proof of funds? if yes, is something needed from their side as well?

Thanks in Advance

 

[HadiMilan]

Hey, everyone!

I'm new to this forum! I hope you guys don't mind if I ask a question.

So my wife and I received our ITA (I'm the main applicant), but we are a bit confused about the Proof of fund.
I'm a Ph.D. student at the University of Toronto. My current bank balance is a bit over 10K, and I wonder if I can use my University funding as the proof of fund.
I have my admission letter+Scholarship letter+ a letter from the associate dean of the faculty which she wrote a few days ago 1) outlining the funding (Tuition and fees+30K stipend per year), 2) indicating that the funding is guaranteed till September 2020, 3) explaining my current standing in the program, assuring the officer that I'm doing well in my courses and stuff. In addition, since I just finished my first year, I can show bank records of how university have been paying me since last September.
Having said that, do you think I can use my Bank statement of 10K + my scholarship letters + the Associate Dean's letter as the proof of fund? Or I still need to show that 15K bank balance?

I'll be very grateful if you guys help me with this

Thanks in Advance,
Hadi

Guys, I've had no luck with finding an answer to this question! I've searched some other forums as well. I'd be really grateful if you can answer my question or tell me about a thread which might be on this topic.
I hope someone can help ...

 

[DelPiero07]

Guys, I've had no luck with finding an answer to this question! I've searched some other forums as well. I'd be really grateful if you can answer my question or tell me about a thread which might be on this topic.
I hope someone can help ...

You cannot use funds that you do not have (yet) as proof of funds.