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Proof of funds requirements - Explained

lohit

Full Member
Apr 12, 2017
27
1
NOC Code......
4021
App. Filed.......
05-05-2019
AOR Received.
19-09-2019
dr.termi said:
Hello guys,
My question may be repeated but it's really a critical point for me
Regarding the POF, I'm the main applicant and the money available in my account is below the required amount...can I use my spouse's account to complete the required money? Just by applying with both bank statements?
And in this case is there any additional documents required or just the 2 statements are enough?
Thanks in advance :)
Yes definitely you can show your spouse account details. You would need a LOE or No objection letter from your spouse.

Regards,
L
 

dr.termi

Full Member
Aug 7, 2016
23
0
lohit said:
Yes definitely you can show your spouse account details. You would need a LOE or No objection letter from your spouse.

Regards,
L
Does this letter need to be notarized or something??
Or just a letter from her and her signature?
 

lohit

Full Member
Apr 12, 2017
27
1
NOC Code......
4021
App. Filed.......
05-05-2019
AOR Received.
19-09-2019
dr.termi said:
Does this letter need to be notarized or something??
Or just a letter from her and her signature?
I'm unsure about it.. seniors in the forum should be able to guide.
 

Charrington

Star Member
Apr 10, 2016
178
34
Visa Office......
London
Nomination.....
4 jan 2017
AOR Received.
4 February 2017
Med's Done....
08-03-2017
Hey everyone

Just a quick question when you land in Canada after ppr do they check this again or wish to verify the financial requirements or is the check from cic sufficient when approved under express entry just wondering do they ask for another letter or bank statements at the border etc.
 

jpv2212

Hero Member
Jan 30, 2015
993
408
Category........
FSW
Charrington said:
Hey everyone

Just a quick question when you land in Canada after ppr do they check this again or wish to verify the financial requirements or is the check from cic sufficient when approved under express entry just wondering do they ask for another letter or bank statements at the border etc.
Seniors, who have already landed there say that they do not ask for PoF at PoE when you land. They are only concerned about CASH amount which you are carrying with you. If it's >C$10k in cash, then you have to declare this to border security.

However, it's advisable to carry with you PoF documents when you land, since whether or not to check PoF solely depends on the discretion of the border security officer. They have right to ask for this, you can't refuse to show.
 
May 3, 2017
12
0
41
Pune, India
Category........
CEC
NOC Code......
1274
Hi All,
I have saved my application in CIC web site. Currently i stay in India. My road block is how much funds i need to put for my family of 4 member(Me, Spouse, 2 son (both below 4 yrs)). I have checked CIC web site(.cic.gc.ca/english/immigrate/skilled/funds.asp) for latest update which says $22,856.

Currently i have $10000 as liquid funds available in Mutual Funds. Rest i have Rs 4 lac ($8000) in open plot and i have my own flat on my and my spouse name worth Rs 45 lac. I do not have any loan on me.

Do CIC only consider liquid funds? Do they consider the property which can be showed at the time of Immigration?

In the above URL it is mentioned form of funds which includes document that shows property.

Regards,
Sumit V
 

lohit

Full Member
Apr 12, 2017
27
1
NOC Code......
4021
App. Filed.......
05-05-2019
AOR Received.
19-09-2019
sumitvedpathak said:
Hi All,
I have saved my application in CIC web site. Currently i stay in India. My road block is how much funds i need to put for my family of 4 member(Me, Spouse, 2 son (both below 4 yrs)). I have checked CIC web site(.cic.gc.ca/english/immigrate/skilled/funds.asp) for latest update which says $22,856.

Currently i have $10000 as liquid funds available in Mutual Funds. Rest i have Rs 4 lac ($8000) in open plot and i have my own flat on my and my spouse name worth Rs 45 lac. I do not have any loan on me.

Do CIC only consider liquid funds? Do they consider the property which can be showed at the time of Immigration?

In the above URL it is mentioned form of funds which includes document that shows property.

Regards,
Sumit V
Mutual funds and stocks are subject to market risk. You cannot show them as POF. However, You can liquidate the funds and show those.

Also, property cannot be shown as POF, one has to sell and show liquid funds.

Liquid funds could be: Savings account, PF, FD, gift deed etc.

Property, Jewelry, Car, flat/plot cannot be shown as POF ..

Regards,
L
 

somaya

Member
Apr 27, 2017
17
0
Hello Guys,

My father is going to give me the required fund as a gift deed. He has his own private company, and he has got the amount in his company's bank account as profits (and not in his personal account). So can he transfer the amount form the company's bank account, beside providing the documents to prove that he owns the company and that the gifted amount is part of his profits??

Please advise and thanks for this valuable source of information.
 

swap10287

Newbie
Nov 23, 2016
7
0
Dear All,
I have FD(not created recently) with private companies, this can be shown as part of proof of funds ?

Please advise.

Thanks
 

visitor99

Newbie
Feb 23, 2017
6
0
Hi, I have a little concern, maybe someone can help me. I sent my PR application last week (Skilled Worker) and I provided all my bank details which showed I had a little more than the requested amount (about CAD 12400). Then I paid the CAD 1040 Express Entry fee with my card. Will they subtract this amount now and reject my application because no I have less funds? I am saving up now to cover that amount in my bank account as soon as possible, should have it back by the end of may. What do you think?
Thank you a lot in advance!
 

isha511

Newbie
Sep 22, 2016
1
0
Hi all,
Regarding proof of funds:-
1) i made some fds 10 days back from my ita and for those fds my mother transferred my money to my account
2)This account from which my mother sent me money is joint account of my grandmother and mother .
3) is there any issue in showing this as my funds as money is from joint account
 

ahaddotcom

Newbie
May 7, 2016
8
0
Hi Everyone.
For the bank statement of Proof of Funds, can i provide my father's bank statement ? He own a small business so the bank statement will be of his company and other thing is that the CAD 12200 may not be maintain in his account for minimum three months but the annual transactions will be high enough.

Kindly guide me on this.
 

2017applicant

Star Member
May 22, 2017
54
9
Can anyone help me please. I have a question: Can i show my wife's bank account and PF account (both in India) as Proof of funds along with my bank account and 401K account (both in USA)?

Please help.
 

sdqs_23

Star Member
Apr 19, 2017
88
0
Canadian immigration, proof of funds requirements


As part of the permanent resident application process you will need to prove to the Canadian government that you have enough monitory funds to support yourself and any accompanying family members when you arrive in Canada. This is because the government will not provide any financial support for new immigrants and therefore they need to be sure that you arrive with enough money to establish yourself in Canada.

Citizenship and Immigration Canada (CIC) set guidelines as to the required funds they consider you need as a minimum in order to establish yourself in Canada. The amount required depends on the size of your family. These amounts can vary from time to time, so you should check these figures at the point you need to use them.

At the time of your application you must show that you have at least the required amount in order for your application to be processed. The money has to belong to you and cannot be borrowed from another person. The money must be readily available in transferable currency for settlement in Canada.
Obviously you can take any amount above the required funds with you to Canada. There is no upper limit, although there are restrictions on how much cash you can physically take with you at the time of landing.


You may be wondering what type of funds you can use and what type of proof is required. Well, there are several things to consider:

Savings: If you have savings which match or exceed the required amount then you can simply supply a copy of your bank statement showing the funds in your account. You should be able to show the funds in your account for a minimum of three months and if the funds have recently been transferred you will need to show where they came from.

You will also need to show that you are not just sending a statement just after being paid and that all the funds will disappear from the account the following week. If your money is split between several accounts, you will need to provide details of each up to the amount required.

Shares, Bonds etc: This type of investment is not acceptable for CIC purposes as these are volatile accounts and you could still loose your money. If you want to use this type of funding, you will need to cash-in the money from the shares etc and deposit them in a suitable bank account and send the statements as above.

Possessions: Again this is not acceptable by CIC. you will need to liquidate the assets and deposit the money in a suitable account. This also applies to vehicles.

Real Estate: Money in property is probably the most widely used proof of funds. Many people plan to sell property owned in their home country before landing in Canada and will use the equity to establish themselves.

This is totally acceptable by CIC and they appreciate that you may not have actually sold the property at the point you are required to supply this information and make allowances for this.

You will be allowed to supply a mortgage statement from your lender stating how much money is owed on the property. You should then get your property valued by three independent companies. These can be real estate agents, property valuation companies, your mortgage lender etc. Make sure you get the valuation on letter headed paper and signed.

If you send both the mortgage details and the valuations the CIC can see how much equity you have available.



N.B. You do not have to show that you have these funds if you have arranged employment in Canada

Dear All,

My IELTS score are L = 6.5, S=6.0, W=5.5 and R = 5.0 (unfortunately because in mock test i can easily get 7.0 and above).

I know i am not eligible for SINP EE and i need expert opinion should i apply for SINP OID, I am civil engineer and i have 10 years experience and my sister in law also live in saskatchewan

Waiting for your reply soon

My Consultant told me that you still apply for SINP OID with this IELTS Score do u think ?. Secondly if i give ielts test and my result are lower than current score, so can i use my previous score ?