Proof of Funds (Express Entry)

[vishalg]

The letter provided to me by my bank specified my name and type of account but did not state my Account number and only indicated the current account balance as of the date that I have requested the letter. To support the letter, I have attached my last 6 months bank statements, with first pages (shows the month's average balance) chopped and signed by the bank. For the current month I have only attached the Transaction History printout as the E-statement has not been released yet. Will this suffice?

No problem

 

[sandyb82]

I have few questions:
1. I generally tend to park my amount in OD Account (SBI Maxgain Home Loan). Can I get statement of such account for POF?
2. Can I state LIC and PPF as part of POF?
3. Have some funds as part of my wife's accounts but she wont be accompanying me to canada initially. Can I still use those funds for POF? Please confirm.
4. Since I am the primary applicant, is it mandatory for my wife to take PCC, Medicals as part of my application
5. Is it mandatory for wife to takeup ECA and IELTS if she decides to work in Canada at later point in time after her arrival?

 

[sandyb82]

Also one more query regarding POF, We are a family of 4 (Me, My wife, 2 children). I would be traveling to canada initially and later my family. Now as per POF slab for 4 members its 22853 Canadian dollars. Should I show for 1 member or 4 members since I would be traveling alone first?

 

[vishalg]

Also one more query regarding POF, We are a family of 4 (Me, My wife, 2 children). I would be traveling to canada initially and later my family. Now as per POF slab for 4 members its 22853 Canadian dollars. Should I show for 1 member or 4 members since I would be traveling alone first?

Yes you need to provide proof for all members, carry the account statement. Usually they don't ask for POF at landing, but they might ask.

 

[sandyb82]

Yes you need to provide proof for all members, carry the account statement. Usually they don't ask for POF at landing, but they might ask.

Can I include the funds of my wife's account although she wouldnt be traveling initially with me?

 

[sandyb82]

Till what stage in PR processing will age factor affect CRS? Lets assume I got ITA for CRS score of 416 with cutoff at 413. My birthday is in one month and that would reduce my CRS by 5 points which would make CRS score below pool cutoff of 413. Will my PR be rejected ?

 

[vishalg]

Can I include the funds of my wife's account although she wouldnt be traveling initially with me?

Yes, if you have marked her as accompanying spouse in EE. It would be better if you can get joint ownership of the account in question.

 

[vishalg]

Till what stage in PR processing will age factor affect CRS? Lets assume I got ITA for CRS score of 416 with cutoff at 413. My birthday is in one month and that would reduce my CRS by 5 points which would make CRS score below pool cutoff of 413. Will my PR be rejected ?

There actually is a clause which allows the CIC officers to relax the dedecution of 5 points due to birthday. If the birthday falls between ITA and application submission

 

[sandyb82]

Yes, if you have marked her as accompanying spouse in EE. It would be better if you can get joint ownership of the account in question.

Thank you vishal for the quick response. My Wife and children would come to canada maybe after an year or so. Should I say yes or no to spouse accompanying me in EE profile?

If I say yes, will I be asked to give documents like PCC, medicals, etc for my wife in the document checklist?
To be frank, I would like to process the PR with minimal dependency on my wife's documents. How can this be achieved?

 

[ekramece]

Thank you vishal for the quick response. My Wife and children would come to canada maybe after an year or so. Should I say yes or no to spouse accompanying me in EE profile?

If I say yes, will I be asked to give documents like PCC, medicals, etc for my wife in the document checklist?
To be frank, I would like to process the PR with minimal dependency on my wife's documents. How can this be achieved?

Even if you mark your wife as not accompanying , you would still need to submit her PCC and medical along with yours. So, literally no much use not marking her as accompanying.
One more thing, she can travel at a later date than yours but has to land in canada before 1 year from the date of medical.

 

[vishalg]

But will it be a problem once I land in canada and not accompanying my wife as indicated in my profile?

I have few questions:
1. I generally tend to park my amount in Over Draft Account (SBI Maxgain Home Loan). Can I get statement of such account for POF? Or is it not a good idea to show it as pending home loan balance would be part of statement I guess. If its not advisable, then if I move it to another account, it will reflect big sum transfer. How to take care of this situation?
Not sure, if OD account works for POF. Have to seek others' opinion.Stating home loan doesn't make a difference
2. Can I state LIC and PPF in my name as part of POF?No, as there are constraints while liquidating those
3. Have some funds as part of my wife's accounts but she wont be accompanying me to canada initially. Can I still use those funds for POF? Please confirm.If yes how to show it legally?if she is marked accompanying then she has to land before the expiry of her medicals or her passport whichever is earlier. In this case you can get her to sign a no objection declaration.
4. Is it mandatory for wife to takeup ECA and IELTS if she decides to work in Canada at later point in time after her arrival? Given that I am not claiming any points related to her degree or language as part of my CRS for the PR processing
It is not mandatory for a dependent spouse to get their language and ECA done for PR process but while looking for job, employers will ask for it based on her work domain.

 

[scgincanada]

Hi, we have received an ITA with latest draw of 413, our CRS points are 441. We need clarity on the POF part if someone can advise on the way forward. We are a couple and the LICO for us is CAD 15,312. We need to understand how the POF are calculated by CIC for Express Entry.

We have been told that the lowest balance in 6 months should be equal to or greater than the minimum settlement funds criteria (i.e CAD 15,312 in our case). is this correct?

My wife is the primary applicant and our funds are distributed between mine and her account, we each hold 2 accounts i.e 4 between two of us. We will be providing bank statements for all the 4 accounts since the minimum balance in each individual account doesn't meet the LICO requirement.Last month each of us had CAD 11,000 in our savings account and i transferred my CAD 11,000 into my wife savings account bringing her total to CAD 22,000. Due to this my lowest balance in 6 months went down to 0. Assuming we follow what we have been told and we add the lowest balance in all 4 accounts the total does not sum to CAD 15,312 (due to the transfer of 11k from my account to my wife account and bringing down the lowest balance to 0).

Our questions are as follows:

1. Does CIC consider lowest balance held in the account in the last 6 months or the average balance for 6 months? (our Average Balance is higher than the minimum funds requirement.)
2. In case, Minimum balance is considered - can we submit an LOE regarding transfer of funds from my account to wife's account? what are the chances that this will be considered?
3. further we have an Mortgage Loan on the property we live in currently showing in my account - Market value of the property is higher than the loan outstanding by about CAD 100,000/- . Will the outstanding Mortgage Loan amount be reduced from my balances to to arrive at Settlement funds??

Please advise.

 

[vishalg]

Hi, we have received an ITA with latest draw of 413, our CRS points are 441. We need clarity on the POF part if someone can advise on the way forward. We are a couple and the LICO for us is CAD 15,312. We need to understand how the POF are calculated by CIC for Express Entry.

We have been told that the lowest balance in 6 months should be equal to or greater than the minimum settlement funds criteria (i.e CAD 15,312 in our case). is this correct?incorrect

My wife is the primary applicant and our funds are distributed between mine and her account, we each hold 2 accounts i.e 4 between two of us. We will be providing bank statements for all the 4 accounts since the minimum balance in each individual account doesn't meet the LICO requirement.Last month each of us had CAD 11,000 in our savings account and i transferred my CAD 11,000 into my wife savings account bringing her total to CAD 22,000. Due to this my lowest balance in 6 months went down to 0. Assuming we follow what we have been told and we add the lowest balance in all 4 accounts the total does not sum to CAD 15,312 (due to the transfer of 11k from my account to my wife account and bringing down the lowest balance to 0).
Principal applicant and accompanying Dependent spouse can show their accounts. Principal applicant just need a no objection declaration from dependent spouse
Our questions are as follows:

1. Does CIC consider lowest balance held in the account in the last 6 months or the average balance for 6 months? (our Average Balance is higher than the minimum funds requirement.)
They ask for average balance just to figure out whether the applicant has taken any loan for POF. Any significant credits in your account ( accounts that are to be shown for POF) have to be supported by the proof of the ownership and the source of those credited funds.
2. In case, Minimum balance is considered - can we submit an LOE regarding transfer of funds from my account to wife's account? what are the chances that this will be considered?
NA
3. further we have an Mortgage Loan on the property we live in currently showing in my account - Market value of the property is higher than the loan outstanding by about CAD 100,000/- . Will the outstanding Mortgage Loan amount be reduced from my balances to to arrive at Settlement funds??
People have received PPR while having home loan, car loan and loan for consumer durables. As long as loan isn't taken for POF it doesn't matter
Please advise.

 

[scgincanada]

Thanks Vishal,

Will a letter from bank with average balance & current balance be ok or is the bank statements mandatory?

Regards

 

[akprasad1]

Hi Friends

I had a question with regards to the settlement funds which are currently shown in a Savings account. Once one receives the COPR and the Visa stamp, can it be moved out to a fixed deposit account or another deposit options since the requirements for the PR/Visa were met?

Thanks