Proof of Funds (Express Entry)

[KiranK]

Thanks, KiranK. Is there a specific format for the gift deed ? Does it has to be signed by my parent and me, and notarized by the notary office ?

There is no specific format as such by CIC. You can ask a notary advocate in your country, he will get it done as per your country's format. Yes the gift deed will be signed by your parent and you. It should be on a notarised paper.
You need to go to a notary lawyer and you and the donor and 2 witnesses (ideally) should be there to sign the papers. Mostly the lawyers have formats of gift deed, it will be on a notarised paper, stamped with official stamps that this paper is valid for embassies etc. You can also search this forum for formats, there are many available.

 

[Fellyk]

Can someone please explain to me for POF, do they need the average of the past 6 months or is it the average monthly amount over the past 6 months.?
Do they need all the transactions for the account? I'm confused

 

[vishalg]

Can someone please explain to me for POF, do they need the average of the past 6 months or is it the average monthly amount over the past 6 months.?
Do they need all the transactions for the account? I'm confused

Monthly averages for last 6 months, that would help CIC in figuring out when there was spike in your account ( if any) and if that was due to any loans.
A bank letter with all requested details and supporting documents should include proof of your ownership and source of any significant funds credited to your account within last 6 months.
If you don't get all details in the letter such as averages then get a signed and stamped statements for last 6 months

 

[hmashru]

Hello,

I am from India and in the process of getting all my documents together. I received my ITA around 45 days ago.

Regarding proof of funds, I have about CAD 10k worth INR in my savings bank account. Part of this has been transferred to me by my sister and the rest is from my company as a bonus. These funds have come into my account in the last 2 months. Other than that I have stocks / shares worth CAD 10k in my trading / demat account.

Although, the total amount is well over the required CAD 12k, I have a few questions that I need clarification on.
1. Should I get a gift deed from a my sister?
2. Will the shares be considered? I do not want to liquidate them to cash right now.
3. Since the funds have come into my account in the last 2 months only, would there be any issues?

Kindly help me out on this, thank you.

 

[KiranK]

Hello,

I am from India and in the process of getting all my documents together. I received my ITA around 45 days ago.

Regarding proof of funds, I have about CAD 10k worth INR in my savings bank account. Part of this has been transferred to me by my sister and the rest is from my company as a bonus. These funds have come into my account in the last 2 months. Other than that I have stocks / shares worth CAD 10k in my trading / demat account.

Although, the total amount is well over the required CAD 12k, I have a few questions that I need clarification on.
1. Should I get a gift deed from a my sister? Yes, its important to show source of money.
2. Will the shares be considered? I do not want to liquidate them to cash right now. No, you will have to liquidate them.
3. Since the funds have come into my account in the last 2 months only, would there be any issues? As long as you attach the deed you are good to go.

Kindly help me out on this, thank you.

 

[Iampositive]

Yes, also get a no objection declaration from your wife.

Hi Vishal,

The funds have been in her account for some time now, what should be the source here?

 

[hmashru]

Thank you for the response.

I went through the CIC website again to read about Proof of funds. Below is from the website:

"
Bring as much money as you can to make moving and finding a home in Canada easier. Note, however, that Canadian customs regulations require you to declare if you are bringing more than CAN$10,000 into Canada. If you do not tell them, you may be fined, and your funds could be seized. These funds could be in the form of:

• cash,
• documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.), or
• documents that guarantee payment of a set amount of money, which are payable to you (such as bankers’ drafts, cheques, travellers’ cheques or money orders).

"
It mentions that stocks are allowed. I am assuming this is legit. Has there been any change in the rules that are not updated on the site?

 

[vishalg]

Hi Vishal,

The funds have been in her account for some time now, what should be the source here?

If the amount is in the account for more than 6 months then no source and proof is needed.
Any amount credited in last 6 months should be supported by relevant documents.

 

[vishalg]

Thank you for the response.

I went through the CIC website again to read about Proof of funds. Below is from the website:

"
Bring as much money as you can to make moving and finding a home in Canada easier. Note, however, that Canadian customs regulations require you to declare if you are bringing more than CAN$10,000 into Canada. If you do not tell them, you may be fined, and your funds could be seized. These funds could be in the form of:

• cash,
• documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.), or
• documents that guarantee payment of a set amount of money, which are payable to you (such as bankers’ drafts, cheques, travellers’ cheques or money orders).

"
It mentions that stocks are allowed. I am assuming this is legit. Has there been any change in the rules that are not updated on the site?

This is when you're landing there and the amount you can carry. You can carry as much as you want in any form provided your departure country allows you to. CIC wants unencumbered funds for POF.
Stocks are volatile in nature and their value can change frequently hence not accepted.
Also, if you're moving out of India then you can't carry more than usd 3000 per person ( in cash)

 

[salvatorexiang]

There is no specific format as such by CIC. You can ask a notary advocate in your country, he will get it done as per your country's format. Yes the gift deed will be signed by your parent and you. It should be on a notarised paper.
You need to go to a notary lawyer and you and the donor and 2 witnesses (ideally) should be there to sign the papers. Mostly the lawyers have formats of gift deed, it will be on a notarised paper, stamped with official stamps that this paper is valid for embassies etc. You can also search this forum for formats, there are many available.

Thanks, Should I combine the gift deed together with my bank latter as one document and submit under "Proof of Means of Financial Support". or should I submit gift deed separately under supporting document section (not sure if there will be such a section ..)?

 

[KiranK]

Thanks, Should I combine the gift deed together with my bank latter as one document and submit under "Proof of Means of Financial Support". or should I submit gift deed separately under supporting document section (not sure if there will be such a section ..)?

Upload along with Bank Letter in Proof Of Financial Support section.

 

[jes_ON]

Stocks cannot be shown as POF, you can liquidate money and then show the stocks to be source of the money added in your account.

This is not true, stocks CAN be shown as POF if they are "cashable" - in that case they are already considered liquid assets, they do not need to be cashed out. It's not wrong to cash them out either, but it's one more large deposit that you have to document and explain.

For money from parents, you will need to attach a gift deed in POF to show CIC the source of sudden jump in your account balance and show them that money is yours and not a loan.
This is good advice.

 

[Faky201]

Hello,
Do you have a sample of what the acceptance letter should look like where the donor of the gift is not in the country as the receiver.

 

[Vish7]

1> I have submitted application. I have shown my loans in POF and provided all the details in LOE that none of this loan was used for my POF. I hope loans will not cause any issue to my application.
2> I have received a message with subject Question-DoNotReply. After submitting application, I did not send any enquiry. Do I need to do here anything. I dont see anything else on my CIC messages. Just an email from CIC.
3> How do I check my application status or know where it is currently?

 

[vishalg]

1> I have submitted application. I have shown my loans in POF and provided all the details in LOE that none of this loan was used for my POF. I hope loans will not cause any issue to my application.
LOEs never are the reason for rejection. Don't worry you'll be fine.
2> I have received a message with subject Question-DoNotReply. After submitting application, I did not send any enquiry. Do I need to do here anything. I dont see anything else on my CIC messages. Just an email from CIC.
Best of luck for your application. That email might be due to a technical glitch. Did you receive AOR?
3> How do I check my application status or know where it is currently?
You can login to your mycic account to view your status. You won't be able to know where your file is by looking at your status. Your first change will come in the form of medicals passed and background check will turn to in progress. As per current trends, medical is taking around 60 -70 days.