Proof of Funds (Express Entry)

[nbt11]

Thank you NBT11. Yes, the property is mine, but what really constitutes "proof of sale"? I won't want to leave any vital information or step out.

You could provide a copy of the sale deed or something like that.
[EDIT]
You will be giving the details in your LOE that you got these funds by selling this property, and as a solid proof you'll have to attach this sale deed.

 

[sysadmin141]

You could provide a copy of the sale deed or something like that.
[EDIT]
You will be giving the details in your LOE that you got these funds by selling this property, and as a solid proof you'll have to attach this sale deed.

Thanks. But in addition to the sales deed, LOE, I'll also need 3 valuation reports right? I need the full list of requirements for this option please.

 

[TanakaM]

Hi All,

I recieved ITA for me and my wife as dependant on 12th July 2017. Now my concern is for proof of funds, 1. is there any specific limit of amount for which I need to prepare gift deed provided my parents are giving me a part of fund, not entire? If it is then what is the limit?

There is no limit

2. Do I need to provide gift deed, if I transfer money from my wife's account to my account, my wife will be accompanying me too?

No, but she must submit a signed affidavit giving her full consent to the use of these funds for immigration purposes.

3. I didn't have balance till last 6 months, means not nil, but also not required balance , but there were transactions since I deal in stock market. So, now there is inflow of cash obtained from selling those stocks which I owned, some part from my parents and rest from my wife's account. So will this be fine and what supporting documents should I provide?

This is fine, you will need to submit your 6 months bank statement showing all of these transactions, bank letter, share certificates or proof of sale, gift deed and wife's consent affidavit.

See answers in red.

All the best

 

[TanakaM]

Hey Samnish,
Please find my comments above.
Cheers

Sorry, hadn't seen this. Point 2 is correct, however, she would need to sign an affidavit giving her full consent to the use of these funds for immigration purposes.

 

[sureshlike33]

Yes, that's fine (but risky as it is from your aunt), it is far better if it is from one of your family members (brother/sister/mother/father).
Cheers

Well Thanks for your prompt reply

 

[TanakaM]

Please check my comments.
Cheers

Questions about Gift Deed:

- Is it necessary to have the Gift Deed's money staying in MY account for 6 months prior PR application?
- Is it required to show the (the giver's) bank account statement for 6 months? Do they care about the source of money at his/her account?
- What are your recommendations for Proof of Fund through Gift Deed to be successful and acceptable by CIC?

@nbt11 is spot on.
On point number 3, I would say a critical factor is where the gift is coming from. Immediate family (parents or siblings) is fine, other family members are debatable. It would be very difficult to convince a visa office that an aunt would give a gift of such large amounts.

regards

 

[nbt11]

Thanks. But in addition to the sales deed, LOE, I'll also need 3 valuation reports right? I need the full list of requirements for this option please.

@sysadmin141 I'm sorry I won't be of much help here... Forget about selling a property, I'm not even sure about the associated terminology for that :| May be someone else from the thread could help you with this
P.S : I'm still 24

 

[sal_g]

urgent question for a friend everyone i will appreciate your help alot!
he submitted his application and got AOR 30th May and medical passed then his BG is in progress now. he got married on 2nd July. he had is his POF money covering his wife and step daughter but he has withdrawn some but not less than what covers him alone and before marriage.
now he will send CSE to confirm his marriage
is he obligated to increase his POF to cover all three of them although his wife and step daughter are not accompanying him? and if this is true can he send an LOE that he got married and he added money to cover all tree of them.

thanks alot

 

[nbt11]

Well Thanks for your prompt reply

Please check this. Try some workaround, maybe get those funds to one of your family members' account and get that to yours? If possible.

@nbt11 is spot on.
On point number 3, I would say a critical factor is where the gift is coming from. Immediate family (parents or siblings) is fine, other family members are debatable. It would be very difficult to convince a visa office that an aunt would give a gift of such large amounts.

regards

 

[nbt11]

urgent question for a friend everyone i will appreciate your help alot!
he submitted his application and got AOR 30th May and medical passed then his BG is in progress now. he got married on 2nd July. he had is his POF money covering his wife and step daughter but he has withdrawn some but not less than what covers him alone and before marriage.
now he will send CSE to confirm his marriage
is he obligated to increase his POF to cover all three of them although his wife and step daughter are not accompanying him? and if this is true can he send an LOE that he got married and he added money to cover all tree of them.

thanks alot

If his wife and daughter are not accompanying him, I think the POF for the primary applicant (himself) is sufficient. I could be wrong...

 

[sysadmin141]

@sysadmin141 I'm sorry I won't be of much help here... Forget about selling a property, I'm not even sure about the associated terminology for that :| May be someone else from the thread could help you with this
P.S : I'm still 24

 

[nbt11]

Hello friends,
I have a quick question regarding the bank account that I hold.

So I had a salary account when I was in my previous company and currently I hold a different salary account.
I have my funds (gifted by my brother) in my new account which was opened in March (End of Feb technically). Will that be a problem if I show this account for the proof of my funds? Because, it's not been 6 months yet and I'm expecting an ITA in the next draw.
Also, could someone please give a sample LOE for explaining the gifted funds?

[EDIT]
I know that there is no particular format for LOE, but I'm having a hard time framing it.
I want to explain two cases, one is gifted funds and the other is my current organization's refusal of a reference letter.

Thanks in advance.

Anyone please?

 

[Wandering Mind]

Hello friends,
I have a quick question regarding the bank account that I hold.

So I had a salary account when I was in my previous company and currently I hold a different salary account.
I have my funds (gifted by my brother) in my new account which was opened in March (End of Feb technically). Will that be a problem if I show this account for the proof of my funds? Because, it's not been 6 months yet and I'm expecting an ITA in the next draw.
Also, could someone please give a sample LOE for explaining the gifted funds?

[EDIT]
I know that there is no particular format for LOE, but I'm having a hard time framing it.
I want to explain two cases, one is gifted funds and the other is my current organization's refusal of a reference letter.

Thanks in advance.

I'm not an expert on these matters but I think that you can show your active account even if it's less than 6 months old. And anyway, by the time you are ready to submit your application after receiving your ITA it may be close to 6 months of opening the account.

Search for "gift deed template" on this forum and you may find something to suit your needs.

Good luck.

 

[nbt11]

I'm not an expert on these matters but I think that you can show your active account even if it's less than 6 months old. And anyway, by the time you are ready to submit your application after receiving your ITA it may be close to 6 months of opening the account.

Search for "gift deed template" on this forum and you may find something to suit your needs.

Good luck.

Thank you very much.
And, I did create a gift deed.. all I'm concerned is about the Letter of explanation.
So I was wondering if I could get an example for that...I have to explain that there is a gift and there is no official reference letter from the company... :/ Could you please help me with that LOE...? Thank you...

 

[pravquery]

Hi All,

I am in a fix as to what to do.

I took a personal loan of 20,000 CAD in February and paying monthly EMI. I received ITA in May and my current cash balance is less than 20000.

1. Considering the timelines, is there any chance of my personal loan being construed as borrowing for PoF?

2. Would showing this loan account be risky, since the liabilities>cash

3. If I transfer 14,000 to a different bank without loan, what should I show as proof of transfer? If I show the original bank statement (along with monthly EMI details) will that be a cause of rejection (misrepresentation, deliberately hiding loan?)

Appreciate your help and thanks very much for all the useful information in here.

Any help on this please?