Proof of funds in express entry

[tanveervora]

I have a question regarding proof of funds in express entry. I am in Canada as an international student, having past experience of 4 years as a sales manager in India and with the help of IELTS score I got a score of 468 in EE and was recently invited to apply PR. I have uploaded all the documents got the police clearance certificate and Medical examination done. Now only thing is left proof of funds. If I have funds in my Indian bank account and if my father transfer that amount in my Canadian account will that be a valid proof of funds, as the funds are in my account ? Please help me.

 

[tanveervora]

If it is in your bank account in India you can use it as the proof of fund and there is no need to transfer the money. Also, how would your father access this money if it is YOUR account?!

If it is a joint account ? If he is the cosigner ? And also what are the other ways to show proof of funds.

 

[tanveervora]

If it is a joint account, then it will not work. Joint accounts are only acceptable for accompanying dependents (for example, spouse). If it is a joint account, your father needs to withdraw the money, put it in your account, and get a gift deed.

I am already in Canada so they will ask all of my accounts here in Canada and I have to show the proof of funds in Canadian account ? Isn't that way ? Another thing is that, I just spoke with my dad, I have a deposit in my name in my company of approx $25,000. If these funds ( Certified by an Chartered Accountant ) are deposited in my Indian bank account ( which will not be a joint account ) will this do ?

 

[gurpreet.ts]

Bank statement is not required. You should have a bank balance greater than the threshold in any of your Indian or Canadian bank accounts of which you are a single owner. All you need is a balance certificate from the bank which should mention all your basic details like Name, Account Opening date, Type of Account and the balance held by you. Fairly simple process, please do not worry and make it complicated.

 

[Raz0r]

You are missing the "6 month average balance" requirement. In this case, he will clearly have a pretty low average since the money was not in his account for 6 months. This will raise concerns about the source of the money and if it is really owned by him. Thus, he needs to address this issue by supporting more documents.

Letter(s) must:

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account:
  • account numbers
  • the date each account was opened
  • the current balance of each account
  • the average balance for the past six months

About 3 of my close friends and 2 relatives relatives showed bank balances of accounts which were opened just 1-Month back (so no 6 month requirement as the opening date was itself less than 6 months). The accounts had the funds which were more than the required funds. So yeah, as per their examples, the 6-months average is not a mandate. Good luck.

 

[Roop@brar]

Hii
I have 6.5 lakh i.e 13000 dollars in my acc from last 8 months but it was transferred to me by my father. So do i need to provide any document related to that apart from bank statement and bank letter? Please help

 

[Roop@brar]

No, you are good.

thank you. i have heard about gift deed and statuatory declaration. That we need to declare that funds are mine and father has gifted to me. So i was confused.

 

[gurpreet.ts]

You are missing the "6 month average balance" requirement. In this case, he will clearly have a pretty low average since the money was not in his account for 6 months. This will raise concerns about the source of the money and if it is really owned by him. Thus, he needs to address this issue by supporting more documents.

Letter(s) must:

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account:
  • account numbers
  • the date each account was opened
  • the current balance of each account
  • the average balance for the past six months

About 3 of my close friends and 2 relatives relatives showed bank balances of accounts which were opened just 1-Month back (so no 6 month requirement as the opening date was itself less than 6 months). The accounts had the funds which were more than the required funds. So yeah, as per their examples, the 6-months average is not a mandate. Good luck.

I second Raz0r's point strongly - This definitely is an instruction from IRCC, but no banks in India provide such disclosure in the balance certificates. Providing bank statement as an additional document is not bad at all, what we are emphasising is that it is not mandatory.

Even I personally know a bunch of folks who deposited money into their accounts (leave aside the source even) just before filing their applications and successfully got their PRs.

In addition to this, even I had deposited money to my account around 3-4 months before my AOR date, but the point is that since I did not provide any bank statement, how would CIC or anyone on this earth know how old those funds were.

 

[tanveervora]

Well in my case guys I do have approximately $30,000 as a deposit in my company in my name, So my dad is going to deposit that money into my account so legally the money is mine. So it won't make a difference if I show the money in Indian account just before applying. The bank will be giving a supporting document as well as the chartered accountant. How does this sound ?

 

[tanveervora]

You are missing the "6 month average balance" requirement. In this case, he will clearly have a pretty low average since the money was not in his account for 6 months. This will raise concerns about the source of the money and if it is really owned by him. Thus, he needs to address this issue by supporting more documents.

Letter(s) must:

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account:
  • account numbers
  • the date each account was opened
  • the current balance of each account
  • the average balance for the past six months

Well in my case guys I do have approximately $30,000 as a deposit in my company in my name, So my dad is going to deposit that money into my account so legally the money is mine. So it won't make a difference if I show the money in Indian account just before applying. The bank will be giving a supporting document as well as the chartered accountant. How does this sound ?

 

[tanveervora]

Sounds good to me.

Thank you very much guys, you have been a very big help to lot of members like me.

 

[tanveervora]

Thank you for the information. I am not arguing that this doesn't happen. But seeing some people getting away with it, doesn't make it a rule. The rules are the only ones written in CIC documents. People have reported that they were asked to submit a proof of source of fund due to a sudden huge dipost. Take this for example:
http://www.canadavisa.com/canada-immigration-discussion-board/threads/a-complete-way-to-nail-source-of-fund-dilemma.349224/

I am just advising the OP to plan ahead in order to avoid in delays in the application later due to additional documents requests.

Can I apply for work permit after I submit my Express entry PR application ?

 

[MARYKE4NNY]

Concerning proof of fund. I got a letter from chase bank which shows my current balance and 12 month average. I have about 15k currently but an average of 1K. I requested for the 6 months average but I was told its a standard and can't be customised. I want to attach my 6 months statement to reflect the flow of cash. Please any advice? Thanks for the anticipated response.