Proof of funds requirements - Explained

[md_uddin]

NB: Please Advice

I have started to gather all the documents required to apply for FSW. Regarding POF, we got more than the required fund. The POF consists of my savings (salary) and my spouse's savings (saving) which she transferred it into my bank account. To prove this large transfer, I will get a statutory declaration signed by my spouse stating all the necessary info needed and will also write a LOE explaining about the fund transfer from my spouse.

In this case, do I also have to provide bank letter and bank statement or bank statement only for my spouse as well, OR submitting my bank letter, bank statement, LOE and statutory is enough?

Seniors please advice!

 

[hamgha]

NB: Please Advice

I have started to gather all the documents required to apply for FSW. Regarding POF, we got more than the required fund. The POF consists of my savings (salary) and my spouse's savings (saving) which she transferred it into my bank account. To prove this large transfer, I will get a statutory declaration signed by my spouse stating all the necessary info needed and will also write a LOE explaining about the fund transfer from my spouse.

In this case, do I also have to provide bank letter and bank statement or bank statement only for my spouse as well, OR submitting my bank letter, bank statement, LOE and statutory is enough?

Seniors please advice!

Honestly? We added it for safe measure just in case they request it at a later stage delaying our application

 

[Charles Harris]

Dear Members,

I need an urgent advice from you.

As per CIC, minimum funds required for a single person application is $12,300. I have gone through earlier conversations and noticed that the Visa Officer can request for Bank Statement up to 6 months old from the date of the bank statement provided, to ensure that the funds are not borrowed. As of today, I have 75% of the required funds with me but not in back account instead in my mutual funds account. I intend to redeem my investments from mutual funds when I am about to file the documents for ITA, due to the reason that my current investments are in loss and till the time I will file the documents for ITA, much of the loss will be recovered. As evidence, along with bank statement I will also attach my 6 months account statement of mutual funds so that it is visible that the funds were in my account for more than 6 months.

However, I'm confuse about one thing on which I need your clarification. Will CIC raise an objection on the huge influx of funds in my bank account, despite of the fact that I will be attaching the 6 months old account statement of my investment in mutual funds?

Further, the remaining 25% of the required funds will be covered through the Bonus that I will be getting in near future from my Company. For the influx of funds in my bank account due to bonus, I will be attaching my bonus slip duly issued by my Company. Hope this sudden influx of funds due to bonus will also not create an issue. If yes, then please do let me know.

Your early response shall be highly appreciated.

Best Regards

 

[md_uddin]

Dear Members,

I need an urgent advice from you.

As per CIC, minimum funds required for a single person application is $12,300. I have gone through earlier conversations and noticed that the Visa Officer can request for Bank Statement up to 6 months old from the date of the bank statement provided, to ensure that the funds are not borrowed. As of today, I have 75% of the required funds with me but not in back account instead in my mutual funds account. I intend to redeem my investments from mutual funds when I am about to file the documents for ITA, due to the reason that my current investments are in loss and till the time I will file the documents for ITA, much of the loss will be recovered. As evidence, along with bank statement I will also attach my 6 months account statement of mutual funds so that it is visible that the funds were in my account for more than 6 months.

However, I'm confuse about one thing on which I need your clarification. Will CIC raise an objection on the huge influx of funds in my bank account, despite of the fact that I will be attaching the 6 months old account statement of my investment in mutual funds?

Further, the remaining 25% of the required funds will be covered through the Bonus that I will be getting in near future from my Company. For the influx of funds in my bank account due to bonus, I will be attaching my bonus slip duly issued by my Company. Hope this sudden influx of funds due to bonus will also not create an issue. If yes, then please do let me know.

Your early response shall be highly appreciated.

Best Regards

I m not sure about your 1st concern. But, future bonus explanation may not be accepted as it states clearly at the time of application submission, the applicant have to have the required fund in their account. Seek advice from seniors on this.

 

[cc31]

Hi, I would like to hear some expert opinions on my situation.

Outstanding Debt

1. Car Loan (Bank ‘B’) - $2500 which I will pay off before submitting
2. Credit Card A – max $200
3. Credit Card B – max $200


Bank Acc
4. Bank ‘A’ – sufficient fund for POF. Do not have any loan or credit card from this bank. But shows car loan and credit card payments to the above institutions in statements.

All of these 4 points represent different financial institutions. I am planning to only include Bank ‘A’ financial letter + 6 month statements showing no loan and credit card debt, even if I actually have some credit card debt and car loan will be paid off already. Is this okay?

Thank you.

 

[mcassim87]

any advice here ,
i got procedural fairness request form OINP (Ontario PNP), which apparently is for settlement of funds.

for POF i showed two sources

i am a single applicant
my own bank account statement ,which is equivalent to $11,030.33 CAD
rest of the $1270 CAD were taken from my pension/investment account ( seems they didnot accept it so sent me an email last night)

The documentation provided on your pension fund investment from UBL Fund Managers could not be accepted as settlement funds as no documents have been provided by your financial institution indicating that the funds are readily accessible.

Please provide confirmation from your financial institution that the funds
contained in your investment accounts can be immediately liquidated and at what
value; and that they are free of debt or financial liability.

Any additional information and documentation to support that your application
meets program criteria.

So i want to ask, that, should i provide letter from my Funds manager , explaining the above criteria or should i go ahead and transfer that sum from my pension account to the personal one ??

any help would be highly appreciated
Thanks in advance.

 

[vcfranca]

Hey guys,

I have a quick question regarding the proof of funds.

I currently have the required amount in a savings account at HSBC to support me and my family.

However, I have a student loan in a different institution that I am still paying (~$50,000).

When I submit my proof of funds should I include the information from the savings account as well as the loan?

I am afraid of not getting accepted because of the loan. Any advice on that?

Thanks in advance.

 

[cprasp]

Guys, any advice on the question posted in #336? I need this information too. Thank you!

 

[Melotto]

Hello friends,

I have a doubt which I need help from experienced people since I will take actions that will change my life.

I did the homework and calculate costs for 2 years college and live costs and I came to this point:
I will sell my car as there isnt a reason to keep it 2 years in a garage in my country.
Going to resign from my job.

So, with the money from my car, resign and what im saving, will have around 60% off all costs for 2 years of college/rent/food.

Here is the question: When should I resign my job and sell my car?
Lets say college starts at january.

***I considering that those 40% left will get from a 20 hours week job in Canadá (I did the math considering what theyr are paying)

 

[TiMMMY]

Hello,

Is a rural bank recognized by IRCC? my settlement funds/proof of funds are in a rural bank.

 

[Sajith]

Hi All,

Should I submit FD statement for Canadian immigration funds proof or FD receipt and an official letter from bank would be fine ?

 

[rahiblogger]

hello first time i was rejected for student visa.
For general category can i show education/student loan from THE SURAT DISTRICT CO OPRATIVE BANK to show my financial capabity for education.

 

[Newcandidate2017]

Hello, friends!
Could you please help me with the next issue:
According to my research I have met all minimum required criteria for Express Entry.
Also I found that I don't need to prove funds if I get a job offer.
But here I've met an obstacle. I'm not approved to get into the pool despite the fact I've met minimum criteria.
So, this is some kind of a deadlock, as I can't create an account in JobBank, therefore I can't find an employer's offer.
Is there some resourse where I could learn the subject as according to www.cic.gc.ca I have no problems, but I'm not admitted though!
Thanks in advance, guys!

 

[neophile]

any advice here ,
i got procedural fairness request form OINP (Ontario PNP), which apparently is for settlement of funds.

for POF i showed two sources

i am a single applicant
my own bank account statement ,which is equivalent to $11,030.33 CAD
rest of the $1270 CAD were taken from my pension/investment account ( seems they didnot accept it so sent me an email last night)

The documentation provided on your pension fund investment from UBL Fund Managers could not be accepted as settlement funds as no documents have been provided by your financial institution indicating that the funds are readily accessible.

Please provide confirmation from your financial institution that the funds
contained in your investment accounts can be immediately liquidated and at what
value; and that they are free of debt or financial liability.

Any additional information and documentation to support that your application
meets program criteria.

So i want to ask, that, should i provide letter from my Funds manager , explaining the above criteria or should i go ahead and transfer that sum from my pension account to the personal one ??

any help would be highly appreciated
Thanks in advance.

it better to transfer amount to your individual account instead keeping in investment fund which is not acceptable to CIC

 

[mcassim87]

it better to transfer amount to your individual account instead keeping in investment fund which is not acceptable to CIC

Appreciate your answer, However, the concern raised in PFL was:

The documentation provided on your pension fund investment from UBL Fund Managers could not be accepted as settlement funds as no documents have been provided by your financial institution indicating that the funds are readily accessible.

Please provide confirmation from your financial institution that the funds
contained in your investment accounts can be immediately liquidated and at what
value; and that they are free of debt or financial liability.

Any additional information and documentation to support that your application
meets program criteria.

so i already have replied with a letter from my financial institution (Pension Funds account manager) stating that FUNDS in my account can be redeemed within 6 business days after completion of formal paper work and those FUNDS are free of debt or any financial liability.

This all was stamped by Bank manager on Bank's official letter head so i think i have answered their query.