Proof of funds requirements - Explained

[Rayansaif]

Hi All,
My wife is going to apply for Express Entry as the primary applicant along with me as the dependent. Probability of getting accepted with her application is higher as she has a masters degree and also better IELTS resutls. I have the below queries and would really appreciate forums help:

1. If my wife shows financial solvency fully with my banking solvency and savings certificates under my name, will that be acceptable? Or financial solvency should be shown through her banking accounts?

2. Is it wise to apply after 3/4months of keeping the required amount in the bank? Or we can apply now with the amount I have recently inserted in my bank account?

Thanks in Advance.

 

[cc31]

Dear members,

Any idea for how long POFs are valid for submission? Thanks in advance.

 

[Kandi Chick]

Hi Guys ,
Please a quick one .I wish to know if a credit union can be used to show POF. Because my savings is with a Credit Union.

I have been reading banks only.

Please I really need a quick reply to this.

 

[arvindman]

Hi Guys,

Regarding POF, i had money with a) few mutual funds b) lended to 3-4 friends.
Now i have made fixed deposit last week for the amount exceding total amount required as per CIC (redeemed all my mutual funds and also taken back most of my money which i gave to friends).
So question which i have in my mind is "Can i immediately show FD as pof or i need to wait?"

 

[Solankinitika]

Can we use money from own business to show proof of funds in cic immigration? The name of the firm is different but I am the proprietor.. any inputs??

 

[arvindman]

Can we use money from own business to show proof of funds in cic immigration? The name of the firm is different but I am the proprietor.. any inputs??

no as per my understanding name of the firm can be different but it should be registered on your name, current account statement should mention your name. In other words bank must mention your name on its letter/certificate.

 

[Kunalx1x2]

Hi, can anyone suggest if Mutual Fund Statements can be shown as POF, shares in Demat Portfolio is acceptable or not? Also about Employee Provident fund statement.

 

[Mohdather]

How do IRCC Verify bank accounts for the applicants. Please share

 

[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)

Anyone, please?

 

[pie_vancouver]

Also about Employee Provident fund statement.

Yes, I used my employee provident fund as pof.

 

[jainritu]

Hi can i use tax saving FDs lock in for 5 yrs as POF

 

[Yogi19]

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 am having the same case....They consider Mutual funds as an investment or should we request for redemption??? FD is also valid or not???

 

[sinpstudent]

Can I use offer for graduate student stipend as POF?
To elaborate, I’m international graduate student in Canada. I get stipend as Graduate research student monthly. I have offer letter for three years as PhD student. Do anyone have clear idea, if such offer is applicable for POF?

 

[Yogi19]

Yes, I used my employee provident fund as pof.

Oh that's great...it means we can show our EPF statement also...I think they also consider mutual funds as they can be anytime liquidated.

 

[gradstudentXXX]

Can I use offer for graduate student stipend as POF?
To elaborate, I’m international graduate student in Canada. I get stipend as Graduate research student monthly. I have offer letter for three years as PhD student. Do anyone have clear idea, if such offer is applicable for POF?

I am in a similar situation here. I am a phd student in a canadian university and I get scholarship from school + salary in return of my work as a Teaching Assistant. do you think I can use my scholarships and/or Teaching assistant employment from the university. I have tax slips and everything to proof my salary as a TA.

Thanks so much