Proof of Funds (Express Entry)

[Hasan Raza Awan]

Hi Guys,

I have got letter from bank for proof of fund requirement but that letter does not show my current balance and also not average balance over past six months.

The letter states that account have been open from XX date with my name, passport number, account number and been conducted satisfactorily.

In addition to this, I am submitting past six months bank statement. (This bank statement is not continuous i.e. in actual they are 02 tri-month bank statements).

For source of funds, I will be submitting my salary slips and one email from tax refund authority (as it was a big amount for tax refund).

Appreciate, if senior members can advise whether the above submission will be sufficient?

Thanks in advance.

Regards,

1). Bank issues two kinds of letter. one is called account maintenance certificate(Which you got) other is balance certificate in which current balance is mentioned. Ask your bank for this letter.
2). If its two tri-month statement than last date of first statement and starting date of second should be in sequence.
3). If you have money in bank from the past six months than you don't need to show your salary slips but if you upload it it will be OK.

Regards

 

[HuyQuang]

Hi folks,
I opened my saving account in October with sufficient money for 1 applicant. In the hope that I may receive ITA in the subsequent draw. However, I am in concern about whether we need to show cic exactly past 6 months account balance while submitting e-APR. This is because I am afraid that my account is only active around 5 months if I got bank letter in March. Could you give me advice? Thanks.

 

[Tehseen_aslam]

Hello All
I need help... i applied for OINP on 16th NOV.. i showed my wife's bank account statement as POF.. the money in the account was just above the required minimum funds however, recently the exchange rate changed drastically for our currency and now the amount has reduced below the required funds by more than a thousand CAD... additionally i provided a receipt of gold worth 2200 CAD that i purchased few months ago..based on my scenario i have two questions
1) will gold receipt (on my name) be considered as proof of funds as only in that case my funds would meet the requirement.. Or what should i do to be safe ( like adding more funds to the account)
2) i submitted 6months bank statement on bank letter head signed/stamped from the bank.. the statement has final balance mentioned on it.. there is no other paper from the bank that i submitted. Would it be enough or i should expect a request of additional documents from OINP..

 

[anju355]

I have a question regarding proof of funds:

My question is related to some large transactions.
In July 2017, I gave loan to one of my relative and transferred that amount to his account. At the end of October 2017 when applied for PNP that amount is transferred back to my account which is around 5000 CAD.

Now my question is related with that transaction (loan transaction given to relative and then come back in my account around 5000 CAD). Please note that amount transferred is in 2 days, like 2K in one day and then 3K in next day.

Will there be any problem for that? as along with that in start of January I also had transferred another amount of 18000 CAD but that was my provident fund which I took back from my company.

Do I need to write any kind of LOE for that too? If so, will it be fine if I write it as a loan and then get it back?

 

[drezashah]

Dear friends,
1. I have half of the money I claimed in the form of bank bonds for which I have got a statement letter in which the date the account was opened as well as the value of the bonds in Canadian dollars have been included. Considering the fact that there is no 6-month average balance for that, would it be acceptable?
(The same is with my another account which has been opened 2 months ago)
2. For a joint account with my father, Is it enough that the bank has stated in the letter that each of the holders have the right to withdraw or I must obtain a gift deed.
3. In case I need a gift deed, what should be written in it and should I get it from the bank??
Any help appreciated

 

[Ytaf]

Hi all
Could someone please explain what exactly is meant by average balance of 6 months..is it money in account over the 6months divided by 6..is it the closing balance for each month in the past 6 months. I am getting even more confused

 

[sysadmin141]

Hi all
Could someone please explain what exactly is meant by average balance of 6 months..is it money in account over the 6months divided by 6..is it the closing balance for each month in the past 6 months. I am getting even more confused

I think it's at the bank's discretion. CIC did not specify.

 

[canadian_dream89]

Hi All

First of all, I would like to congratulate all senior members of this forum helping new express entry applicants to succeed on their path to canadian PR.

I also have some doubts regarding POF. The bank I have all investments has given me a statement containing: account opening date, current balance (in USD Dollars), also declaring the money is available this date on letterhead paper, signed by two bank representatives, but has not stated my average six month balance on investments.

I have the money for more than six months, but I have made movements on investments during this period, changing from an investment to another, more profitable, so I think it would be confusing if I send statements of all investments to the immigration officer, as I think I would mix up his analysis and my proccess and as a result my process would be denied.

What is the solution then? Would it be enough to send checking account statements only? or would I have to send all investments statements I have had on all this period ??

Thanks in advance

Rodrigo Gil

 

[balaji.s]

Hi Team,

Thanks to all the members for helping the fresh applicants like me.
I am applying for express entry as Primary applicant accompanied by my wife(secondary applicant).
For the POF, I will be showcasing my Bank balance and EPF(Employee provident funds, India).
My query is, can I submit my wife's EPF balance(close to 8000 CAD) as one of the proofs? Will it be considered as POF, as it is solely owned by my spouse(Not a joint account). Please clarify.

Thanks
Balaji S

 

[Hasan Raza Awan]

Hi Team,

Thanks to all the members for helping the fresh applicants like me.
I am applying for express entry as Primary applicant accompanied by my wife(secondary applicant).
For the POF, I will be showcasing my Bank balance and EPF(Employee provident funds, India).
My query is, can I submit my wife's EPF balance(close to 8000 CAD) as one of the proofs? Will it be considered as POF, as it is solely owned by my spouse(Not a joint account). Please clarify.

Thanks
Balaji S

Yes you can Read the below lines
" If your spouse is coming with you, you can count money you have together in a joint account. You may be able to count money in an account under their name only, but you must prove you have access to the money."

For this you have to take affidavit from your spouse that you can use this money anytime for immigration purposes and to start life there in Canada after approval of visa as settlement funds/or whatever you name it.

Regards

 

[Nancy Prasaad]

Hi all,

I am planning to create EE profile by next month. Before creating it if I accumulate funds in my account to show POF, Do I need to submit any additional documents or the balance certificate provide by bank is enough while submitting application.

 

[Hasan Raza Awan]

Hi all,

I am planning to create EE profile by next month. Before creating it if I accumulate funds in my account to show POF, Do I need to submit any additional documents or the balance certificate provide by bank is enough while submitting application.

If these funds are there for more than six months than you don't need to give any additional documents but if there will be any heavy transaction(s) than you must prove that its not borrowed money.

 

[Nancy Prasaad]

If these funds are there for more than six months than you don't need to give any additional documents but if there will be any heavy transaction(s) than you must prove that its not borrowed money.

Thanks a lot

 

[Hassan.Fahm]

Dear All,

Do we really need to show such a huge list of documents. Is it mandatory or 'better to be safe than sorry" strategy. I have funds in my wife account being the principal applicant for last 4 months. do i still need to give six months bank statement. Does the balance has to be there for six months. What if your monthly income is say 10K dollars per months.

I need all of your professional advise on it. Those who have gone through the process will have better what exactly IRCC is looking for

Thanks in advance

 

[Hasan Raza Awan]

Thanks a lot

last six months average balance must be mentioned in balance certificate provided by bank.