Proof of funds requirements - Explained

[sundar17feb99]

Hello, If my spouse is the principal applicant, is it acceptable for most of the proof of fund to be in my name? As she has been schooling for the last one year. Will this pose a problem?

If you are accompanying with your spouse, then it won't raise red flags if officer witness your name in the accounts.

 

[sundar17feb99]

Hello members .please guide me as i am totally clueless.we have funds as in different policies like LIC(life insurance company) which will mature in next year.can i use that proof of funds?
if thats not acceptable then can i show property as proof of funds ?
please guide

Both are not a viable source for POF.

• In LIC, you do not know how much money is yours out of total premium paid by you. They may give you a certificate of surrender value which may be less that the requirement threshold.
• Property and assets also cannot be used as POF.

https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/become-candidate/eligibility/proof-funds.html

 

[sundar17feb99]

hello everyone , i am very confused about POF and bank statement to prove employement.
i will be getting gift deed for the POF , should we show 6 months bank statement for it cos im getting salary in cash and the same is mentioned in my employment letter but no salary deposit in my bank account ,so wat should i do ?

Bank statement is not a mandatory document unless you apply for PNP's.
For CIC, you need to furnish bank balance certificate on a paper which holds bank seal/stamp.

 

[balaji.s]

Since your wife is accompanying you, it can be used. Yes.

Hi Sundar,

Thanks for the clarification, with my funds and my wife's funds combined we are meeting the POF minimum balance.
I was worried whether my wife's PF account will be considered , Thanks a lot.

 

[arvindman]

FD certificate is enough

Thank you frnd.

 

[fhaq]

Hi All,

Need help from seniors on the forum.

I have submitted my application for Express Entry (paid the fees + submitted documents) on 25th Jan 2018 and now my application is under process/review. I have also submitted my bank statement showing amount greater than what is required so should be all good there. The problem is that PKR is devaluing at an alarming rate right now due to government policy and that means i would have to save even more in order to meet the minimum requirement. Now what i want to know is, that at this stage should i take the money out of my account and convert it to CAD? Would CIC be contacting my bank during this period to check my balance? or is it a risk and i should wait till there is any further update?

I know its a long question but wanted to share the complete scenario. Would appreciate if anybody can assist me in this regard.

Thanks.

Faizan-ul-Haq

 

[sundar17feb99]

Hi Sundar,

Thanks for the clarification, with my funds and my wife's funds combined we are meeting the POF minimum balance.
I was worried whether my wife's PF account will be considered , Thanks a lot.

If possible, try to withdraw the amount and deposit in your/her's account.
Append the pf withdrawal statement with bank statement. Thereby, you are assuring visa officer about "funds are readily available" part.

All the best

 

[sundar17feb99]

Hi All,

Need help from seniors on the forum.

I have submitted my application for Express Entry (paid the fees + submitted documents) on 25th Jan 2018 and now my application is under process/review. I have also submitted my bank statement showing amount greater than what is required so should be all good there. The problem is that PKR is devaluing at an alarming rate right now due to government policy and that means i would have to save even more in order to meet the minimum requirement. Now what i want to know is, that at this stage should i take the money out of my account and convert it to CAD? Would CIC be contacting my bank during this period to check my balance? or is it a risk and i should wait till there is any further update?

I know its a long question but wanted to share the complete scenario. Would appreciate if anybody can assist me in this regard.

Thanks.

Faizan-ul-Haq

Yes it's a concern for many.

Just to understand, how much you are showing for POF?

Usually, visa officer will check the amount shown against the exchange rate and validate your eligibility at the time of your submission.
This eligibility test is the first step of your processing, where you have to show minimum balance required for CIC.
When you pass that stage, it won't matter if your minimum balance decrease at later stages.

There are negligible instances where the visa is rejected citing POF. Visa officer may ask your updated bank statement at the time of processing your file.

If possible, try to deposit amount to balance minimum threshold but never withdraw amount frequently as it will raise red flags.

 

[fhaq]

Yes it's a concern for many.

Just to understand, how much you are showing for POF?

Usually, visa officer will check the amount shown against the exchange rate and validate your eligibility at the time of your submission.
This eligibility test is the first step of your processing, where you have to show minimum balance required for CIC.
When you pass that stage, it won't matter if your minimum balance decrease at later stages.

There are negligible instances where the visa is rejected citing POF. Visa officer may ask your updated bank statement at the time of processing your file.

If possible, try to deposit amount to balance minimum threshold but never withdraw amount frequently as it will raise red flags.

Hi Sundar,

Thanks for your reply - the amount i have mentioned is CAD 13000 and at the time of applying my account had around CAD 13,634 (in PKR).
It is actually a salaried account so it fluctuates but stays above the minimum threshold. I was asking in order to protect the value of my funds and to avoid having to put in more in order to meet the minimum threshold.

So, should i wait for now until there is further update with my application?

 

[balaji.s]

If possible, try to withdraw the amount and deposit in your/her's account.
Append the pf withdrawal statement with bank statement. Thereby, you are assuring visa officer about "funds are readily available" part.

All the best

Thanks for the suggestion Sundar.
But the problem is technically we cant withdraw the amount until the immigration without a proper reason(like home loan pre-closure, medical expenses etc).
So the only option available to submit the PF statement as proof of funds, will it be enough?
Also in one of the forums I read that PF amount can be completely withdrawn while immigrating to another country, Its possible right? Please advise.

 

[ElamParithi]

Hi all,

Thanks to everyone who is helping out everyone here. I looked up the forum on multiple threads and I got very much confused regarding the POF.

Regarding my application,
We are from India.
My wife is the primary applicant, I'm the dependent (accompanying spouse) and we got the ITA.

My wife is currently unemployed and she has around 580 CAD in her account. I'm salaried and I have an FD + cash for around 11520 CAD. We have to show POF in a month's time. Totally, we require around 16000 CAD to show POF, and my parents have planned to pledge their jewelry and help us out with 3800 CAD, which they will transfer to my account in one shot through a gift deed.

So, we planned to show the POF as :

580 CAD (my wife account - primary) + 11520 CAD (FD + cash in my account) + 3800 CAD (my account - through gift deed from my parents).

My questions :
1. Since my wife is the primary applicant, should I transfer my funds to her account? Would it be a problem if there is a huge rise in her account?
2. Can we show separate statements of my wife and mine? If yes, Should I submit a non-objection certificate letter for it? And should it be notarized by a lawyer?
3. Is gift deed a safe way to add funds to the account? If yes, what is the procedure for creating a gift deed? Should I contact the bank or a lawyer to the create a gift deed?

Sorry for the lengthy message, but I wanted to be as clear as possible. Any help is much appreciated.

Thanks a lot in advance.

 

[sundar17feb99]

Hi Sundar,

Thanks for your reply - the amount i have mentioned is CAD 13000 and at the time of applying my account had around CAD 13,634 (in PKR).
It is actually a salaried account so it fluctuates but stays above the minimum threshold. I was asking in order to protect the value of my funds and to avoid having to put in more in order to meet the minimum threshold.

So, should i wait for now until there is further update with my application?

If there is way to substantially increase your account, it would be suggested to do so.
you can ask your immediate family members to provide some amount as a gift with notarised gift deed.

Since you had already submitted your application, that's the one way to increase your amount.
I would have recommended you to transfer amount from salary to savings account, If i had come across you earlier.

 

[sundar17feb99]

Thanks for the suggestion Sundar.
But the problem is technically we cant withdraw the amount until the immigration without a proper reason(like home loan pre-closure, medical expenses etc).
So the only option available to submit the PF statement as proof of funds, will it be enough?
Also in one of the forums I read that PF amount can be completely withdrawn while immigrating to another country, Its possible right? Please advise.

I believe, PF amount can be completely withdrawn for immigration purposes. I haven't tried it myself, but if you have question over, "how to?" try https://www.quora.com/Is-it-possible-to-withdraw-PF-online-in-India

Steps to acquire EPF, https://www.canadavisa.com/canada-immigration-discussion-board/threads/procedure-to-get-pf-balance-certificate-and-a-c-statement-from-pf-office-india.412640/

 

[sundar17feb99]

Hi all,

Thanks to everyone who is helping out everyone here. I looked up the forum on multiple threads and I got very much confused regarding the POF.

.

Don't complicate too much

First, there is no written rule that funds should be shown in the account of primary applicant and you don't need "no objection letter"
Second, you can show gift deed and individual account statement as a valid claim for POF.

That being said, I will suggest you an alternate way to reduce processing time.

1. Since your wife is a primary applicant, transfer your amount to wife's account.
2. Get your parents amount deposited in your wife's account with the notarised gift deed.
3. Write a LOE, stating the influx of huge amount in your wife's account.

Now you are providing officer, less documents to investigate meaning less processing time.

If you feel uncomfortable, you can still furnish, bank statements (yours+your spouse) + gift deed.
There is no problem in that.

Also, when your parents make their jewels sale, keep a receipt in handy, just in case.
I have found a gift deed template in this forum, https://www.canadavisa.com/canada-immigration-discussion-board/threads/draft-gift-deed-template.395844/. Tailor accordingly.

Remember,source of POF should not be from loans.

 

[balaji.s]

I believe, PF amount can be completely withdrawn for immigration purposes. I haven't tried it myself, but if you have question over, "how to?" try https://www.quora.com/Is-it-possible-to-withdraw-PF-online-in-India

Steps to acquire EPF, https://www.canadavisa.com/canada-immigration-discussion-board/threads/procedure-to-get-pf-balance-certificate-and-a-c-statement-from-pf-office-india.412640/

Sundar Thanks a ton for your guidance.
Yes as per your idea PF can be completely withdrawn for immigration, only checkpoint is that the concerned person should resign before submitting the withdrawal claim.
So my plan is to get a PF balance certificate from PF office(as per the guidelines in the second link shared by you), and submit the certificate as POF.
Once the PR is approved I will resign and initiate the process of PF withdrawal. Hope this will be sufficient, Please advise.