Proof of Funds (Express Entry)

[Hasan Raza Awan]

Thanks a lot

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

 

[DelPiero07]

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

The six months bank statements are recommended when the bank refuses to provide a letter following IRCC's guidelines. The balance does not have to be there for six months as long as you can prove where the money came from in the first place.

 

[Shrita]

Hi All,

I and my husband are landing in Toronto this month end. I had a couple of questions on settlement funds. Can anyone who has already landed please help?

After landing, what does the immigration officer want to see in settlement funds? Just that is it legitimate money and it's from our account or do they check if it's present in account since 6 months?
The reason why I asked is we had the money (INR worth 15k CAD) in our account for 8 months and then we got around 9k CAD converted to CAD cash few months ago when the rates started going up. And in the remaining 6k CAD that we need to show, due to an emergency I had to use around 2k CAD worth money last month. I will put it back into the account next week. Is that ok? Or will this cause any problems/ questions?

Also can I create a bank account with a Canadian bank and do a wire transfer of the remaining amount before I can land there? Would the immigration officer accept this bank's email/ statement as proof of remaining funds other than the cash? Or do they accept a traveller's cheque ?

Please share your experiences
Thanks

 

[Hassan.Fahm]

The six months bank statements are recommended when the bank refuses to provide a letter following IRCC's guidelines. The balance does not have to be there for six months as long as you can prove where the money came from in the first place.

Thank You Del Piero. By the way your name reminds me of great Italian and Juventus footballer.

 

[Hassan.Fahm]

The six months bank statements are recommended when the bank refuses to provide a letter following IRCC's guidelines. The balance does not have to be there for six months as long as you can prove where the money came from in the first place.

From where I can get a format of the Bank Letter. Any guidance will be appreciated

Thanks

 

[DelPiero07]

From where I can get a format of the Bank Letter. Any guidance will be appreciated

Thanks

Here.

"
The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans.

• o The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance for the past six months."

https://www.canada.ca/en/immigration-refugees-citizenship/corporate/publications-manuals/operational-bulletins-manuals/permanent-residence/express-entry/applications-received-on-after-january-1-2016-completeness-check.html

 

[prabhurk]

Hello Seniors, your guidance have been helping me so far. Need one more assistance on POF. Mine is typical case as presented below

After ITA got Gift deed from parents : 8000 CAD
After ITA salary and bonus from current organization : 8000 CAD
After ITA withdrew LIC policy : 4400 CAD
EPF Balance: 12000 CAD

So net net, I will show 32,400 CAD as POF(As I’m single, requirement is 12500 CAD)

Now comes the twist, I have a housing loan of 44000 CAD in a differnt bank. However there are multiple transactions between current salary acc to the other account where my loan is.

So my question is, shall I declare both the accounts and be honest even tough the loan amount is greater than the savings
Or
just show the salary account and proof for other recent bulk transactions(Have proof for all the transactions)

Please suggest as I’m really confused how to proceed

 

[sundar17feb99]

Hello Seniors, your guidance have been helping me so far. Need one more assistance on POF. Mine is typical case as presented below

After ITA got Gift deed from parents : 8000 CAD
After ITA salary and bonus from current organization : 8000 CAD
After ITA withdrew LIC policy : 4400 CAD
EPF Balance: 12000 CAD

So net net, I will show 32,400 CAD as POF(As I’m single, requirement is 12500 CAD)

Now comes the twist, I have a housing loan of 44000 CAD in a differnt bank. However there are multiple transactions between current salary acc to the other account where my loan is.

So my question is, shall I declare both the accounts and be honest even tough the loan amount is greater than the savings
Or
just show the salary account and proof for other recent bulk transactions(Have proof for all the transactions)

Please suggest as I’m really confused how to proceed

IRCC concerns about the amount in the account which you have shown for POF. The amount you are carrying as a POF should be free of loan and unencumbered.
Do you have any savings account in place? you can transfer all those amounts in your savings account and substantiate your case with well written LOE about the source of funds among other documents like deeds, EPF and LIC statements.

In my opinion, The current salary account which you are about to show, has lot of transactions to and fro which indicates mercurial nature of your account which in-turn may raise red flags.

 

[prabhurk]

IRCC concerns about the amount in the account which you have shown for POF. The amount you are carrying as a POF should be free of loan and unencumbered.
Do you have any savings account in place? you can transfer all those amounts in your savings account and substantiate your case with well written LOE about the source of funds among other documents like deeds, EPF and LIC statements.

In my opinion, The current salary account which you are about to show, has lot of transactions to and fro which indicates mercurial nature of your account which in-turn may raise red flags.

Thanks Sundar17feb99 for your reply. Yes I do have a savings account with just minimum balance maintained so far. However I have to move funds from salary account if I have to show the savings account.
Would it be ok if I show the current salary account and only 2 months statement and not show the account where I have housing loan?
I have not made any transactions since last 2 months from my sal account.

I know it’s getting complicated, but better to be sure than sorry. Appreciate your help.

 

[sundar17feb99]

Thanks Sundar17feb99 for your reply. Yes I do have a savings account with just minimum balance maintained so far. However I have to move funds from salary account if I have to show the savings account.
Would it be ok if I show the current salary account and only 2 months statement and not show the account where I have housing loan?
I have not made any transactions since last 2 months from my sal account.

I know it’s getting complicated, but better to be sure than sorry. Appreciate your help.

You need not show the account which has loans.
In general, IRCC doesn't ask for bank statements, they ask for bank balance certificate.
http://www.cic.gc.ca/english/immigrate/skilled/funds.asp
Proof of Funds Letter Requirements:

• 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 number
  • the date that account was opened
  • the current balance of your account
  • the average balance for the past six months

People also appending 6 month bank statement as IRCC tend to ask in later stages of processing as an ADR. If the statement highlights any large deposits, they are substantiating with additional document to legitimize, amount is not made out of loans and unencumbered.

You can provide your salary account , if you very sure you can maintain said minimum balance till you receive PPR. Add deeds and other documents you already have with well composed LOE to aid your case.

All the best

 

[prabhurk]

You need not show the account which has loans.
In general, IRCC doesn't ask for bank statements, they ask for bank balance certificate.
http://www.cic.gc.ca/english/immigrate/skilled/funds.asp
Proof of Funds Letter Requirements:

• 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 number
  • the date that account was opened
  • the current balance of your account
  • the average balance for the past six months

People also appending 6 month bank statement as IRCC tend to ask in later stages of processing as an ADR. If the statement highlights any large deposits, they are substantiating with additional document to legitimize, amount is not made out of loans and unencumbered.

You can provide your salary account , if you very sure you can maintain said minimum balance till you receive PPR. Add deeds and other documents you already have with well composed LOE to aid your case.

All the best

Thanks sundar17feb99. Fingers crossed. Will Inbox you if I need further inputs. Thanks for your help !!!

 

[unli2020]

Hi, my monthly savings account only averages to 3000 CAD but I have other assets such as company shares and unit trust funds amounting to 30,000CAD which I can liquidate when I resign. Will they consider this money as part of my Settlement fund?

 

[MARKOUMAGO]

Hi,
1.My wife is principal applicant but the money are on my bank account (she is authorized on the same account). I suppose there is no problem for showing IRCC bank certificate on my account + wife authorization?
2. Because she is principal applicant she will show pay slips on her work experience letter, but later VO can ask about bank statement so she can prove the wage. On her account she closed her credit 1 month ago and she has bank prove for it that she isn't owe any money. Should we upload this in the application and where ?
Tnx in advance

 

[sundar17feb99]

Hi, my monthly savings account only averages to 3000 CAD but I have other assets such as company shares and unit trust funds amounting to 30,000CAD which I can liquidate when I resign. Will they consider this money as part of my Settlement fund?

Unless the account includes name who doesn't accompany you and the amount shown is of loan and encumbered, IRCC won't bother about source of POF. The amount shown for settlement funds should be liquidated at any given moment and you have to prove immigration officer that you can.

Copied from CIC webpage

Funds must be readily available to you. For example, you can't use equity on real property as proof of settlement funds.

The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access them to use to settle here when you arrive.

For proof, you must get official letters from any banks or financial institutions where you are keeping money.

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

How much money you should bring
Research how much it costs to live in the place where you plan to settle in Canada.

Bring as much money as you can to make moving and finding a home in Canada easier. Canadian customs regulations require you to declare if you're bringing more than CAN$10,000 into Canada. If you don't tell them, you may be fined, and your funds could be seized. This includes:

• cash
• documents that show property or capital payable to you, such as:
  • stocks
  • bonds
  • debentures
  • treasury bills
• documents that guarantee payment of a set amount of money, which are payable to you, such as:
  • banker's drafts
  • cheques
  • travellers’ cheques
  • money orders).

Technically you can use ,provided, you can furnish statements from shares and unit trusts.

 

[sundar17feb99]

Hi,
1.My wife is principal applicant but the money are on my bank account (she is authorized on the same account). I suppose there is no problem for showing IRCC bank certificate on my account + wife authorization?
2. Because she is principal applicant she will show pay slips on her work experience letter, but later VO can ask about bank statement so she can prove the wage. On her account she closed her credit 1 month ago and she has bank prove for it that she isn't owe any money. Should we upload this in the application and where ?
Tnx in advance

It's an application with two persons (you+your's wife)

For proof of funds, you can show statements of either your wife's or your's. It won't create a problem in later stages.