Proof of Funds (Express Entry)

[tue2017]

Hello,

Has anyone here got a gift from their relative in order to fulfill the POF requirements but did not waited for six months or less for the funds to get matured and got thier PRs? Is it safe to submit the application like after 1 to 2 weeks of getting the gift?

Thanks

 

[Melinkiton]

Hi Guys!

I need your help please.

My wife is a main applicant and her CRS is 454. We didn’t create EE profile yet cz we have a doubt re POF.

For family of 4 members we needed approx 23k CAD (17k USD). In December 2017 we managed to borrow from our friend 17k USD but in cash. I will explain why in cash.

My wife’s salary is approx 5k USD. So we are using the borrowed cash + my salary for live and not touching her salary (at least not much).

Now we have around 10k USD in her salary account and by end of March it will be around 17k which is enough for POF.


So my question is:


For example, If the last 6 months statement shows:

Oct $400
Nov $ 500
Dec $ 5,500
Jan $ 10,000
Feb $ 14,000
Mar $ 17,000


Will this statement be fine as POF?

 

[DelPiero07]

Hello,

Has anyone here got a gift from their relative in order to fulfill the POF requirements but did not waited for six months or less for the funds to get matured and got thier PRs? Is it safe to submit the application like after 1 to 2 weeks of getting the gift?

Thanks

Yes, it's safe.

 

[DelPiero07]

Hi Guys!

I need your help please.

My wife is a main applicant and her CRS is 454. We didn’t create EE profile yet cz we have a doubt re POF.

For family of 4 members we needed approx 23k CAD (17k USD). In December 2017 we managed to borrow from our friend 17k USD but in cash. I will explain why in cash.

My wife’s salary is approx 5k USD. So we are using the borrowed cash + my salary for live and not touching her salary (at least not much).

Now we have around 10k USD in her salary account and by end of March it will be around 17k which is enough for POF.


So my question is:


For example, If the last 6 months statement shows:

Oct $400
Nov $ 500
Dec $ 5,500
Jan $ 10,000
Feb $ 14,000
Mar $ 17,000


Will this statement be fine as POF?

That's fine. If anything you can provide a LOE regarding the situation (money coming from savings of your wife's salary).

 

[contact.ss1028]

I just received an invite to apply under FSW - Express Entry. I don't have the minimum required amount in my bank account to show as POF but I do have 401k account which has around $21000.

• I want to know what do I have to write in LOE to explain the situation?
• Is there a format for LOE?
• Also, do I need a letter from 401k company stating that I can get the funds (deducting taxes) within x days if I were to leave the country?

TIA

 

[Rigesh lama]

Hello guys new in here, I have around 8000 CAD, will that be enough to show as POF, my wife is already in Canada and I am going as her dependent, I got this amount from my parents and the transaction isn't gradual , more over its up and down will that be a problem?? Your suggestion is higly appreciated

 

[DelPiero07]

Hello guys new in here, I have around 8000 CAD, will that be enough to show as POF, my wife is already in Canada and I am going as her dependent, I got this amount from my parents and the transaction isn't gradual , more over its up and down will that be a problem?? Your suggestion is higly appreciated

8000 is not enough to meet the required funds for two people.

 

[Rigesh lama]

8000 is not enough to meet the required funds for two people.

Thank you for your prompt reply, my wife is already in Canada and she has around 6000CAD in her account and now I am applying my visa and I have around 8000CAD , is it still less ? And like I said I got it from my parents and my transaction for the past 6months isn't gradual,could you advice me ,

 

[DelPiero07]

Thank you for your prompt reply, my wife is already in Canada and she has around 6000CAD in her account and now I am applying my visa and I have around 8000CAD , is it still less ? And like I said I got it from my parents and my transaction for the past 6months isn't gradual,could you advice me ,

$15,531 is required for 2 people. Do note this is the amount required for those applying for PR, you haven't stated what you're applying for.

You can get a gift deed from your parents.

 

[Rigesh lama]

$15,531 is required for 2 people. Do note this is the amount required for those applying for PR, you haven't stated what you're applying for.

You can get a gift deed from your parents.

I am applying for a OWP, she is taking her post graduate in Canada, so the last minute transcation won't be a problem if I provide a gift deed?

 

[DelPiero07]

I am applying for a OWP, she is taking her post graduate in Canada, so the last minute transcation won't be a problem if I provide a gift deed?

This section is for those applying under Express Entry for permanent residency. Please post your question in the appropriate section of the forum.

 

[HARMAN08]

Hi all

I have a query regarding POF. My wife is a partner in a school. She has sufficient funds to show in her joint account with her partner (in school). If I receive an ITA - I am planning to let her transfer the funds to my account. Next, I would let her sign a gift deed, stating that the amount comes from her, from her joint account as a gift.

My concerns are will this deed be sufficient or we will have to involve the partner to state that xyz is a joint account and abc amount is share of profit of her partner (my wife) therefore, she is aware of the transaction.

I look forward to your suggestions

 

[civilunderstanding]

Hello everyone,

I am currently awaiting my ITA,I need advice regarding POF. I was mostly self-employed for the past 1 year but before that I was working for a company in UAE. All my accounts in UAE have been closed and I was mostly dealing in cash or my partners account in India. I need to have 13000 CAD as per CIC guidelines and I plan to arrange as following:

1. Old Company pending settlement: 5000 CAD (I can provide copy of the email from the company settling my dues as of today)
2. From my mother: 2000 CAD (She saved the same money I used to send her from UAE during my employment)
3. Friend/ Partner: 7000 CAD (he is willing to give me the amount since we were doing business together as my share for past 1 year)

I don't have any balance or transaction on my local account in India before today and I will be depositing all these amounts in 1 day as I wait for my ITA. If you look closely, all the money has been rightfully earned by me but I didn't save this money in an account before this. How do I prove this to CIC ? Do I have to provide a letter/deed for each of the sources ? I cant get deed from my partner but I can manage to show sale of my own land for the same amount in exchange. Do I even need to show anything since my PR will take 6 months from now and my average balance will be 13000 CAD anyways till then ?

 

[sundar17feb99]

Hi all

I have a query regarding POF. My wife is a partner in a school. She has sufficient funds to show in her joint account with her partner (in school). If I receive an ITA - I am planning to let her transfer the funds to my account. Next, I would let her sign a gift deed, stating that the amount comes from her, from her joint account as a gift.

My concerns are will this deed be sufficient or we will have to involve the partner to state that xyz is a joint account and abc amount is share of profit of her partner (my wife) therefore, she is aware of the transaction.

I look forward to your suggestions

Although I would say gift deed is enough, if you can manage to obtain No objection certificate from her partner, it would be better.
All CIC would investigate is that the source of the amount isn't loaned and unencumbered. Gift deed with notarization would suffice in my opinion.

 

[sundar17feb99]

Hello everyone,

I am currently awaiting my ITA,I need advice regarding POF. I was mostly self-employed for the past 1 year but before that I was working for a company in UAE. All my accounts in UAE have been closed and I was mostly dealing in cash or my partners account in India. I need to have 13000 CAD as per CIC guidelines and I plan to arrange as following:

1. Old Company pending settlement: 5000 CAD (I can provide copy of the email from the company settling my dues as of today)
2. From my mother: 2000 CAD (She saved the same money I used to send her from UAE during my employment)
3. Friend/ Partner: 7000 CAD (he is willing to give me the amount since we were doing business together as my share for past 1 year)

I don't have any balance or transaction on my local account in India before today and I will be depositing all these amounts in 1 day as I wait for my ITA. If you look closely, all the money has been rightfully earned by me but I didn't save this money in an account before this. How do I prove this to CIC ? Do I have to provide a letter/deed for each of the sources ? I cant get deed from my partner but I can manage to show sale of my own land for the same amount in exchange. Do I even need to show anything since my PR will take 6 months from now and my average balance will be 13000 CAD anyways till then ?

I would encourage you not to transfer the amounts altogether.
Since you are awaiting ITA, plan as below. (You should be composing letter of explanation for the above)

Day 1: Transfer 5000 CAD and provide email proofs for the source.
Day 3: Transfer 2000 CAD with notarised gift deed from your mother.
A reasonable gap
Day n: Transfer 7000 CAD with sale receipts of your land.

Bank balance certificate and 6 month bank statement(not mandatory but recommended) is needed for POF.
Please surf the internet to acquire the format of the certificate. You have to maintain the said minimum amount along the entire process.