Proof of Funds documents

[varshausa]

Canada Express entry proof of funds: Do I need to disclose information on ALL my accounts or ONLY the accounts that have funds? So, say I have 3 accounts with enough money in 2. Do I still need to disclose info on the 3rd account?

 

[harman2725]

Canada Express entry proof of funds: Do I need to disclose information on ALL my accounts or ONLY the accounts that have funds? So, say I have 3 accounts with enough money in 2. Do I still need to disclose info on the 3rd account?

No......just show 2 accounts

 

[varshausa]

No......just show 2 accounts

Thanks for the response harman2725..

1. What about credit card accounts then.. Should I show those ONLY if they are linked to the 2 accounts?
2. Should I mention the other accounts in the LOE?

The ITA checklist has the following information:
"Express Entry - Permanent Residents

If you are applying for permanent residence in Canada, you must provide an official letter issued by your financial institution indicating your financial profile. This must:

• list of all your bank (chequing and savings) and investment accounts, the account numbers, dates each account was opened and the balance of each account over the past six months,
  
  
• list all outstanding debts, such as credit cards and loans,
  
  
• be printed on the letterhead of the financial institution, and include your name and the contact information of the financial institution (address, telephone number and e-mail address)."

 

[santhkum90]

Thanks for the response harman2725..

1. What about credit card accounts then.. Should I show those ONLY if they are linked to the 2 accounts?
2. Should I mention the other accounts in the LOE?

The ITA checklist has the following information:
"Express Entry - Permanent Residents

If you are applying for permanent residence in Canada, you must provide an official letter issued by your financial institution indicating your financial profile. This must:

• list of all your bank (chequing and savings) and investment accounts, the account numbers, dates each account was opened and the balance of each account over the past six months,
  
  
• list all outstanding debts, such as credit cards and loans,
  
  
• be printed on the letterhead of the financial institution, and include your name and the contact information of the financial institution (address, telephone number and e-mail address)."

1. You don't have to show any credit card details. You just have to get the official letter as stated in the website for the accounts in which you have the funds. No need to even list the credit card summary.
2. No, not necessary to mention even in LoE.
I only showed the accounts which has the funds during my application.

 

[varshausa]

1. You don't have to show any credit card details. You just have to get the official letter as stated in the website for the accounts in which you have the funds. No need to even list the credit card summary.
2. No, not necessary to mention even in LoE.
I only showed the accounts which has the funds during my application.

Thanks for the response SanthKum90.

My only concern with that is the second bullet point mentioned in the ITA Checklist help section of the POF document upload:
"list all outstanding debts, such as credit cards and loans"

I m wondering may be the rules changed since you got your PR! If i may ask, how long has it been since you went through the application process?

 

[santhkum90]

Thanks for the response SanthKum90.

My only concern with that is the second bullet point mentioned in the ITA Checklist help section of the POF document upload:
"list all outstanding debts, such as credit cards and loans"

I m wondering may be the rules changed since you got your PR! If i may ask, how long has it been since you went through the application process?

Thanks for the response SanthKum90.

My only concern with that is the second bullet point mentioned in the ITA Checklist help section of the POF document upload:
"list all outstanding debts, such as credit cards and loans"

I m wondering may be the rules changed since you got your PR! If i may ask, how long has it been since you went through the application process?

I got my PR by Oct 2017 only and I am sure there is no changes in the format of the letter after that. I saw the same POF format requirement, as you have mentioned and did not provide any credit card or loan details, as it is not mandatory.

 

[varshausa]

I got my PR by Oct 2017 only and I am sure there is no changes in the format of the letter after that. I saw the same POF format requirement, as you have mentioned and did not provide any credit card or loan details, as it is not mandatory.

Cool.. That settles it then. Thanks for the response once again.

 

[yamaha.rx135]

1. You don't have to show any credit card details. You just have to get the official letter as stated in the website for the accounts in which you have the funds. No need to even list the credit card summary.
2. No, not necessary to mention even in LoE.
I only showed the accounts which has the funds during my application.

** URGENT HELP REQUIRED **
I have received my ITA & don't have enough funds for Proof of Funds. I have following doubts:
1. Can I borrow money from my father in law as a gift deed?
2. If not father in law, can my spouse take a loan and give me a gift deed? (she is not accompanying me)
3. In both cases, is it necessary to show account statements of the person from whom gift deed is taken?
4. I have been gathering money in only one account, SBI only that account statement needs to be shown, is it?

Please help me out

 

[ranjangaur4]

** URGENT HELP REQUIRED **
I have received my ITA & don't have enough funds for Proof of Funds. I have following doubts:
1. Can I borrow money from my father in law as a gift deed?
2. If not father in law, can my spouse take a loan and give me a gift deed? (she is not accompanying me)
3. In both cases, is it necessary to show account statements of the person from whom gift deed is taken?
4. I have been gathering money in only one account, SBI only that account statement needs to be shown, is it?

Please help me out

Anyone can give you a gift deed with proper document to support that it is a gift, but they should really be ok for you to use it for your needs..
To get it as a loan is not accepted and generally, imagine yourself having to give back that money and actually having nothing to settle with. Im sure the first couple of months in Canada will be expensive!

 

[akakiyani]

How long before the ITA do I need to have funds in my account? I mean I had my money deposited in my father's account as it was offering more profit, and I might get selected in the next draw (sitting on 438)!
Do I need to transfer funds before the ITA or I can do it anytime afterwards without any problem (as they only care about you having funds, not when or how long fir)?

Also, what would be the route to do so? Would simple transfer to my account and getting a statement afterwards be enough or do I have to call it gift deed or something else and get documentation for that?

 

[ranjangaur4]

How long before the ITA do I need to have funds in my account? I mean I had my money deposited in my father's account as it was offering more profit, and I might get selected in the next draw (sitting on 438)!
Do I need to transfer funds before the ITA or I can do it anytime afterwards without any problem (as they only care about you having funds, not when or how long fir)?

Also, what would be the route to do so? Would simple transfer to my account and getting a statement afterwards be enough or do I have to call it gift deed or something else and get documentation for that?

Since the transfer would be from your fathers account, id suggest you get a gift deed. With that, the funds can be 1 day old if need be.

 

[santhkum90]

How long before the ITA do I need to have funds in my account? I mean I had my money deposited in my father's account as it was offering more profit, and I might get selected in the next draw (sitting on 438)!
Do I need to transfer funds before the ITA or I can do it anytime afterwards without any problem (as they only care about you having funds, not when or how long fir)?

Also, what would be the route to do so? Would simple transfer to my account and getting a statement afterwards be enough or do I have to call it gift deed or something else and get documentation for that?

You can transfer it any time you want. But, don't forget to get an affidavit from your father, if it is your money or get a gift deed certificate.

 

[santhkum90]

** URGENT HELP REQUIRED **
I have received my ITA & don't have enough funds for Proof of Funds. I have following doubts:
1. Can I borrow money from my father in law as a gift deed?
2. If not father in law, can my spouse take a loan and give me a gift deed? (she is not accompanying me)
3. In both cases, is it necessary to show account statements of the person from whom gift deed is taken?
4. I have been gathering money in only one account, SBI only that account statement needs to be shown, is it?

Please help me out

You can't say borrowed, get a gift deed stating that the money is yours to use. There is no necessity to show the account statement of the person who is doing the transfer but you should mention the cheque number or show the transfer in your statement. I would prefer to write these details clearly in an LOE.

 

[akakiyani]

Since the transfer would be from your fathers account, id suggest you get a gift deed. With that, the funds can be 1 day old if need be.

So a simple transfer wont satisfy the Canadian officials, even it happened before the ITA was issued?

 

[ee_candidate]

So a simple transfer wont satisfy the Canadian officials, even it happened before the ITA was issued?

If the transfer is recent ( within 6 months of the ITA) then it may not convince CIC. A gift deed is a safe recourse.