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Proof of funds requirements - Explained

Madhuri_kk

Full Member
Mar 24, 2018
33
2
Hello All,

I have a couple of questions on proof of funds. I heard somewhere that an average of 6 months is taken for count when Processing Proof of funds. So would it still be okay if I get some amount from my friends and family during the waiting period for receiving the invite?
Kindly advice on the time period since when I need to have sufficient funds. Or is it the average of 6 months?
 

abhi16691

Full Member
May 13, 2018
35
5
Hi experts, I need an urgent advice.
I had lost my mother in the month of January and in February I got her LIC amount which is much more than the required funds. I had to quit my job(come back to India) after that and have not been working so there is no credit after that in my bank account but still only due to the LIC I received I have more than the required funds. Would it be okay to show them as a proof of funds? And if yes, what all documents do I need to present in this case?

I do have more than three years of experience so will my current status of employment matter?
 

djmore

Newbie
Dec 25, 2017
9
0
Hi guys, it would be great if you can share your experience regarding proof funds from India.
Is there requirement of Official Bank Letter Head or we can submit the 6 months bank statement with bank stamp on it.....this is because i checked with my private bank and it only gives bank statement....

Your comments will be greatly useful......left on 15 days for ITA deadline...
 

djmore

Newbie
Dec 25, 2017
9
0
One another query, ....how recent should be the proof of funds (6 months bank statement).....few weeks or month...?
 

Marayzki

Newbie
Apr 12, 2018
7
2
Your reply is very helpful. But I have a question. My agency is requiring me a proof of fund wherein what I'm having is an arranged employment. While other agencies did not require. What's worse is that I already paid the agency.

I'm actually confused.


Canadian immigration, proof of funds requirements


As part of the permanent resident application process you will need to prove to the Canadian government that you have enough monitory funds to support yourself and any accompanying family members when you arrive in Canada. This is because the government will not provide any financial support for new immigrants and therefore they need to be sure that you arrive with enough money to establish yourself in Canada.

Citizenship and Immigration Canada (CIC) set guidelines as to the required funds they consider you need as a minimum in order to establish yourself in Canada. The amount required depends on the size of your family. These amounts can vary from time to time, so you should check these figures at the point you need to use them.

At the time of your application you must show that you have at least the required amount in order for your application to be processed. The money has to belong to you and cannot be borrowed from another person. The money must be readily available in transferable currency for settlement in Canada.
Obviously you can take any amount above the required funds with you to Canada. There is no upper limit, although there are restrictions on how much cash you can physically take with you at the time of landing.


You may be wondering what type of funds you can use and what type of proof is required. Well, there are several things to consider:

Savings: If you have savings which match or exceed the required amount then you can simply supply a copy of your bank statement showing the funds in your account. You should be able to show the funds in your account for a minimum of three months and if the funds have recently been transferred you will need to show where they came from.

You will also need to show that you are not just sending a statement just after being paid and that all the funds will disappear from the account the following week. If your money is split between several accounts, you will need to provide details of each up to the amount required.

Shares, Bonds etc: This type of investment is not acceptable for CIC purposes as these are volatile accounts and you could still loose your money. If you want to use this type of funding, you will need to cash-in the money from the shares etc and deposit them in a suitable bank account and send the statements as above.

Possessions: Again this is not acceptable by CIC. you will need to liquidate the assets and deposit the money in a suitable account. This also applies to vehicles.

Real Estate: Money in property is probably the most widely used proof of funds. Many people plan to sell property owned in their home country before landing in Canada and will use the equity to establish themselves.

This is totally acceptable by CIC and they appreciate that you may not have actually sold the property at the point you are required to supply this information and make allowances for this.

You will be allowed to supply a mortgage statement from your lender stating how much money is owed on the property. You should then get your property valued by three independent companies. These can be real estate agents, property valuation companies, your mortgage lender etc. Make sure you get the valuation on letter headed paper and signed.

If you send both the mortgage details and the valuations the CIC can see how much equity you have available.



N.B. You do not have to show that you have these funds if you have arranged employment in Canada
 

bimale4bipeople

VIP Member
Apr 15, 2018
4,627
1,674
Hi guys, it would be great if you can share your experience regarding proof funds from India.
Is there requirement of Official Bank Letter Head or we can submit the 6 months bank statement with bank stamp on it.....this is because i checked with my private bank and it only gives bank statement....

Your comments will be greatly useful......left on 15 days for ITA deadline...
They should still be able to provide a balance confirmation letter? If your still not able to, you can provide 6 months bank statement sign and stamped on the bank letter head
 
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djmore

Newbie
Dec 25, 2017
9
0
They should still be able to provide a balance confirmation letter? If your still not able to, you can provide 6 months bank statement sign and stamped on the bank letter head
thanks bimale4bipeople for your comments.....
actually my bank is icici bank....so i guess i need to ask them specifically for such statement on their letter head.
Normally they give only bank statement with stamp and signature.....
 

vj83

Star Member
Sep 6, 2011
65
10
Some of the money is in spouse account in home saving account and had recently opened a joint (couple) NRO/NRE account. Is it advisable to show recently open account with money transfer from saving.
REASON - principal applicant name in NRO account
 

varshagali

Newbie
Jun 12, 2018
6
0
I and my husband are intending to immigrate to Canada. Are funds required seperately on both of our names / I as primary applicant can have the funds required for both (approx 15,531 dollars) under my name?
 

bimale4bipeople

VIP Member
Apr 15, 2018
4,627
1,674
Varsha, sorry, I got one more thing to add here...
Since you are the PA and husband is accompanying you. I suggest you to also get a NOC/declaration (from your husband)

To,
Immigration, Refugees and Citizenship Canada(IRCC)

Dear Sir/ Madam,

This is to inform you that my wife (XXXX) received an invitation to apply for permanent residence to Canada. I (YYY) am the accompanying spouse.

The funds (amount) held in my ABC bank and these funds are available for use for our settlement in Canada. I have no objection in handing these funds over to my husband for settlement in Canada.

Signature & Address/Contact Details(along with the passport#) of YYY
 
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djmore

Newbie
Dec 25, 2017
9
0
Hello friends....
There is additional query from my side regarding proof of Funds. When we get letter from bank on their letter head, the currency in my case would be INR. So do we also mention equivalent CAN$ in this same bank letter or we can write this in Letter of Explanation ......explaining the summary of different bank accounts and then its equivalent value in CAN$.

Please give your expert comments.thanks in advance.
 

bimale4bipeople

VIP Member
Apr 15, 2018
4,627
1,674
Hello friends....
There is additional query from my side regarding proof of Funds. When we get letter from bank on their letter head, the currency in my case would be INR. So do we also mention equivalent CAN$ in this same bank letter or we can write this in Letter of Explanation ......explaining the summary of different bank accounts and then its equivalent value in CAN$.

Please give your expert comments.thanks in advance.
If your bank is kind enough to mention it, then it fine. otherwise if they do not do, no reason to panic, letter in INR will be also accepted. IRCC officer can determine the $ equivalent amount from his end.