Proof of funds requirements - Explained

[djmore]

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.

thanks for your reply. it was really helpful...

And here come some additional queries:
1. Is there specific format for the bank official letter that we can prepare before hand and ask the bank to simple certify it. A sample format will be of great help. thanks
2. We the payment step of PR and Right for PR comes, should it be from your account only? I mean can we use bank account of accompanying dependent or someone else? Does it really matters to CIC from where the payment comes?
I guess net banking will be good.

please give your expert comments. Thanks

 

[bimale4bipeople]

thanks for your reply. it was really helpful...

And here come some additional queries:
1. Is there specific format for the bank official letter that we can prepare before hand and ask the bank to simple certify it. A sample format will be of great help. thanks
2. We the payment step of PR and Right for PR comes, should it be from your account only? I mean can we use bank account of accompanying dependent or someone else? Does it really matters to CIC from where the payment comes?
I guess net banking will be good.

please give your expert comments. Thanks

Sample PoF...
https://goo.gl/images/58YTna
https://goo.gl/images/XTiv91


Yeah you can, payment have to made electronically so you can use your or dependants credit card as well. it says this msgs on the payment portal

Pay online
We will ask you to pay your fees when you submit your application through your account. You can pay this fee with a credit or debit card.

After you pay, you will get a confirmation number and a receipt.

http://www.cic.gc.ca/english/information/fees/result.asp?countrySelect=IN&lob=eepr

 

[darwin900]

hi everyone,

I would like to know if mutual funds are acceptable as proof of funds when applying for express entry? Has anyone shown mutual funds as PoF?

 

[darwin900]

Hello all, I was just wondering if Mutual funds are acceptable POF or not as I have good amount of money there but don't want to encash if i get an ITA.

Any suggestions on how to add that amount in POF?
Thanks

hi, did u use mutual funds as POF for your application?

 

[bimale4bipeople]

hi everyone,

I would like to know if mutual funds are acceptable as proof of funds when applying for express entry? Has anyone shown mutual funds as PoF?

It has been discussed and highlighted before...

https://www.canadavisa.com/canada-immigration-discussion-board/threads/proof-of-funds-in-stocks-or-mutual-funds-india.476979/


IRCC's official page says:

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

What we accept as proof
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.

 

[darwin900]

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

What we accept as proof
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.

Hi, thanks for your reply ... I have seen this link .. however some members on this forum suggest that since mutual funds are subject to market risk they are not acceptable hence I am a bit confused. Please let me know your understanding on this. Thanks

 

[bimale4bipeople]

Hi, thanks for your reply ... I have seen this link .. however some members on this forum suggest that since mutual funds are subject to market risk they are not acceptable hence I am a bit confused. Please let me know your understanding on this. Thanks

I think my above post is clear....
Mutual Funds/Stocks/Property valuations are not considered as PoFs

See the concept is once you land here in Canada, health insurance will only be available after 90 days of landing. plus as a new immigrant you may need some time to find a suitable role within Canada. all this will require money from your own pocket. That's why case officer reviewing your immigration officer needs to see liquidated cash available in your account.

 

[darwin900]

I think my above post is clear....
Mutual Funds/Stocks/Property valuations are not considered as PoFs

See the concept is once you land here in Canada, health insurance will only be available after 90 days of landing. plus as a new immigrant you may need some time to find a suitable role within Canada. all this will require money from your own pocket. That's why case officer reviewing your immigration officer needs to see liquidated cash available in your account.

Yes I understand that but mutual funds are cashable investment meaning they can be liquidated anytime, hence they cant be compared to fixed assets like house etc. Mutual fund is money in pocket no?

 

[bimale4bipeople]

Yes I understand that but mutual funds are cashable investment meaning they can be liquidated anytime, hence they cant be compared to fixed assets like house etc. Mutual fund is money in pocket no?

No further comments from my end.

 

[vemuri]

Hi All,

I have taken bank letter on 07 June 2018.And after that I received my ITA recently on 26 June 2018 . I am still in process of getting some other documents.

will this be okay if the Bank Letter is dated before ITA ?

And most of all since my bank given me a print out which contains ending balances of last six months and it is not on its bank letter head
will this bank statement with out on its letter be accepted ?

Please I need all of your expertise on this

 

[bimale4bipeople]

Hi All,

I have taken bank letter on 07 June 2018.And after that I received my ITA recently on 26 June 2018 . I am still in process of getting some other documents.

will this be okay if the Bank Letter is dated before ITA ?

And most of all since my bank given me a print out which contains ending balances of last six months and it is not on its bank letter head
will this bank statement with out on its letter be accepted ?

Please I need all of your expertise on this

Try and get a bank letter close to your submission date say around the same week or so.

So what have they written in the bank letter which they issued to you other than the print out containing 6 months ending balances

 

[vemuri]

Try and get a bank letter close to your submission date say around the same week or so.

So what have they written in the bank letter which they issued to you other than the print out containing 6 months ending balances

The Bank Letter says i am an account holder of the Bank since 2000 and i am having balance of XXXXX DOLLARS.
And it also says as of 7th June 2018 the money is free from any debts , liens and also available for immediate transfer.

Dated 07.06.2018 Bank signature

 

[bimale4bipeople]

The Bank Letter says i am an account holder of the Bank since 2000 and i am having balance of XXXXX DOLLARS.
And it also says as of 7th June 2018 the money is free from any debts , liens and also available for immediate transfer.

Dated 07.06.2018 Bank signature

Letter looks fine, if you are submitting your application somewhere within a week or 2 letter will suffice, but if you are looking to submit application after a month or so then I suggest you to get a updated letter close to your application submission date

 

[vemuri]

Letter looks fine, if you are submitting your application somewhere within a week or 2 letter will suffice, but if you are looking to submit application after a month or so then I suggest you to get a updated letter close to your application submission date

The letter is dating to 7th June and it's been more than month. I am currently away from my home state and it is a local bank. I need to make to and fro conversations to get new letter.
Seems like I don't have another option except getting NEW LETTER.

I really appreciate your replies and suggestions my friend.

 

[bimale4bipeople]

The letter is dating to 7th June and it's been more than month. I am currently away from my home state and it is a local bank. I need to make to and fro conversations to get new letter.
Seems like I don't have another option except getting NEW LETTER.

I really appreciate your replies and suggestions my friend.

One more input will be to arrange a 6 month bank statement and attach it along with the letter that you will eventually submit.
This is not a must, but it kind of provides a good insight to the case officer reviewing your application about your funds.