Proof of funds

[darkserger]

Hi all,

I am currently preparing my proof of funds for my Express Entry Application (for 01 person–myself) and I have a few questions for this.

1/ Understanding that 'all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans' are required to be listed down in the official letter from a bank, I wonder if withdrawing an substantial amount after the issue date of the letter from the same bank (say a month after that) would affect my application for Express Entry?

2/ Would one or more Certificate of fixed Deposit would be valid for my proof of funds?

Looking forwards for answers. Thank you!

 

[EE456]

1-As long as your funds won't drop below the threshold, you can.
2-You can, but I discourage it.

 

[darkserger]

1-As long as your funds won't drop below the threshold, you can.
2-You can, but I discourage it.

Thank you for your prompt reply.

Another question for clarification purpose: In my case I need to use up around half of the amount for personal issue a few weeks after my submission deadline, but I can top-up (bits by bits) in a few months time later into the same bank account. So if I must make sure the fund always meet the minimum (in my case if is around 13kCND), how long until I can withdraw the money? Or it means to be remained the same all the time (until application is approved)?

Thanks

 

[EE456]

Thank you for your prompt reply.

Another question for clarification purpose: In my case I need to use up around half of the amount for personal issue a few weeks after my submission deadline, but I can top-up (bits by bits) in a few months time later into the same bank account. So if I must make sure the fund always meet the minimum (in my case if is around 13kCND), how long until I can withdraw the money? Or it means to be remained the same all the time (until application is approved)?

Thanks

The latter. You shouldn't touch that money. It should only be for the purpose of settling down in Canada. At any point during the processing of your application you can be asked for an updated bank letter.

 

[darkserger]

Thank you so much for your help

 

[Elisa78]

1-As long as your funds won't drop below the threshold, you can.
2-You can, but I discourage it.

I am providing a Treasury Bill Investment certificate. the amount has been in Treasury bill investments and being rolled over since the last 12 months. I intend to put all the TB investment certificates so they see the funds have been with me since the last 12 months. I hope this is ok?

 

[EE456]

I am providing a Treasury Bill Investment certificate. the amount has been in Treasury bill investments and being rolled over since the last 12 months. I intend to put all the TB investment certificates so they see the funds have been with me since the last 12 months. I hope this is ok?

That would be Ok, but note that by using this form of proof of funds you are flagging your proof for a review required, in other words, you're making the processing of your application way lengthier. Good luck

 

[Elisa78]

That would be Ok, but note that by using this form of proof of funds you are flagging your proof for a review required, in other words, you're making the processing of your application way lengthier. Good luck

Thanks alot for the response.

Please what do you mean by "review require?" and when you say way lenghtier, any idea on average timelines?

 

[EE456]

Thanks alot for the response.

Please what do you mean by "review require?" and when you say way lenghtier, any idea on average timelines?

For example, someone would have to check maturity dates and decipher things. It's better to show liquid and readily available money. I can't tell how long.

 

[darkserger]

The latter. You shouldn't touch that money. It should only be for the purpose of settling down in Canada. At any point during the processing of your application you can be asked for an updated bank letter.

Another question:

If the amount has been topped up very recently to meet the threshold (within a mount, but split into multiple transactions). Would that affect anything at all? Of course I will remain the amount always until the application is approved.

 

[EE456]

Another question:

If the amount has been topped up very recently to meet the threshold (within a mount, but split into multiple transactions). Would that affect anything at all? Of course I will remain the amount always until the application is approved.

How much are we talking about ?

 

[darkserger]

How much are we talking about ?

Hi there, it is for 01 candidate only, so its almost 13,000 CND for the threshold. That same amount is what i have topped up very recently into my account (split into many smaller transactions)

 

[EE456]

Hi there, it is for 01 candidate only, so its almost 13,000 CND for the threshold. That same amount is what i have topped up very recently into my account (split into many smaller transactions)

Over the course of what time ? What is the source ?

 

[darkserger]

Over the course of what time ? What is the source ?

Within the last month only, but my debit bank account has been opened for more than a year. The transaction is purely from cash deposit and bank transfer

 

[EE456]

Within the last month only, but my debit bank account has been opened for more than a year. The transaction is purely from cash deposit and bank transfer

So this won't really do, this will be flagged for extra review and you will be asked about the source of the funds. These transactions would be perceived as suspicious.