Proof of Funds (Express Entry)

[Mr_fabrizio]

Good day friends,
Please I need your help. My parents intend on sending funds to my savings account as my PoF.my Dad is sending X amount this week, while my mom would send X amount the upper week.
My question is this, do I need to prepare two gift deeds and a LOE to explain the source of the funds?
Or would a gift deed and a LOE be sufficient to explain the sources of the funds in my account.

 

[Rafia88]

I have submitted by application in April 2019 when PKR vs CAD was 109; I had mentioned Ill bring along CAD 13000 and my balance at the time of POF was PKR 36k above the requirement; I showed myself as a salaried person. I am 3 months into my application the exchange rate has depreciated to 125; my balance is still the same. PLease suggest what to do this is alarming??

 

[deeps1987]

I have submitted by application in April 2019 when PKR vs CAD was 109; I had mentioned Ill bring along CAD 13000 and my balance at the time of POF was PKR 36k above the requirement; I showed myself as a salaried person. I am 3 months into my application the exchange rate has depreciated to 125; my balance is still the same. PLease suggest what to do this is alarming??

Unfortunately, unlike other aspects of application, they do not lock-in the exchange rate based on AOR date. If the fund is short of CAD12,669 as on today, I would suggest you identify some additional fund, raise CSE and provide revised POF including additional fund so that meets the expected fund amount. Show as much as you can, because PKR is currently volatile and just providing fund proof marginally above required amount might again cause trouble.

Another option is to explore, if you can park your money in another currency like USD or CAD. May be some financial expert can help.

 

[Rubesh04]

Hi Members,

I have a query regarding the accounts which we need to provide as proof of funds. I currently hold 2 accounts from different banks, one is a Salary account and another is a saving account.

I usually transfer my Salary into the savings account and thus Savings account has the required amount to show as a proof and salary account has only the amount for other expenses.

Should I provide bank statement proof for both the account? or showing the salary account bank proof is suffice. Please advice

 

[Mr_Chang]

Hi Members,

I have a query regarding the accounts which we need to provide as proof of funds. I currently hold 2 accounts from different banks, one is a Salary account and another is a saving account.

I usually transfer my Salary into the savings account and thus Savings account has the required amount to show as a proof and salary account has only the amount for other expenses.

Should I provide bank statement proof for both the account? or showing the salary account bank proof is suffice. Please advice

I had the exact same case as you. I have a salary account which is made out of compulsion in a bank that doesn't give great service. So I transfer all my salary to my other savings account. I only showed a letter and 6 month statement for the savings account(which had required funds) and did not mention anything about the salary account.

It was not a problem.

 

[Rubesh04]

I had the exact same case as you. I have a salary account which is made out of compulsion in a bank that doesn't give great service. So I transfer all my salary to my other savings account. I only showed a letter and 6 month statement for the savings account(which had required funds) and did not mention anything about the salary account.

It was not a problem.

Thanks a lot Mr Chang. that was very helpful.

 

[Mr_Chang]

I have submitted by application in April 2019 when PKR vs CAD was 109; I had mentioned Ill bring along CAD 13000 and my balance at the time of POF was PKR 36k above the requirement; I showed myself as a salaried person. I am 3 months into my application the exchange rate has depreciated to 125; my balance is still the same. PLease suggest what to do this is alarming??

Hi there,

The important thing to consider is that this would at most result in an ADR requesting you to submit documents to show your ability to purchase require CAD in your local currency when your eligibility starts. This would not create an automatic rejection. However in the interest of making sure the application process is not delayed you might want to submit a CSE showing additional available funds.

 

[Rubesh04]

Hello members,

The query is regarding fixed deposit and source of it.

I had saving of INR 50,000 in my mother's account. I transferred this amount last week into my account and moved it to Fixed Deposit in my account.

Will they ask a source of fund for this amount although this is not huge amount. ?

Please advice

 

[Mr_Chang]

Will they ask you? Maybe
Are they likely to ask you about aa transaction of less than 1000 CAD? No.

 

[Rubesh04]

Will they ask you? Maybe
Are they likely to ask you about aa transaction of less than 1000 CAD? No.

Yes , 50000 INR is less than 1000 CAD. It comes around 950 CAD.

So if I jus explain in the LOE that this is my saving which I had in my mother's account and provide the cheque with which I deposited as a reference should be suffice?

 

[Mr_Chang]

Yes , 50000 INR is less than 1000 CAD. It comes around 950 CAD.

So if I jus explain in the LOE that this is my saving which I had in my mother's account and provide the cheque with which I deposited as a reference should be suffice?

I wouldn't even do that. The only transaction I explained was a 4000 CAD transaction. I had numerous USD remittances from freelance clients that were about 1500 CAD each and I did not mention anything anywhere.

The IRCC officer is more interested in making sure that one you reach Canada you would be able to support yourselves for a few months till you find a job. They also want to make sure there isn't something very obviously fishy about the funds you are carrying. A 50000 INR transaction will be completely ignored. Don't overthink it, they want to get more immigrants coming over, they are just making sure there aren't any criminals coming over.

 

[Rubesh04]

I wouldn't even do that. The only transaction I explained was a 4000 CAD transaction. I had numerous USD remittances from freelance clients that were about 1500 CAD each and I did not mention anything anywhere.

The IRCC officer is more interested in making sure that one you reach Canada you would be able to support yourselves for a few months till you find a job. They also want to make sure there isn't something very obviously fishy about the funds you are carrying. A 50000 INR transaction will be completely ignored. Don't overthink it, they want to get more immigrants coming over, they are just making sure there aren't any criminals coming over.

Thanks a lot Mr Chang. That was reallly helpful

 

[beetle19]

Hello guys,

My CRS score is 483 and awaiting ITA from the next draw.
I was wondering for the POF if I sell my car for 8000USD and deposit that to my account would that be a problem.
If not then what documents do I need.
Please do help me out.
Thank you in advance.

 

[Priya801]

Hello All,
Request ur help on below:

1. I got funds transferred to my saving account xxxxxxxx

2. Then Opened FD account yyyyyyyy on basis of saving account xxxxxxxx

3. On gift deed it mentioned that funds transferred to saving account xxxxxxxx

4. on bank letter I am planning to show only FD account yyyyyyyyy

So there is no relation shown between my bank letter FD account yyyyyyyyy and my gift deed saving account xxxxxxxx,

IS THERE A PROBLEM WITH THIS SCENARIO????

Thanks in advance!

 

[Priya801]

In short,
On my gift deed my saving account is mentioned, but on bank letter only my FD account will be mentioned , does it cause any problem?