Proof of Funds (Express Entry)

[Aady07]

This family business is created by my husband and I but has his brother, me and my son as the directors and shareholders.

My husband is running the business even though he is not among the board of directors (reason because he is not allowed by law to be own or co-own a company as a civil or public servant in Nigeria).

Now we transferred the money from the company to my personal account to use as my POF as we believe if we submit the corporate account of the business, they might think is encumbered as there other shareholders (my brother inlaw).

Now we have the business registration documents, proof that I and my son are directors and company board resolution that all the directors met and agreed to give me this money (this will be notarized of course). So I am worried if this information is enough to show source of fund or are there any other documents that will be required from the company to proof source of fund?

You transferred the money in your personal account as POF on what basis? Is it your share? Did you sell your share? Was the company sold and you got your share?.......... These are the questions, they will be asking.

There are two options.
1. Show this amount as part of your salary given you in advance to show as LICO or show that you've sold some part of your share to the other directors.

2. Transfer the amount back to the company. Ask your son to transfer that amount to your parents and ask them to make a gift deed in your name. The gift deed has not to be registered as that will help your father not to come under any taxation rule.

 

[BA_LEE]

Dear Experts,

While completing express entry profile there is a question regarding how much money will I bring to Canada. I have below queries regarding this question. Please help.

1. Should I mention the minimum required amount according to no. of persons here or I can mention other amount above the minimum level as well?
2. If I mention any amount above minimum level and I get ITA then I need to show POF for the amount mentioned in profile or the minimum required amount? e.g. For 4 person family, minimum fund required is 22856 CAD and I mention 23500 CAD in express entry profile. Will I be asked for POF of 22856 CAD or 23500 CAD?
3. What if the exchange rate changes and my foreign currency amount falls below 22856 CAD in impact. What will happen in this case?
4. Once I am granted PR, do i need to carry all the amount mentioned in express entry profile or minimum required amount or 10000 CAD while traveling to Canada for the first time?

Hi, just wanted to know What did you do? I'm in the same situation?

 

[MWH007]

NOC letter should be on plain paper signed by me? what if i open new bank account in joint names and transfer funds from my individual accnt would that be ok?

Hi nisant,

I’m in the exact same situation. I’m in Ksa and the banks here doesn’t provide any such letters NOC so if I move to a JT account and enclose a letter with it that I moved the funds from KSA, would that work? Or I still need to provide any letters from my banks .

Plz help

 

[synora1314]

Hello everyone,
I am the primary applicant and my husband is secondary. Both of us are currently in the US and my husband's bank account is in our home country Nepal. We cannot convert his account into joint account since we are out of the country. My father in-law is going to deposit the gift deed into my husband's account. Will he have to mention my name on the gift deed letter? Can my husband write an affidavit stating that I have access to his accounts(both US and Nepal) and get it notarized from a US notary? Thank you

 

[Aady07]

Hello everyone,
I am the primary applicant and my husband is secondary. Both of us are currently in the US and my husband's bank account is in our home country Nepal. We cannot convert his account into joint account since we are out of the country. My father in-law is going to deposit the gift deed into my husband's account. Will he have to mention my name on the gift deed letter? Can my husband write an affidavit stating that I have access to his accounts(both US and Nepal) and get it notarized from a US notary? Thank you

1. No, your name is not required.
2. Yes, he may make an affidavit for the US account but for the Nepal account, the notary should bear stamp from Nepal.

 

[Sudeshna14]

Hi Everyone,

I have received my ITA last month. Have few queries regarding POF as follows:

• My FD is a month's old and I need to submit my profile by September. Will it create any issue as it's not 6 months old. Please let me know what all documents do I need to share along with the FD receipts.
• Do I need to show 6 months savings bank statement apart from FD receipts?
• Entire FD is on my spouse's account. Thus will a NOC from him suffice?

Thanks..

 

[medkarim]

hello guys , i have submited my POF in locan currencey ( algerian dinar) , my POF was combined with gift deed and some money that was already in my account , today i have find out that my Pof is less than the amount which is requested by IRCC, so i'm planing to get another pof , but how i can do it ? get another gift deed with superiour amount or just keep the old gift deed intact and increase litlle bit in my settelement account with some money that i didn't have during past 6 months ?? please help

 

[cansha]

hello guys , i have submited my POF in locan currencey ( algerian dinar) , my POF was combined with gift deed and some money that was already in my account , today i have find out that my Pof is less than the amount which is requested by IRCC, so i'm planing to get another pof , but how i can do it ? get another gift deed with superiour amount or just keep the old gift deed intact and increase litlle bit in my settelement account with some money that i didn't have during past 6 months ?? please help

You can just add money if you have your own money. No need of a new gift deed.

 

[Aady07]

Hi Everyone,

I have received my ITA last month. Have few queries regarding POF as follows:

• My FD is a month's old and I need to submit my profile by September. Will it create any issue as it's not 6 months old. Please let me know what all documents do I need to share along with the FD receipts.
• Do I need to show 6 months savings bank statement apart from FD receipts?
• Entire FD is on my spouse's account. Thus will a NOC from him suffice?

Thanks..

1.FD can be as old as 24hrs which is acceptable. FD certificate is enough.

2. Six months average balance has to be mentioned on the bank reference letter.

3. Yes, a LOI from your suppose to you suffices.

 

[uppperkut]

2. Six months average balance has to be mentioned on the bank reference letter.

A 6 month bank statement is an alternative if you can't get your bank to write the average balance.

 

[Aady07]

A 6 month bank statement is an alternative if you can't get your bank to write the average balance.

True.

 

[uppperkut]

1.FD can be as old as 24hrs which is acceptable. FD certificate is enough.

The source of the money must be explained as it's less than 6 months old.

 

[Aady07]

The source of the money must be explained as it's less than 6 months old.

For FD, it doesn't. For any other instruments, it does.

 

[uppperkut]

For FD, it doesn't. For any other instruments, it does.

FD is a fixed deposit? What exempts it from being 6 months old?

 

[Aady07]

FD is a fixed deposit? What exempts it from being less than 6 months old?

Yes, it's a Fixed Deposit. It can be made anytime. It has no criteria for being six months old. It's a liquid asset which can be cashed out instantly.