PROOF OF FUNDS **

[Pranay_sharmaa]

Hello everyone, I had a question regarding the funds required to be shown. I'm married and applying individually through express entry. Although I have almost 18000 CAD in a joint account with my wife since 9 months now yet I'm not sure if IRCC will ask for the source of the same. Considering these are borrowed but there has no shortage or fluctuations in the amount. My questions here is does IRCC ask for the source of the funds ?

 

[babsizkil]

Hello everyone, I had a question regarding the funds required to be shown. I'm married and applying individually through express entry. Although I have almost 18000 CAD in a joint account with my wife since 9 months now yet I'm not sure if IRCC will ask for the source of the same. Considering these are borrowed but there has no shortage or fluctuations in the amount. My questions here is does IRCC ask for the source of the funds ?

IRCC do not ask for source of funds for EE, however, you need to demonstrate that fund will be available or have legal access to it, both when you apply and when (if approve) they issue you a permanent resident visa. For proof, you must get official letters from any banks or financial institutions where you’re keeping the money.

 

[Pranay_sharmaa]

Thank you Babsizkil.
The official letter part will not be an issue.
In addition to these funds, will I need to furnish any other bank statement as well? Like where daily transactions occur.

 

[babsizkil]

Thank you Babsizkil.
The official letter part will not be an issue.
In addition to these funds, will I need to furnish any other bank statement as well? Like where daily transactions occur.

It will be helpful to attach bank statement with the official letter from bank, since you're using a joint account. Even, if you're not submitting a bank statement, the letter from the bank is expected to capture among other thing, average balance for the past 6 months.

 

[ashishmassey]

Hi All,

Need your help!

My wife is the primary applicant in our case. Our settlement funds were invested in mutual funds till last week, but now they have been redeemed and are present in our savings account. We expect an ITA in the next 2 months. By the time we have to submit proof of funds, the average fund balance for 6 months would not be as required by IRCC.

Is there a way, like a letter of explanation, that explains that we had the funds with us, but were invested, and now have been liquidated for Canada PR process.

Thanks!

 

[dr.josemrod]

Hi All,

Need your help!

My wife is the primary applicant in our case. Our settlement funds were invested in mutual funds till last week, but now they have been redeemed and are present in our savings account. We expect an ITA in the next 2 months. By the time we have to submit proof of funds, the average fund balance for 6 months would not be as required by IRCC.

Is there a way, like a letter of explanation, that explains that we had the funds with us, but were invested, and now have been liquidated for Canada PR process.

Thanks!

Yes there is, it's called a letter of explanation. You can also attach proof of the liquidated fund. That's what we did.

 

[Tweety77]

AOR - 23 Dec 2019
Medicals passed - 15 Jan 2020

Hello all,
I have a question regarding Proof of Funds. In the express entry profile, I put $24.000 as POF which was above the required amount ($23.500) for a family of 4 at the time of the application and E-APR. On the other hand, my supporting financial documents that I have sent were already above $25,000.

Now that the POF increased up to $24,083 in 2020, and I can not change my E-APR profile, do I need to send a webform stating this and increasing this amount to, for instance, $25.000. I am just worried that I may fail in the eligibility stage due to not meeting minimum funds in the EE profile.

Your comments are very much appreciated.
Thanks,

 

[dr.josemrod]

AOR - 23 Dec 2019
Medicals passed - 15 Jan 2020

Hello all,
I have a question regarding Proof of Funds. In the express entry profile, I put $24.000 as POF which was above the required amount ($23.500) for a family of 4 at the time of the application and E-APR. On the other hand, my supporting financial documents that I have sent were already above $25,000.

Now that the POF increased up to $24,083 in 2020, and I can not change my E-APR profile, do I need to send a webform stating this and increasing this amount to, for instance, $25.000. I am just worried that I may fail in the eligibility stage due to not meeting minimum funds in the EE profile.

Your comments are very much appreciated.
Thanks,

My understanding is that your POF has to be attained under rules at the moment of your ITA

 

[Kayoe]

AOR - 23 Dec 2019
Medicals passed - 15 Jan 2020

Hello all,
I have a question regarding Proof of Funds. In the express entry profile, I put $24.000 as POF which was above the required amount ($23.500) for a family of 4 at the time of the application and E-APR. On the other hand, my supporting financial documents that I have sent were already above $25,000.

Now that the POF increased up to $24,083 in 2020, and I can not change my E-APR profile, do I need to send a webform stating this and increasing this amount to, for instance, $25.000. I am just worried that I may fail in the eligibility stage due to not meeting minimum funds in the EE profile.

Your comments are very much appreciated.
Thanks,

Hello how did it go with you?
I Found out I'm in the same scenario as you?

Pls reply

 

[tausif_asif]

hello,

I have a family of 4, as per Express Entry requirement amount equivalent to $24,083 must be in your account. What if, I have the required average monthly balance in my bank statement but there is inflow and outflow of the transactions, whereas the average balance is as per their requirement.

Will this be acceptable or not?

What explanation can be made?

thanks

 

[lazaress]

Hi guys,

I recently got my ITA and I am doubting my POF. I have all my savings in cash since my country is in a financial crisis. In May I opened a saving bank account where I gave my cash to my father and he send me money to my new account. My question is when I submit my application the account will only be active for 5 months and a half with one big amount transferred 5 and a half month ago, should I only give them the bank letter with a 6 months statement and be fine or should I do something else?

Please give me your advice and thank you!!

 

[legalfalcon]

Hello everyone, I had a question regarding the funds required to be shown. I'm married and applying individually through express entry. Although I have almost 18000 CAD in a joint account with my wife since 9 months now yet I'm not sure if IRCC will ask for the source of the same. Considering these are borrowed but there has no shortage or fluctuations in the amount. My questions here is does IRCC ask for the source of the funds ?

If you meet the 6 month average balance, most likely no source of funds will be asked. However, it is at the discretion of the officer reviewing your file to request more info based on individual circumstances.

To read on PoF and how to meet the requirements, see https://bit.ly/2F0p4Fx

 

[sobem]

From which date we should have funds available? When we create profile in Express Entry? OR when we receive an ITA?

 

[Timbuktu_14]

From which date we should have funds available? When we create profile in Express Entry? OR when we receive an ITA?

Doesn't matter. If you don't want to explain the source of funds, then show that you've had it for 6months+. Anything short of that would require that you explain the source of funds. You can have it a day before you submit e-APR, it doesn't matter once you can explain where the funds came from.

 

[navroze92]

Hey guys can someone please help me out. I have broken 2 FD's from my secondary bank account not so long ago may be 2 - 3 months back and transferred an amount of 60k and created 1 FD in my primary bank account.

In order to explain the source of funds in my primary bank account what documents do I need to attach for my secondary bank account?