POF query

[neha_dubey]

Hello all, badly need your suggestion here ..

I have received an invitation to apply for Canada pr but I am confused with the details to show when it comes to Proof of Funds.

1)Is it necessary to show funds in the salary account itself ?Problem is, I have loans here and I was hoping to hide it by showing them another account.

2) If it’s okay to show another account other that the salary account, wouldn’t my payslip reveal the salary account? Or they are not going to check that ?

3) in case I need to show salary account itself, I will have to move my loans to another account which would take a month to start the ECS from another account. Meanwhile, my loan amount will b auto debited from the salary account for the next month (Nov). Is it okay to show 3 months statement out of which the first month shows loan debit ?

Your reply will be greatly appreciated. M lost. Not sure what to do.
Thanks

 

[Naturgrl]

You can’t hide loans that is fraud. As on the website “The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans.” You show a minimum of 6 months. Read through the information.

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

https://www.canada.ca/en/immigration-refugees-citizenship/corporate/publications-manuals/operational-bulletins-manuals/permanent-residence/express-entry/applications-received-on-after-january-1-2016-completeness-check.html#s01

 

[neha_dubey]

@Naturgrl, Thanks for ur reply.
What if I have loans and I show funds in my account which is more than the loans ?
Is that okay ?

 

[legalfalcon]

Hello all, badly need your suggestion here ..

I have received an invitation to apply for Canada pr but I am confused with the details to show when it comes to Proof of Funds.

1)Is it necessary to show funds in the salary account itself ?Problem is, I have loans here and I was hoping to hide it by showing them another account.

2) If it’s okay to show another account other that the salary account, wouldn’t my payslip reveal the salary account? Or they are not going to check that ?

3) in case I need to show salary account itself, I will have to move my loans to another account which would take a month to start the ECS from another account. Meanwhile, my loan amount will b auto debited from the salary account for the next month (Nov). Is it okay to show 3 months statement out of which the first month shows loan debit ?

Your reply will be greatly appreciated. M lost. Not sure what to do.
Thanks

1. You can show any account or a combination of accounts to meet the PoF requirement.

2. It does not matter.

3. If you have a loan, you have to disclose that as the letter from the bank as to indicate any outstanding debt you have.

See https://bit.ly/37gWb3E

 

[neha_dubey]

Thanks @Teen Titans Go! and @legalfalcon for your valuable feedback.
So, what I collect from here is ...whether I choose to show salary account or the other account it doesn’t matter. All I need to worry about is the minimum fund that I need to maintain.
Thank you !

 

[legalfalcon]

Thanks @Teen Titans Go! and @legalfalcon for your valuable feedback.
So, what I collect from here is ...whether I choose to show salary account or the other account it doesn’t matter. All I need to worry about is the minimum fund that I need to maintain.
Thank you !

Yes, that is correct and along with the minimum fund you also have to meet the 6 months average requirement. See https://bit.ly/34ckIF3

 

[neha_dubey]

@legalfalcon Okay, 1 last confirmation Please..... so, I will b showing my second account (no loans here) and since this application is just for myself, I will need to show 12669CAD as per the standards. But instead I will be showing 25109CAD in my account.
All good right ?

 

[legalfalcon]

@legalfalcon Okay, 1 last confirmation Please..... so, I will b showing my second account (no loans here) and since this application is just for myself, I will need to show 12669CAD as per the standards. But instead I will be showing 25109CAD in my account.
All good right ?

If you are the only applicant and you have no dependents then you only have to show that you have $12,960 in your account and that you meet the 6 month average balance requirement.

If you have outstanding loans, and you are not using the account with the bank from which you have the loans, you do not have to show the loans. If you do show the loans then you have to show funds i.e. PoF + loan amount,

 

[neha_dubey]

If you are the only applicant and you have no dependents then you only have to show that you have $12,960 in your account and that you meet the 6 month average balance requirement.

If you have outstanding loans, and you are not using the account with the bank from which you have the loans, you do not have to show the loans. If you do show the loans then you have to show funds i.e. PoF + loan amount,

Got it . No more doubts left. Thanks a lot for the help!