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Canada PR proof of funds - 6 months average

Rajit

Star Member
Sep 23, 2018
116
49
Should be okay. They only care if you have enough fund of your own (with no liabilities) to support yourself for initial period.
Hi Sir, what if I have an education loan and the emi's are getting paid for the same. Does the loan impact my pof balance by any means?

kindly help
 

Musman123

Member
Jun 11, 2019
11
5
Should be okay. They only care if you have enough fund of your own (with no liabilities) to support yourself for initial period.
Thanks for your reply. But do they have access to know the bank accounts you have not declared?

Also do they ask for any transaction other than monthly salary? Like if received 10000 USD from my brother which I gave him a year back to start his business?
 

deeps1987

Hero Member
Jun 2, 2018
368
93
Hi Sir, what if I have an education loan and the emi's are getting paid for the same. Does the loan impact my pof balance by any means?

kindly help
Yes, it does. First of all, if you have a liability like education loan whose EMI you are paying from any account, you must disclose the pending balance. For proof of fund, if you have a loan of X amount, and CIC wants to see Y amount as fund for settlement, you have to show a total fund value of X + Y.
 

deeps1987

Hero Member
Jun 2, 2018
368
93
Thanks for your reply. But do they have access to know the bank accounts you have not declared?

Also do they ask for any transaction other than monthly salary? Like if received 10000 USD from my brother which I gave him a year back to start his business?
I am not in position to provide factual details, but in my opinion, they won't have access to know all the bank accounts unless the accounts are in Canada. For other countries, they would have to rely on external agencies, and it is unlikely they will engage them specifically for proof of fund, though scrutinized security checks may unveil the financial holdings of an individual.

Also, case officer may ask for source for any credit transaction that he/she may think that may not be your money. It's their discretion. They won't know that in past you have landed the amount to your brother. So better to proactively explain the source and as evidence you can include the debit transaction that happened in past when you have money to brother. That saves time in my opinion.
 

Mr. Ali Zia

Newbie
Jun 12, 2019
6
0
Hello,

I have recently received ITA via SINP and I am stuck with a Proof of Fund (POF) section. I have two salary account having nearly CAD $800 in total. Plus one of salary account of my present job has PF of CAD $2626.

To complete the requirement of POF, I am getting Gift Deed from my father as I save all my savings in my dad's account. What should i do now??

Take a gift deed and put it in my previous salary account? and show the 3 months Bank statement to SINP evaluating officer? along with GIFT DEED proving documents? Do i need to do something extra???

Any help in this will be much more appreciated. Thanks.
 

Rajit

Star Member
Sep 23, 2018
116
49
Yes, it does. First of all, if you have a liability like education loan whose EMI you are paying from any account, you must disclose the pending balance. For proof of fund, if you have a loan of X amount, and CIC wants to see Y amount as fund for settlement, you have to show a total fund value of X + Y.
I need to arrange a gift deed then. Thank you for your help :)
 

Musman123

Member
Jun 11, 2019
11
5
I am not in position to provide factual details, but in my opinion, they won't have access to know all the bank accounts unless the accounts are in Canada. For other countries, they would have to rely on external agencies, and it is unlikely they will engage them specifically for proof of fund, though scrutinized security checks may unveil the financial holdings of an individual.

Also, case officer may ask for source for any credit transaction that he/she may think that may not be your money. It's their discretion. They won't know that in past you have landed the amount to your brother. So better to proactively explain the source and as evidence you can include the debit transaction that happened in past when you have money to brother. That saves time in my opinion.
Agreed. Thanks alot for this.
 

SithLord

VIP Member
Aug 18, 2017
6,873
5,135
Banks will not declare any information to a third party without your consent. However, they can verify the information and authenticity of the documents you have provided.
 

Musman123

Member
Jun 11, 2019
11
5
Banks will not declare any information to a third party without your consent. However, they can verify the information and authenticity of the documents you have provided.
So this is OK to make transaction other than salaried accounts which are not declared?
 

Mr. Ali Zia

Newbie
Jun 12, 2019
6
0
Please guide:

Does gift deed via wired transfer need to be drop through single transfer/cheque or it can be transfer through series of cheques?
 

karanadap

Newbie
May 29, 2019
7
0
Hello,

In proof of funds documents what documents needs to be submitted ? Can I just submit the bank statement of my checking account from USA ?

Thanks,
 

deeps1987

Hero Member
Jun 2, 2018
368
93
Hello,

In proof of funds documents what documents needs to be submitted ? Can I just submit the bank statement of my checking account from USA ?

Thanks,
Just submitting bank statement won't be enough. Statement would include only your bank name, account# and provide insight of your account balance. But it will not give info when your account was open. Refer:
https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html

  • Letter(s) must
    • be printed on the financial institution’s letterhead
    • include their contact information (address, telephone number and email address)
    • include your name
    • list outstanding debts such as credit card debts and loans
    • include, for each current bank and investment account, the
      • account numbers
      • date each account was opened
      • current balance of each account
      • average balance for the past 6 month
Usually applicants provide 6 months statements as not many banks provide average balance. Also, it is better to get statements printed from branch rather then printing the e-statement as they are not usually signed/have contact info of any bank representative.
 

Ven191

Full Member
Apr 23, 2018
21
0
Hey.. I have a similar query.. i was handling a joint account with my mother and she was the primary applicant.. I had an FD under my name in that account.. however, now I have transferred it throught RTGS into my salary account.. Now can that amount be stated as gift deed from my mother..??
Please reply.. this query has boggled me from past few days..
 

deeps1987

Hero Member
Jun 2, 2018
368
93
Hey.. I have a similar query.. i was handling a joint account with my mother and she was the primary applicant.. I had an FD under my name in that account.. however, now I have transferred it throught RTGS into my salary account.. Now can that amount be stated as gift deed from my mother..??
Please reply.. this query has boggled me from past few days..
I do not think you need a gift deed as you were one of the joint account holder. You can explain the source of this credit by providing explanation, and evidences like join account statement and FD statement