CEC - proof of funds

[jamaar1]

Wife and I are planning on apply for PR by express entry. We are still trying to figure out a way for proof of funds:
1. We will show only our joint account. 6 month average will be very very low (just couple hundred dollars). Over the last month or so, I have been transferring funds into the account from my personal account.
To be clear, the funds in the personal account were not available either for 6 months. The source of the money is tax refunds and paycheck. So it possible to show the itemized line from my personal account that shows the history of the money (pay check or the tax refund) and the associated transaction details for transferring the money from personal account to joint account?
2. For the rest of the funds, I wanted to show my 401k balance. I will NOT be withdrawing money from my 401k. My plan is to have the 401k firm send me a letter basically stating that money is mine and can be withdrawn any time. Also, current balance as of (MM/DD/YYYY) is $X.XX which after withdrawal will reduce to $Y.YY due to applicable taxes and penalties. Is this acceptable?
a. Can I then show the joint account balance + the $Y.YY is equal or greater than the CAD15,312 that CIC wants?
3. What is considered as large deposit transactions in the bank account - are 6 transcations of $1000-1500 each is acceptable? I understand that the purpose of the Letter of Explanation is to prove that the money is mine and not on loan from someone else?

Please advice.

 

[jackhcd]

Wife and I are planning on apply for PR by express entry. We are still trying to figure out a way for proof of funds:
1. We will show only our joint account. 6 month average will be very very low (just couple hundred dollars). Over the last month or so, I have been transferring funds into the account from my personal account.
To be clear, the funds in the personal account were not available either for 6 months. The source of the money is tax refunds and paycheck. So it possible to show the itemized line from my personal account that shows the history of the money (pay check or the tax refund) and the associated transaction details for transferring the money from personal account to joint account?
2. For the rest of the funds, I wanted to show my 401k balance. I will NOT be withdrawing money from my 401k. My plan is to have the 401k firm send me a letter basically stating that money is mine and can be withdrawn any time. Also, current balance as of (MM/DD/YYYY) is $X.XX which after withdrawal will reduce to $Y.YY due to applicable taxes and penalties. Is this acceptable?
a. Can I then show the joint account balance + the $Y.YY is equal or greater than the CAD15,312 that CIC wants?
3. What is considered as large deposit transactions in the bank account - are 6 transcations of $1000-1500 each is acceptable? I understand that the purpose of the Letter of Explanation is to prove that the money is mine and not on loan from someone else?

Please advice.

Are both you and your wife qualified for CEC stream? If yes, this will make your life easier. Quoted from IRCC:

"You do not have to meet the funds requirement if you were invited to apply under the Canadian Experience Class.

The system currently asks all applicants to provide a proof of funds document. If you don’t need to provide proof of funds, you must upload a letter explaining either that you have been invited to apply under the Canadian Experience Class, or that you have a valid job offer."

http://www.cic.gc.ca/ENGLISH/helpcentre/answer.asp?qnum=1145&top=29

 

[jamaar1]

Never mind, looks like we are ineligible for experience class and can apply only under skilled workers program. We do not have job offers in Canada but have work experience outside of Canada.

And when created our profile, it asked how much funds we intended to bring (answered CAD15,312). Hence, the question if the transfers from my personal account to joint account is acceptable with traceability to pay checks and on showing the 401K being acceptable?

 

[jamaar1]

Anyone??

 

[thinkshady]

Never mind, looks like we are ineligible for experience class and can apply only under skilled workers program. We do not have job offers in Canada but have work experience outside of Canada.

And when created our profile, it asked how much funds we intended to bring (answered CAD15,312). Hence, the question if the transfers from my personal account to joint account is acceptable with traceability to pay checks and on showing the 401K being acceptable?

Yes 15, 312 is for two members. If you are the PA then you can showcase your personal account statement for POF.

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

 

[jamaar1]

Re: PR - proof of funds

Thanks. It is clear to me showing CAD15,312 is required.

Question is: the way I intend to show it as described in my first post, is it acceptable?
My concern is that there have been deposits only recently into the account - but they can all be traced back to the source showing that the money is legitimate and mine. Wife will be PA since she has better educational qualifications and we have same years of work experience.

"1. We will show only our joint account. 6 month average will be very very low (just couple hundred dollars). Over the last month or so, I have been transferring funds into the account from my personal account.
To be clear, the funds in the personal account were not available either for 6 months. The source of the money is tax refunds and paycheck. So it possible to show the itemized line from my personal account that shows the history of the money (pay check or the tax refund) and the associated transaction details for transferring the money from personal account to joint account?
2. For the rest of the funds, I wanted to show my 401k balance. I will NOT be withdrawing money from my 401k. My plan is to have the 401k firm send me a letter basically stating that money is mine and can be withdrawn any time. Also, current balance as of (MM/DD/YYYY) is $X.XX which after withdrawal will reduce to $Y.YY due to applicable taxes and penalties. Is this acceptable?
a. Can I then show the joint account balance + the $Y.YY is equal or greater than the CAD15,312 that CIC wants?
3. What is considered as large deposit transactions in the bank account - are 6 transcations of $1000-1500 each is acceptable? I understand that the purpose of the Letter of Explanation is to prove that the money is mine and not on loan from someone else?"

 

[thinkshady]

Thanks. It is clear to me showing CAD15,312 is required.

Question is: the way I intend to show it as described in my first post, is it acceptable?
My concern is that there have been deposits only recently into the account - but they can all be traced back to the source showing that the money is legitimate and mine. Wife will be PA since she has better educational qualifications and we have same years of work experience.

"1. We will show only our joint account. 6 month average will be very very low (just couple hundred dollars). Over the last month or so, I have been transferring funds into the account from my personal account.
To be clear, the funds in the personal account were not available either for 6 months. The source of the money is tax refunds and paycheck. So it possible to show the itemized line from my personal account that shows the history of the money (pay check or the tax refund) and the associated transaction details for transferring the money from personal account to joint account?
2. For the rest of the funds, I wanted to show my 401k balance. I will NOT be withdrawing money from my 401k. My plan is to have the 401k firm send me a letter basically stating that money is mine and can be withdrawn any time. Also, current balance as of (MM/DD/YYYY) is $X.XX which after withdrawal will reduce to $Y.YY due to applicable taxes and penalties. Is this acceptable?
a. Can I then show the joint account balance + the $Y.YY is equal or greater than the CAD15,312 that CIC wants?
3. What is considered as large deposit transactions in the bank account - are 6 transcations of $1000-1500 each is acceptable? I understand that the purpose of the Letter of Explanation is to prove that the money is mine and not on loan from someone else?"

You might want to go thru this thread and post your queries, FSW experts can help you with your query.

http://www.canadavisa.com/canada-immigration-discussion-board/proof-of-funds-express-entry-t263315.1560.html