Do i need proof of funds now when i create a EE profile ?

[A M Gupta]

Thanks Ashivad.

You are great..

 

[dupsy21]

Hi Asivad,

Please could you answer my question below.

Hi Asivad,

Does it matter if my current balance is a lot more than average balance? For instance, for a family of 3, we are meant to show about £9000. The total average balance for all my accounts (2 savings, 1 current account and credit card account) is about £8200 while the total current balance is about £11000. The difference is due to the fact that I have saved more than usual as I have not been touching my salary in the past 3 months. Hubby takes care of the bills. Do I need to explain this as well or should I transfer the difference to Hubby's account? We are planning to use over half of the excess £2000 as application fee.

 

[Asivad Anac]

Hi Asivad,

Does it matter if my current balance is a lot more than average balance? For instance, for a family of 3, we are meant to show about £9000. The total average balance for all my accounts (2 savings, 1 current account and credit card account) is about £8200 while the total current balance is about £11000. The difference is due to the fact that I have saved more than usual as I have not been touching my salary in the past 3 months. Hubby takes care of the bills. Do I need to explain this as well or should I transfer the difference to Hubby's account? We are planning to use over half of the excess £2000 as application fee.

It does matter.

You will have to conclusively prove to CIC that you haven't borrowed the funds to showcase as POF. In your case, that would probably mean sending out additional information to CIC in the form of either opening/closing balances of each of the last 6 months (showing a gradual increase and no sudden large credits) or 6 months of bank statements (showing the same gradual increase in a detailed manner). Along with that, add an LOE highlighting that you've been consciously saving up on the funds to showcase as POF. And hope for a sympathetic, non-arbitrary officer to be assigned to your application who would ask questions/clarifications when in doubt.

All the best!

 

[IndianJack]

Asivad,
If I sell some of very old jewelery gifted to me by my late grandmother and show the proceeds as PoF, what all supporting documents should I provide?

 

[dupsy21]

Thank you Asivad. To prevent the need of LOE, I will transfer the £2000 difference to hubby's account.

Is Average balance of £8200 and Current balance of £9000 fine?

It does matter.

You will have to conclusively prove to CIC that you haven't borrowed the funds to showcase as POF. In your case, that would probably mean sending out additional information to CIC in the form of either opening/closing balances of each of the last 6 months (showing a gradual increase and no sudden large credits) or 6 months of bank statements (showing the same gradual increase in a detailed manner). Along with that, add an LOE highlighting that you've been consciously saving up on the funds to showcase as POF. And hope for a sympathetic, non-arbitrary officer to be assigned to your application who would ask questions/clarifications when in doubt.

All the best!

 

[Asivad Anac]

Thank you Asivad. To prevent the need of LOE, I will transfer the £2000 difference to hubby's account.

Is Average balance of £8200 and Current balance of £9000 fine?

That's a difference of about 10%, I imagine that would be fine.

 

[Asivad Anac]

Asivad,
If I sell some of very old jewelery gifted to me by my late grandmother and show the proceeds as PoF, what all supporting documents should I provide?

Proof of sale of those assets and deposit of the proceeds into a bank account operated by you, at the least.

 

[feejay87]

I am planning to create EE profile and was wondering if i need to do anything about proof of funds right now ?
Lets say i get an invitation in December,2015. Then when to when do i have to show proof of funds like bank statement (6 months ?).
Right now i dont have any money in my account so asking this question so that i can put money into it & be ready.
Can anyone provide me step by step info on POF assuming i get invitation in December.2015

If you are applying for permanent residence in Canada, you must provide an official letter issued by your financial institution indicating your financial profile. This must:

list of all your bank (chequing and savings) and investment accounts, the account numbers, dates each account was opened and the balance of each account over the past six months,
list all outstanding debts, such as credit cards and loans,
be printed on the letterhead of the financial institution, and include your name and the contact information of the financial institution (address, telephone number and e-mail address).

you can get such letter from your Bank easily; approach them and explain them clearly

In addition to that letter , do attach your last 6 months bank statement for confirmation

 

[anandekraj]

Hi,
As proof of fund i am showing CAD 24000 for two person and as per CIC we should have approx CAD15600 but if I am showing CAD 24000 as POF can I withdraw CAD 2000 from account post ITA submission... Or do I have to keep entire amount with us till we get PR
Please assist

 

[Santacan]

Hi,
As proof of fund i am showing CAD 24000 for two person and as per CIC we should have approx CAD15600 but if I am showing CAD 24000 as POF can I withdraw CAD 2000 from account post ITA submission... Or do I have to keep entire amount with us till we get PR
Please assist

Showing more amount is not going to improve your PR process in anyway. Just keep 10-15% more to factor in currency fluctuations