Doubt regarding proof of fund

[Sakthi1504]

Hi friends,

I'm trying to analyze if I can do the PR process by myself. I came across a step for proof of fund. And it shows that my account should have a minimum of 15k dollars. Is this mandatory ? Cos I may not be able to show so much in my account.

And it was also mentioned that if I'm authorized to work in Canada then there is no need to show proof. Will the process be over by then?

Really confused. This was why I wanted help from consultancy. But then many ppl advise to do it myself. So I thought I can do it myself with help from here. Please do help.

Thank you for your patience.

 

[Stanlee]

Hi friends,

I'm trying to analyze if I can do the PR process by myself. I came across a step for proof of fund. And it shows that my account should have a minimum of 15k dollars. Is this mandatory ? Cos I may not be able to show so much in my account.

And it was also mentioned that if I'm authorized to work in Canada then there is no need to show proof. Will the process be over by then?

Really confused. This was why I wanted help from consultancy. But then many ppl advise to do it myself. So I thought I can do it myself with help from here. Please do help.

Thank you for your patience.

The fund requirement for Express Entry has been mentioned here http://www.cic.gc.ca/english/immigrate/skilled/funds.asp. If you are a family of two then you need to show CAD 15,143 as proof of funds.

You do not have to show these funds only if:
- you have a valid offer of arranged employment in Canada AND
- you are currently working or authorized to work in Canada.

In fact, you do not need a consultant/agent to help you, the whole process is quite straight forward and forums like these are very helpful. The collective knowledge and awareness of the members on this forum far exceeds that of the consultants. In fact, some of the consultants get their answers from forums like these. If I were you, I would instead use that money for my nomination and other migration related fees.

If you follow this forum, you will be in a position to do everything on your own. Most of your questions would already have been answered by many experienced people on this forum and still if you feel that there is a blocker, post your question here, I am sure, people will be more than willing to help you. In the end the decision is yours, if you have the money and willing to hire an agent, you can go ahead. But after everything is done, you will feel, you paid them to you tell you things which are easily available on CIC, OINP sites, forums like these etc.

All the best!

 

[Sakthi1504]

Thanks for the reply.
I've decided to start the process on my own.
I will definitely have a lot of doubts n I hope ppl like you would help me.

Thank you

 

[jen_s87]

Hi there,

I also am wondering about proof of funds..I got my ITA and I have 55000 Canadian so I know I'm ok there but I am worried as I have a car on finance, do I need to get rid of it before I give proof of funds..

Also my bank won't do a letter but will give me 6 months of signed etc bank statements..is this enough?
I have no other loans or credit cards!

Thanks in advance!

Jen

 

[Stanlee]

Hi there,

I also am wondering about proof of funds..I got my ITA and I have 55000 Canadian so I know I'm ok there but I am worried as I have a car on finance, do I need to get rid of it before I give proof of funds..

Also my bank won't do a letter but will give me 6 months of signed etc bank statements..is this enough?
I have no other loans or credit cards!

Thanks in advance!

Jen

Car finance would not be a problem. Also, signed 6 months bank statement is good enough.

 

[jen_s87]

Thanks so much!
Does it need to go down as a debt or is it ok to leave it off?

I finally managed to get my bank to do a letter and provide statements but they did not mention the car finance.

There is nothing about debts, credit cards etc as I have none?

Jen

 

[Stanlee]

Thanks so much!
Does it need to go down as a debt or is it ok to leave it off?

I finally managed to get my bank to do a letter and provide statements but they did not mention the car finance.

There is nothing about debts, credit cards etc as I have none?

Jen

That is fine, you are good to go.

 

[jen_s87]

Thanks again!

Champion members do such a good job in helping!

Jen

 

[gs986]

Is it compulsory to show 6 month old funds after getting ITA?

 

[Stanlee]

Is it compulsory to show 6 month old funds after getting ITA?

The reason for asking 6 months bank statement as part of POF is to ensure that the applicant has not taken a loan to meet the POF requirement. As long as you can prove the source of funds, you are good to go even if the funds have not been maintained for 6 months.

 

[gs986]

The reason for asking 6 months bank statement as part of POF is to ensure that the applicant has not taken a loan to meet the POF requirement. As long as you can prove the source of funds, you are good to go even if the funds have not been maintained for 6 months.

thanks

 

[s.immanual]

The reason for asking 6 months bank statement as part of POF is to ensure that the applicant has not taken a loan to meet the POF requirement. As long as you can prove the source of funds, you are good to go even if the funds have not been maintained for 6 months.

@Stanlee: My parents are planning to provide the required amount for POF as a gift. What are the documents I am suppose to have to prove this fund from my parents? As you have mentioned above bank statements are requested only to check if one has taken a loan to show they POF for 6 months. Would it fine if this gift from parents is maintained in my account only for 1 month? or does this gift also have to be maintained for 6 months in my savings account?

Thanks in advance,
Immanual

 

[s.immanual]

The reason for asking 6 months bank statement as part of POF is to ensure that the applicant has not taken a loan to meet the POF requirement. As long as you can prove the source of funds, you are good to go even if the funds have not been maintained for 6 months.

@Stanlee: My parents are planning to provide the required amount for POF as a gift. What are the documents I am suppose to have to prove this fund from my parents? As you have mentioned above bank statements are requested only to check if one has taken a loan to show their POF for 6 months. Would it fine if this gift from my parents is maintained in my account only for 1 month? or does this gift also have to be maintained for 6 months in my savings account?

Thanks in advance,
Immanual