Is loans and fixed deposits as financial proof good for Express Entry PR?

[sddalal]

Hello Everyone,

I have few questions regarding financial proof to be provided with the PR application.

Major part of my funds (about 10-12k CAD) are invested by me in the form of loan given to family members (have documents to support it). Also, these funds are available to me whenever I need them. For the immigration purpose, I received the payment of these loan amount in my savings bank account in the month of September 2018 and I have created fixed deposits for a part of this amount (again, I have documents supporting this).

I also have another 2-3k CAD invested in the form of shares in India (INR) since 2 years (Have shares statement of 2 years back and current to show the continuity of investment). Though, as this investment is in shares, there is no official document showing canadian equivalent amount. Hence, I am planning to show the Canadian Equivalent in a separate letter as per the rate on a specific date I will apply and submit this documents.

If I provide the above mentioned documents, will it suffice for the financial proof?

 

[Vj1981]

Hello Everyone,

I have few questions regarding financial proof to be provided with the PR application.

Major part of my funds (about 10-12k CAD) are invested by me in the form of loan given to family members (have documents to support it). Also, these funds are available to me whenever I need them. For the immigration purpose, I received the payment of these loan amount in my savings bank account in the month of September 2018 and I have created fixed deposits for a part of this amount (again, I have documents supporting this).

I also have another 2-3k CAD invested in the form of shares in India (INR) since 2 years (Have shares statement of 2 years back and current to show the continuity of investment). Though, as this investment is in shares, there is no official document showing canadian equivalent amount. Hence, I am planning to show the Canadian Equivalent in a separate letter as per the rate on a specific date I will apply and submit this documents.

If I provide the above mentioned documents, will it suffice for the financial proof?

Hi,

For the first part of funds, I do not see any issues as long as you have proof that you loaned it and that they paid it back. Make sure you attach all of those documents during the document submission stage.

I am not very sure about the Shares. Is it on mutual funds or just shares. If it is shares I doubt they accept it as value is very dynamic. I would leave it to other experts to answer this question. If its me I would liquidate it before I submit proof and show it in my account and provide sale documents.

Now for the conversion part, you do not have to worry they normally calculate it at the rate for the day of submission.

Hope I answered your question.

All the best!!!

 

[sddalal]

Hi,

For the first part of funds, I do not see any issues as long as you have proof that you loaned it and that they paid it back. Make sure you attach all of those documents during the document submission stage.

I am not very sure about the Shares. Is it on mutual funds or just shares. If it is shares I doubt they accept it as value is very dynamic. I would leave it to other experts to answer this question. If its me I would liquidate it before I submit proof and show it in my account and provide sale documents.

Now for the conversion part, you do not have to worry they normally calculate it at the rate for the day of submission.

Hope I answered your question.

All the best!!!

Thank you Vj1981.
Yes, you did answer all my questions. I will surely attach all the documents regarding the loans given as well as received and also for fixed deposits I created out of those loan money received.

For shares part, it is just shares, no mutual funds, but the shares portfolio is same for a period of last 3 years. No shares purchased or sold and I have statement for portfolio 3 years before as well as current statement showing the continuity of the portfolio held.

Thank you once again for your response.

 

[mr.preetsingh]

Hello Everyone,

I have few questions regarding financial proof to be provided with the PR application.

Major part of my funds (about 10-12k CAD) are invested by me in the form of loan given to family members (have documents to support it). Also, these funds are available to me whenever I need them. For the immigration purpose, I received the payment of these loan amount in my savings bank account in the month of September 2018 and I have created fixed deposits for a part of this amount (again, I have documents supporting this).

I also have another 2-3k CAD invested in the form of shares in India (INR) since 2 years (Have shares statement of 2 years back and current to show the continuity of investment). Though, as this investment is in shares, there is no official document showing canadian equivalent amount. Hence, I am planning to show the Canadian Equivalent in a separate letter as per the rate on a specific date I will apply and submit this documents.

If I provide the above mentioned documents, will it suffice for the financial proof?

If you are filing PR application by this month, then yes you will have to mention this in LOE and if you are filing PR application in next 3 months, then LOE would not be required.

 

[sddalal]

If you are filing PR application by this month, then yes you will have to mention this in LOE and if you are filing PR application in next 3 months, then LOE would not be required.

Thank you mr.preetsingh. I have already received the ITA, and I am planning to submit the application in early November. Why would LOE be not required in next 3 months. Is the rule changing ?

 

[mr.preetsingh]

Thank you mr.preetsingh. I have already received the ITA, and I am planning to submit the application in early November. Why would LOE be not required in next 3 months. Is the rule changing ?

Technically, if you have funds more than 2 or 3 months older, Visa officer approves this without LOE and avg bank statement.