My explanation concerning proof of funds

[eiacandidate]

I have recently red many topics on this forums concerning the POF during the express entry. I want to share my thoughts and remarks from research and if anyone wants to argue with them, kindly suggest to hold a debate. All of the topics suggest very different views, many controversial.

From point R76(1)(b)(ii) of the CIC instruction one can read:

-Pursuant to R77, the requirements and criteria set forth in R76 must be met at the time the
application is made, as well as when the permanent resident visa is issued

This means that there is no formal requirement existing to have the money in the bank account on or before submitting the express entry profile

You have to have the money in place on or earlier the date you submit the application for permanent residence and when permanent visa is issued

What it means is formally CIC cannot refuse your immigration application just before you had your money in place after receiving the ITA. Another question here is the origination of funds, proof of which they can ask. But in my opinion securing the funds in place after receiving the ITA BUT before submitting the application has to be fine (with no ground for a formal rejection) if you can justify that you own the money.

Nowhere on CIC web site was I able to find any information requiring candidates to hold the POF for all the 6 months.
I will be glad to hear critical comments and discussions with reference to previous experience and/or CIC rules.

 

[mf4361]

thanks. I think this is the case. You don't have to have the required amount in all 6 months of banking history. You do need it in the most recent statement at time of submitting final application. The reason is to prove that you have the money ready at time of landing in Canada, there is no reason you need to have the money for 6 months before you take it into Canada. However, CIC wants to see history to make sure people don't borrow money for immigration purposes.

And large credits into accounts are fine as long as CIC can trace what it is. E.g. Constant stream of deposits that says "Payroll" in description or "CRA Deposits", that would be fine. If it's cash deposits, you have some explanation to do.

That's how I see it.

 

[gecordon]

I have recently red many topics on this forums concerning the POF during the express entry. I want to share my thoughts and remarks from research and if anyone wants to argue with them, kindly suggest to hold a debate. All of the topics suggest very different views, many controversial.

From point R76(1)(b)(ii) of the CIC instruction one can read:

-Pursuant to R77, the requirements and criteria set forth in R76 must be met at the time the
application is made, as well as when the permanent resident visa is issued

This means that there is no formal requirement existing to have the money in the bank account on or before submitting the express entry profile

You have to have the money in place on or earlier the date you submit the application for permanent residence and when permanent visa is issued

What it means is formally CIC cannot refuse your immigration application just before you had your money in place after receiving the ITA. Another question here is the origination of funds, proof of which they can ask. But in my opinion securing the funds in place after receiving the ITA BUT before submitting the application has to be fine (with no ground for a formal rejection) if you can justify that you own the money.

Nowhere on CIC web site was I able to find any information requiring candidates to hold the POF for all the 6 months.
I will be glad to hear critical comments and discussions with reference to previous experience and/or CIC rules.

Why do you think they bother asking for 6 months previous average balances ??? Just for fun ?? Why then don´t you only submit a screenshot from the same day you are applying showing the required funds ???

I understand than in average you should have the funds for six months back from the day you apply, and if six months go by between applying a PR being issued , at least you need to have that money for a year !!! For me it´s like my savings, so thankfully no worries about this issue for me, nonetheless I know is hard !!!!

From http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

Proof of funds
Purpose

To confirm whether the applicant meets the low income cut-off (LICO), as assessed by amount of money they hold compared to the number of people in their family

Document requirements

The applicant should provide official letter(s) from financial institution(s) which list all current bank and investment accounts, as well as outstanding debts such as credit cards and loans.
The letter(s) must be printed on the letterhead of the financial institution and must include applicant’s name, the contact information of the financial institution (address, telephone number and e-mail address), the account numbers, dates of when each account was opened and the current balance of each account as well as the average balance in the past six months.
Other documents may also be requested, as necessary.
Individuals who must submit this documentation

The principal applicant

 

[hossamo33]

I think you are right. All they care about, is that you will have the required amount of money when coming to Canada. This whole 6 month rule is just to kind of verify that you actually own this money. In any case, my guess is that you need to have the required amount of money when going to Canada and you need to be able to prove that you actually own this money. I don't think they really care about anything else. Everyones just getting paranoid for no good reason.

Just have the money, and prove that its yours, simple as that!

 

[Ram_29]

I have recently red many topics on this forums concerning the POF during the express entry. I want to share my thoughts and remarks from research and if anyone wants to argue with them, kindly suggest to hold a debate. All of the topics suggest very different views, many controversial.

From point R76(1)(b)(ii) of the CIC instruction one can read:

-Pursuant to R77, the requirements and criteria set forth in R76 must be met at the time the
application is made, as well as when the permanent resident visa is issued

This means that there is no formal requirement existing to have the money in the bank account on or before submitting the express entry profile

You have to have the money in place on or earlier the date you submit the application for permanent residence and when permanent visa is issued

What it means is formally CIC cannot refuse your immigration application just before you had your money in place after receiving the ITA. Another question here is the origination of funds, proof of which they can ask. But in my opinion securing the funds in place after receiving the ITA BUT before submitting the application has to be fine (with no ground for a formal rejection) if you can justify that you own the money.

Nowhere on CIC web site was I able to find any information requiring candidates to hold the POF for all the 6 months.
I will be glad to hear critical comments and discussions with reference to previous experience and/or CIC rules.

Ok lets assume that i do not have the required POF when i applied . but right now i can manage the fund that is required for EE. and I wanted to Fixed deposit it in our (me and spouse) account ( 9000 for my account and 6000 for spouse) because it goes with the salary statement that i get.

We have two EE profile My wife is principle applicant with 376 point where i am second and another mine is principle applicant with 366 point where my wife is second. both we declared that we have CAD 15000 fund when we open the EE profile . if anyone get the ITA (probably my wife will get first) then we wanted to show the fund combined. Is that ok. need the experts comments.

 

[eiacandidate]

Why do you think they bother asking for 6 months previous average balances ??? Just for fun ?? Why then don´t you only submit a screenshot from the same day you are applying showing the required funds ???

It seems to me that some people are trying to eat away the competition for ITA acceptance. If they wanted to say that they required the money on the account for all the 6 months, believe me, they would do so. For example UK visa office required to show them balance of 28 days on daily basis to see that you have had the money in your bank for all that time.
As for Canada, if I have my investments in 100% liquid stocks, which I sell at the moment I get an ITA and deposit on bank account, that would mean that I was not eligible to apply as per your explanation. That's not true.
If they see the fund on just last statement they will ask you for their origination data but in no way in my understanding will that act as a ground for rejection.

Will be happy to hear other comments as well.

 

[visaowl]

I have recently red many topics on this forums concerning the POF during the express entry. I want to share my thoughts and remarks from research and if anyone wants to argue with them, kindly suggest to hold a debate. All of the topics suggest very different views, many controversial.

From point R76(1)(b)(ii) of the CIC instruction one can read:

-Pursuant to R77, the requirements and criteria set forth in R76 must be met at the time the
application is made, as well as when the permanent resident visa is issued

This means that there is no formal requirement existing to have the money in the bank account on or before submitting the express entry profile

You have to have the money in place on or earlier the date you submit the application for permanent residence and when permanent visa is issued

What it means is formally CIC cannot refuse your immigration application just before you had your money in place after receiving the ITA. Another question here is the origination of funds, proof of which they can ask. But in my opinion securing the funds in place after receiving the ITA BUT before submitting the application has to be fine (with no ground for a formal rejection) if you can justify that you own the money.

Nowhere on CIC web site was I able to find any information requiring candidates to hold the POF for all the 6 months.
I will be glad to hear critical comments and discussions with reference to previous experience and/or CIC rules.

Good work trying to inform yourself, but you have assumed a very optimistic tone.

Proof of funds is very important for FSWP. This is an incredibly important metric that determines whether your profile is eligible under FSWP or not. You must have seen lots of people not eligible for FSWP but are for CEC just based on this factor. On the date you submitted the express entry profile, you agreed to the terms and conditions saying that all the facts in your profile are true. And also, CIC will evaluate everything on the date you submitted the profile, and not when you were issued an ITA. If you submitted profile with one week short of work experience and were issued ITA after two months, and hence fulfill the CIC work experience condition, you will still not be accepted because when you created the profile that statement was false.

A) You should have the money that you declared in the profile when you submitted your profile to CIC (not when you received ITA), and hence were assigned the points, and determined to be eligible for FSWP.

B) Last six months average balance should be shown to CIC including credit card debts and loans

Above two points is something CIC is very unequivocal and very unambiguous about. Don't get yourself banned, apply when you are ready.

The letter(s) must be printed on the letterhead of the financial institution and must include applicant's name, the contact information of the financial institution (address, telephone number and e-mail address), the account numbers, dates of when each account was opened and the current balance of each account as well as the average balance in the past six months.

From:- http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp#document_checklist

 

[visaowl]

It seems to me that some people are trying to eat away the competition for ITA acceptance. If they wanted to say that they required the money on the account for all the 6 months, believe me, they would do so. For example UK visa office required to show them balance of 28 days on daily basis to see that you have had the money in your bank for all that time.
As for Canada, if I have my investments in 100% liquid stocks, which I sell at the moment I get an ITA and deposit on bank account, that would mean that I was not eligible to apply as per your explanation. That's not true.
If they see the fund on just last statement they will ask you for their origination data but in no way in my understanding will that act as a ground for rejection.

Will be happy to hear other comments as well.

They will ask for last six months average balance. And suppose you only deposited money on the date you received ITA; well your average balance will be drastically low. And if they become suspicious they will ask for more details including daily transactions. This is an immigration agency that we are dealing with.

 

[eiacandidate]

They will ask for last six months average balance. And suppose you only deposited money on the date you received ITA; well your average balance will be drastically low. And if they become suspicious they will ask for more details including daily transactions. This is an immigration agency that we are dealing with.

Listen, yes, it's true, the monthly average balance is low but that does not mean someone lied on their profile, right? Having the money in cash or liquid securities can be the case as well. You are not forced to have the money solely on the bank account, do you?

 

[katja2684]

It seems to me that some people are trying to eat away the competition for ITA acceptance. If they wanted to say that they required the money on the account for all the 6 months, believe me, they would do so. For example UK visa office required to show them balance of 28 days on daily basis to see that you have had the money in your bank for all that time.
As for Canada, if I have my investments in 100% liquid stocks, which I sell at the moment I get an ITA and deposit on bank account, that would mean that I was not eligible to apply as per your explanation. That's not true.
If they see the fund on just last statement they will ask you for their origination data but in no way in my understanding will that act as a ground for rejection.

Will be happy to hear other comments as well.

I agree with you, all they care is for you to substantiate what you claimed in the EE profile at the moment of application.

 

[jassu2]

Good work trying to inform yourself, but you have assumed a very optimistic tone.


A) You should have the money that you declared in the profile when you submitted your profile to CIC (not when you received ITA), and hence were assigned the points, and determined to be eligible for FSWP.

B) Last six months average balance should be shown to CIC including credit card debts and loans

Above two points is something CIC is very unequivocal and very unambiguous about. Don't get yourself banned, apply when you are ready.
From:- http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp#document_checklist

totally agree with you dude.. the exact reason thy r asking 6 month average balance is bcoz they dont want headache of looking into elaborate bank statement but at the same time make sure that they r not dealing wit someone who put in the money even as recent as a month or two back just for immigration..

its better to wait 6 months and make bank statement rather get into trouble with CIC..

 

[Fahimeh_t]

guys,
if this amount is not in the main applicant's account?
if it is in their spouse account what will happen? do they reject?