Proof Funds

[dr feras]

Thank you so much for your response.

The account that I have for my proof of funds does not have any regular transactions like loan or expenses. I only use it to save money. If I were to use this account only, would that be ok?

Thanks again for all your help.

My pleasure.
Yes that would be enough

 

[ankith27]

@dr feras : Is it enough to download 6 months statement from my bank or should I submit the POF in a different format?

 

[dr feras]

@dr feras : Is it enough to download 6 months statement from my bank or should I submit the POF in a different format?

The requested prferred format by IRCC is a bank letter on a letterhead containing your name, account number, date account was opened, average monthly balance for 6 months, and any outstanding debts/loans.
If you cant get that, 6 months bank statements are enough. If you print them from your online banking, try to go get each page stamped by your bank. If your bank refuses to stamp for any reason, thens thats not the ideal but explain to ircc that they are from your online banking.
Also explain in few lines that your bank refuses to issue such letters and that you are proving statements instead.
Good luck

 

[dr feras]

@dr feras : Is it enough to download 6 months statement from my bank or should I submit the POF in a different format?

Another important thing is, if you have big chunks of money going into your account other than salary, to explain where they came from. So if its a family gift then provide a gift deed ( 100% fine), if you sold gold or a house or a car etc then provide evidence. They want to make sure your money is NOT borrowed, and readily usable and transferable by you.

 

[ankith27]

@dr feras : Thank you for the explanation. This is an online bank so I will get in touch with them to see if they can provide me information with the correct format. The money going into this is from my salary so I should be good to go.

Thank again.

 

[dr feras]

@dr feras : Thank you for the explanation. This is an online bank so I will get in touch with them to see if they can provide me information with the correct format. The money going into this is from my salary so I should be good to go.

Thank again.

My pleasure. Sure, check with them, if they cant, then just provide your statements with an explanation letter and provide IRCC if possible with links to the bank's website etc so they can check that this is an online bank, just in case. I honestly never knew that online banks without a physical office do exist till yesterday when someone asked a similar question.
So if any of our senior members have any other ideas then please correct me.
All the best

 

[Kanikananda]

Hi Seniors

In our case only 25 % of the funds we have shown are in fixed deposits rest are available in cash state but the issue is that we have submitted only stamped ,signed bank statements and fixed deposit( bank statements have bank address details, telephone numbers, date of opening the account) they are not on the bank letter head and neither have we shared any bank letter stating that we dont have any dues and loans on our name in our country

Please advice if we should raise a case specific inquiry for the same or we should wait for the further processing and let them ask for the same


Looking forward for a quick reply
Thanks
Kanika

 

[damitdada]

Hello...

I'm from India where most of the bank's give .5% more interest to senior citizen. So, what I made fixed deposits of around 15 lack in my father's name and my name as second account holder. Now, in order to use that amount as proof of fund, I requested the bank to remove my father's name from fd and just keep my name as account holder which they did and issued me duplicate FDs for the same.

Will it be accepted as POF cause the duplicate FD has word 'duplicate' mentioned on them.

Thanks

Amit

 

[damitdada]

No.

IRCC defines dependents as: "A spouse, common-law partner or dependent child of a permanent resident or principal applicant."

Hello...

I'm from India where most of the bank's give .5% more interest to senior citizen. So, what I made fixed deposits of around 15 lack in my father's name and my name as second account holder. Now, in order to use that amount as proof of fund, I requested the bank to remove my father's name from fd and just keep my name as account holder which they did and issued me duplicate FDs for the same.

Will it be accepted as POF cause the duplicate FD has word 'duplicate' mentioned on them.

Thanks

Amit

 

[damitdada]

No.

IRCC defines dependents as: "A spouse, common-law partner or dependent child of a permanent resident or principal applicant."

DelPiero07....You have been a great help....Thanks u so much from bottom of my heart...

I have few queries regarding POF.

I have all my savings, which is more than required for POF, invested in the bank in the form of Term Deposits (More than six months old). I do not keep more than a certain amount of money in my savings account as it doesn't return interest similar to term deposits.

So, I was curious to know whether I need to provide six months bank statement for my savings account?

I am planning to get a certificate from the bank mentioning all my term deposits details (Issue date, amount, maturity amount etc... )and submit it with the colored scanned copies of term deposits. Should I proceed with it?

Also, half of my term deposits are maturing in few days and If I choose to renew them, it will have a new issue date. However, the A/C no. for them would be the same. So, should I scan the current copies of term deposits and submit along with other POF docs to show their source? Also, should I attach an LOE for that?

Officially, I haven't been working since last year and a half, and I am gone mention that period as unemployed in personal history. However, I have sufficient savings from my prevuous earnings. Will it raise a flag if I mention my status as unemployed when it comes showing POF?

What other things do I need to keep in mind for POF?

N.B.: I won't be making the mistake of reposting the same query now...

Thanks a lot in advance.
Dr. Amit Triivedi

 

[DelPiero07]

DelPiero07....You have been a great help....Thanks u so much from bottom of my heart...

I have few queries regarding POF.

I have all my savings, which is more than required for POF, invested in the bank in the form of Term Deposits (More than six months old). I do not keep more than a certain amount of money in my savings account as it doesn't return interest similar to term deposits.

So, I was curious to know whether I need to provide six months bank statement for my savings account?

I am planning to get a certificate from the bank mentioning all my term deposits details (Issue date, amount, maturity amount etc... )and submit it with the colored scanned copies of term deposits. Should I proceed with it?

Also, half of my term deposits are maturing in few days and If I choose to renew them, it will have a new issue date. However, the A/C no. for them would be the same. So, should I scan the current copies of term deposits and submit along with other POF docs to show their source? Also, should I attach an LOE for that?

Officially, I haven't been working since last year and a half, and I am gone mention that period as unemployed in personal history. However, I have sufficient savings from my prevuous earnings. Will it raise a flag if I mention my status as unemployed when it comes showing POF?

What other things do I need to keep in mind for POF?

N.B.: I won't be making the mistake of reposting the same query now...

Thanks a lot in advance.
Dr. Amit Triivedi

No, you do not need your bank statements from the savings account if you choose to use the fixed deposits to meet the required funds.

Yes, get the details from the fixed deposits and provide such info.

It doesn't matter that you've been unemployed, as long as the money belongs to you and you didn't take any loans to meet the required funds you'll be fine.

 

[applicant_2016]

Hello,
Can someone please shed some light on my questions regarding POF:
1. I have my checking and savings a/c with DCU in USA and within my online a/c there is an option to get the deposit/immigration letter. The format has all the details - name, bank name/address etc but regarding the funds it has the following fields/columns:
Acct No.|| Type ||Balance Available || Avg Balance (6 Mo.) || Maturity Date || Open Date

Now it doesn't have the avg balance for each month over the last 6 months like Avg Balance Month 1, Avg Balance Month 2 ...... and so on..

Therefore, is the info given in the current letter enough or I need to request for more detailed letter ?

2. My savings are from my salary plus the POF a/c is my salary a/c and also the bank where I have my auto loan from. While printing the POF letter online, I have an option as to which a/c's I want to include in the letter and which I don't. So do I need to include my auto loan ? Or should I exclude it ? My only concern is that CIC shouldn't consider my assets - loans kind of thing ? Ideally car loan is a secured loan at the end of the day not like a credit card debt but I am confused.

Please advise !!

Thanks in advance.

 

[wolfman2017]

Hello,

Sorry to be beating on this again and again.

Do we have to declare all our accounts in all banks or is it sufficient to just show enough funds in one bank account?
The reason I ask is I have accounts with multiple banks and have enough funds in account in one bank (Have declared this). The other account is in different bank and also has enough funds but also has credit card account even though debt is low (Not shown to IRCC). I also have car loan (Not shown to IRCC). I also have other credit card accounts that I have not declared to IRCC.

My total funds is greater than net debt and is also enough for POF but I declared only one of the accounts. Is this an issue?

@DelPiero07 @legalfalcon Please offer guidance.

 

[magesh1988]

Hello,

Sorry to be beating on this again and again.

Do we have to declare all our accounts in all banks or is it sufficient to just show enough funds in one bank account?
The reason I ask is I have accounts with multiple banks and have enough funds in account in one bank (Have declared this). The other account is in different bank and also has enough funds but also has credit card account even though debt is low (Not shown to IRCC). I also have car loan (Not shown to IRCC). I also have other credit card accounts that I have not declared to IRCC.

My total funds is greater than net debt and is also enough for POF but I declared only one of the accounts. Is this an issue?

@DelPiero07 @legalfalcon Please offer guidance.

That wont be a problem , i have seen profile declaring only one account , they never declared car loan , or credit cards.
So clearly this wouldn't be an issue at all.

 

[mohoozee]

Another important thing is, if you have big chunks of money going into your account other than salary, to explain where they came from. So if its a family gift then provide a gift deed ( 100% fine), if you sold gold or a house or a car etc then provide evidence. They want to make sure your money is NOT borrowed, and readily usable and transferable by you.

Hi,

This caught my attention. I recently lent my brother about $30k and he just repaid me. Now on my account statement history, this appears like a big spike. However, if you go back two months on my account statement you could see that I transferred exactly the same amount of money to the same person.

Do I need to explain this somehow. If yes, how?