Proof of funds acceptability

[hassanshariq]

Dear Members & Forum Admins

I would like to confirm if mutual funds can be shown as POF for express entry? I am have some cash in my bank account and have some amount as mutual funds. These mutual funds have been held for more than a year and I can provide a statement for these issued by the Investment management company. Otherwise, I will have to liquidate them, transfer the money into my account, and attach the sale receipt.

Secondly, my bank account balance has been up and down during last 6 months. I get my salary in same account and have made various payments from its, some payments have been around 2-4 thousand USD. And I have received money from various sources in this account at various times during last 6 months, again transaction values of 2-4 thousand USD. Should, I just be fine with the closing balance being above the required amount or should it have been maintained at that level for last 6 months?

Please provide expert opinion or from personal experience. I am about to submit my docs for eAPR in few days. This is the last bit that I am left with.

Regards

 

[sundar17feb99]

Dear Members & Forum Admins

I would like to confirm if mutual funds can be shown as POF for express entry? I am have some cash in my bank account and have some amount as mutual funds. These mutual funds have been held for more than a year and I can provide a statement for these issued by the Investment management company. Otherwise, I will have to liquidate them, transfer the money into my account, and attach the sale receipt.

Secondly, my bank account balance has been up and down during last 6 months. I get my salary in same account and have made various payments from its, some payments have been around 2-4 thousand USD. And I have received money from various sources in this account at various times during last 6 months, again transaction values of 2-4 thousand USD. Should, I just be fine with the closing balance being above the required amount or should it have been maintained at that level for last 6 months?

Please provide expert opinion or from personal experience. I am about to submit my docs for eAPR in few days. This is the last bit that I am left with.

Regards

Acceptable proof of funds is:

Bank accounts in your name or the name of your accompanying spouse/common-law partner;

1. Cash-able investments in your name or the name of your accompanying spouse/common-law partner;
2. Cash-able fixed deposits in your name of the name of your accompanying spouse/common-law partner.

Please Note following type of bank accounts are not acceptable.

1. Bank accounts which are joint in your name and someone else (other than your accompanying spouse/common-law partner);
2. Bank accounts in the name of your spouse who is not accompanying you to Canada ;
3. Property valuations;
4. Vehicle valuations;
5. Jewellery valuations.

Going by this, I would have liquidate my funds and transfer to my account and explain it clearly in LOE.
As for your second question, as long as you are maintaining the required amount, it is safe. Visa officer will ask at any point of time to furnish your new bank statement if they are quizzed.

 

[hassanshariq]

Acceptable proof of funds is:

Bank accounts in your name or the name of your accompanying spouse/common-law partner;

1. Cash-able investments in your name or the name of your accompanying spouse/common-law partner;
2. Cash-able fixed deposits in your name of the name of your accompanying spouse/common-law partner.

Please Note following type of bank accounts are not acceptable.

1. Bank accounts which are joint in your name and someone else (other than your accompanying spouse/common-law partner);
2. Bank accounts in the name of your spouse who is not accompanying you to Canada ;
3. Property valuations;
4. Vehicle valuations;
5. Jewellery valuations.

Going by this, I would have liquidate my funds and transfer to my account and explain it clearly in LOE.
As for your second question, as long as you are maintaining the required amount, it is safe. Visa officer will ask at any point of time to furnish your new bank statement if they are quizzed.

Thanks Sundar!

I am just confused if the visa officer will actually ask for a bank statement again during the assessment process, or just make a decision?

 

[sundar17feb99]

Thanks Sundar!

I am just confused if the visa officer will actually ask for a bank statement again during the assessment process, or just make a decision?

That is from their own perspective and your luck If they feel, they need to be convinced again, they will ask for the recent bank statement to check if you are still maintaining a settlement threshold. My suggestion is that, transfer the funds to your own account where your transactions are limited and stable. Accounts where the amounts are mercurial will arise doubts on their minds. They won't be knowing for sure, you will maintain the said amount.