Proof of Funds - Clarifications

[wickerman]

Hey Guys

My application is due on the 27th of September. I had a few last minute clarifications to make.

1. I have mentioned that I will be able to bring CAD 12,500 when I immigrate - in the application section that asks for that. However, I am showing an account balance of $22,500 USD. Certainly, I will be able to bring much more than 12,500 CAD when I immigrate.

However, do we need to align the bank balance with what I say on the application or is it okay to state the minimum amount required as per application and then show something much higher?

I dont think there is a guideline on this, so wanted some input.

2. There are a few large transactions in my bank account. For example, in May, I loaned a friend $4,000 temporarily. He gave me back in June. So the statements show a debit as well as a credit. I also got a federal tax refund of over 2k.

My question is, do I need to justify these transactions in the LOE? Or is that not necessary?

 

[Scorpman21]

Hey Guys

My application is due on the 27th of September. I had a few last minute clarifications to make.

1. I have mentioned that I will be able to bring CAD 12,500 when I immigrate - in the application section that asks for that. However, I am showing an account balance of $22,500 USD. Certainly, I will be able to bring much more than 12,500 CAD when I immigrate.

However, do we need to align the bank balance with what I say on the application or is it okay to state the minimum amount required as per application and then show something much higher? Nothing to worry.

I dont think there is a guideline on this, so wanted some input.

2. There are a few large transactions in my bank account. For example, in May, I loaned a friend $4,000 temporarily. He gave me back in June. So the statements show a debit as well as a credit. I also got a federal tax refund of over 2k.

My question is, do I need to justify these transactions in the LOE? Or is that not necessary?
You are absolutely fine, and don't need to do anything at all. Still for your peace of mind, you may attach a LOE, as it doesn't hurt. All the best.

 

[mgnlky]

2. There are a few large transactions in my bank account. For example, in May, I loaned a friend $4,000 temporarily. He gave me back in June. So the statements show a debit as well as a credit. I also got a federal tax refund of over 2k.

My question is, do I need to justify these transactions in the LOE? Or is that not necessary?

You're fine with the tax refund, but you have issues with the loan. Funds for Express Entry cannot be from a loan. You either need to get a gift deed from your friend indicating it was a gift & not to be paid back, or remove the $4,000 from the funds to be used for immigration.

 

[wickerman]

You're fine with the tax refund, but you have issues with the loan. Funds for Express Entry cannot be from a loan. You either need to get a gift deed from your friend indicating it was a gift & not to be paid back, or remove the $4,000 from the funds to be used for immigration.

I temporarily loaned my friend $4000 in May. He gave me back in June. So the transaction show 4000 debit in May and 4000 credit in June. (and I am including both statements). Is that a problem?

 

[Scorpman21]

You're fine with the tax refund, but you have issues with the loan. Funds for Express Entry cannot be from a loan. You either need to get a gift deed from your friend indicating it was a gift & not to be paid back, or remove the $4,000 from the funds to be used for immigration.

I guess you have misunderstood the OP. He gave a loan to his friend.

I temporarily loaned my friend $4000 in May. He gave me back in June. So the transaction show 4000 debit in May and 4000 credit in June. (and I am including both statements). Is that a problem?

You are absolutely fine. Just add a LOE if you wish to.

 

[mgnlky]

I temporarily loaned my friend $4000 in May. He gave me back in June. So the transaction show 4000 debit in May and 4000 credit in June. (and I am including both statements). Is that a problem?

Okay yes, my bad. You're fine then. Apologies- that's what I get for replying on here before having my morning caffeine.

 

[wickerman]

I guess you have misunderstood the OP. He gave a loan to his friend.

You are absolutely fine. Just add a LOE if you wish to.

Thank you!

Just another clarification I would like to make. I took out a personal loan in 2015 and have been regularly making min payments. I have included a letter from the bank with all details in the proof of funds submission.

However do I need to state this personal loan in the LOE and and mention that this wasnt taken out for the purposes of immigration? Or is that overkill and not needed?

 

[rughdaabrahani]

Please if someone can help me with this.

I have two bank accounts and a personal loan i.e 250k AED (that was taken for some other reasons and is a unsecured loan). I have learnt from different resources that IRCC doesn't checks the net assets instead they just check the proof of funds at that point of time.

I will be able to maintain the required balance in next 5 months from my salary, by then my case will be due to be submitted. My questions are as follows:

i. I can save the required amount for POF by skipping some of my monthly personal loan installments (bank gives me an option to skip some of the installment and in such case no deduction will be made from my account for those specific months) and can submit the same bank statement to IRCC? However in this case, for some of the months a deduction will be shown from my account i.e for my personal loan. This is a salary credit account.

ii. I can save the amount for POF by skipping some of my monthly installments and transfer the savings into a separate account. In this case, no deduction will be reflected in my bank statement, however, this will not be a salary transfer account.

Is this the right way to save money for POF and IRCC will have no objection to it? Kindly advise me the best way out for this.

 

[Scorpman21]

Thank you!

Just another clarification I would like to make. I took out a personal loan in 2015 and have been regularly making min payments. I have included a letter from the bank with all details in the proof of funds submission.

However do I need to state this personal loan in the LOE and and mention that this wasnt taken out for the purposes of immigration? Or is that overkill and not needed?

If it isn't a substantial amount, you are good to go without mentioning it.

 

[wickerman]

If it isn't a substantial amount, you are good to go without mentioning it.

It was like $5000. Of which only $1400 is remaining to be repaid. Even subtracting $5000 I should have more than the threshold required.

Anyway I think it will be better to mention it in the LOE. Err on the side of caution

 

[Scorpman21]

Is this the right way to save money for POF and IRCC will have no objection to it? Kindly advise me the best way out for this.

250k AED is a big amount for a personal loan, hence I wouldn't advice hiding it in any way. You could take more advice from Seniors on this.

 

[Scorpman21]

It was like $5000. Of which only $1400 is remaining to be repaid. Even subtracting $5000 I should have more than the threshold required.

Anyway I think it will be better to mention it in the LOE. Err on the side of caution

Good to mention, wouldn't hurt. You are fine even if you don't.

 

[rughdaabrahani]

250k AED is a big amount for a personal loan, hence I wouldn't advice hiding it in any way. You could take more advice from Seniors on this.

This is a long term loan, wouldn't IRCC consider my long term assets also if they are considering my long term liability? I have one property on my name but that isn't a liquid asset. If I wont hide it then I am wondering should I show them all my assets? Anyways, waiting for advise!

 

[Scorpman21]

This is a long term loan, wouldn't IRCC consider my long term assets also if they are considering my long term liability? I have one property on my name but that isn't a liquid asset. If I wont hide it then I am wondering should I show them all my assets? Anyways, waiting for advise!

Cic is okay with a house/property loan. But not sure about a personal loan, and certainly won't agree with the two options you are seeking suggestion for. That's hiding information willingly.

 

[rughdaabrahani]

Cic is okay with a house/property loan. But not sure about a personal loan, and certainly won't agree with the two options you are seeking suggestion for. That's hiding information willingly.

For the second option, certainly I am hiding.

However, for the first option, I am skipping few installments (2 installments) just to save money for POF. So if I submit a bank statement for 6 months, the remaining 4 months will show a deduction (i.e for the installment). Do I need to explicitly disclose that what is the deduction being made for in 4 months even though I am maintaining the POF requirement which is saved from my monthly salary.