Proof of Funds (Express Entry)

[Northstar88]

Understand what is loan.

A loan repayment is done from future income and so it has nothing to do with POF ( if your salary shown is higher then monthly installment) Only the unpaid loans or unpaid interest on the loan if it appears in the statement, that have to be deducted from the POF or else it is absolutely fine whoever pays the loan later and does not matter how you replay the loan. They just want to see present balance - any bank dues + Credit card dues

Example

Total Balance : 18000

Bank dues till date: 546

Credit card dues till dt: 1056

Any other dues NIL

Total net balance 16398 as of today

Thank you very much for your reply. +1 for you.
And I have a question - last question: as I wrote earlier i have two accounts in two different banks, bank A which the salary is transferred to, and bank B which contains the money fit the POF, then when the time comes to provide the POF, should I provide the statements of Bank A, or the statements of Bank B will be enough?

Thank you in advance

 

[jojee2k6]

Dear Experts,

We have some hard-cash, which we kept in our Bank Locker.

We can withdraw it, and deposit to our current bank account, and will take bank letter and statement to show as POF.

Q1: how we can justify that deposit amount (credit transaction) to CIC? by providing LoE with statement that 'we deposited cash which we kept in a bank locker?' but what's proof?

Q2: we maintain to have avg. balance of last six months, and bank letter to show that avg. balance of required amount? or we deposit cash and take bank statement with letter showing current balance?


Kindly need your expert opinion and advice!

Thanking you all in anticipation!

 

[bestofluck]

Thank you very much for your reply. +1 for you.
And I have a question - last question: as I wrote earlier i have two accounts in two different banks, bank A which the salary is transferred to, and bank B which contains the money fit the POF, then when the time comes to provide the POF, should I provide the statements of Bank A, or the statements of Bank B will be enough?

Thank you in advance

Bank B only is okay

 

[Northstar88]

Bank B only is okay

Thank you very much for your help.

 

[Prats6]

Any Comments? Here ---
My POF statement will comprise of 3 things: My required amount is 23000 CAD (~12 Lacs)

1. Fixed Deposit - 10000 CAD (5 Lacs - Maintained from past 1 year)
2. PF - 5000 CAD (3 Lacs)
3. Salary Account- 8000 CAD (4 Lacs - Increases every month - this should be the amount end of February - The 6 month statement would show increments (my salary credits)

Is this okay? I plan to submit these documents in the first week of March

 

[napavalley]

Any Comments? Here ---
My POF statement will comprise of 3 things: My required amount is 23000 CAD (~12 Lacs)

1. Fixed Deposit - 10000 CAD (5 Lacs - Maintained from past 1 year)
2. PF - 5000 CAD (3 Lacs)
3. Salary Account- 8000 CAD (4 Lacs - Increases every month - this should be the amount end of February - The 6 month statement would show increments (my salary credits)

Is this okay? I plan to submit these documents in the first week of March

My situation is very similar to yours. This is what I'm going to do as well. I have one question for you. What document are you going to submit for PF? I'm aware that we can submit epassbook (generated from EPFO site) but has anyone used it successfully without getting it physically stamped from the PF office ?

 

[vishalg]

Hi,
6 months avg balance is from date of ITA or from any date (post ITA) you get the letter from the bank.
Eg. I received ITA on 25th Jan, so should I give avg balance from July till Jan or Aug to Feb is also fine

 

[napavalley]

Hi,
6 months avg balance is from date of ITA or from any date (post ITA) you get the letter from the bank.
Eg. I received ITA on 25th Jan, so should I give avg balance from July till Jan or Aug to Feb is also fine

The statement should be as close as possible to the eApr submission date. Preferable within 15 days IMO. So 6 months back statement from the date on your bank statement and this date should be as close as possible to your submission date.

eg. If you are planning to submit eApr on March 15th, go to the bank in the first week of march eg.March 1 and get 6 months statement i.e From Sep1 to March 1 which is Full 6 months + 1 day

 

[vishalg]

The statement should be as close as possible to the eApr submission date. Preferable within 15 days IMO. So 6 months back statement from the date on your bank statement and this date should be as close as possible to your submission date.

eg. If you are planning to submit eApr on March 15th, go to the bank in the first week of march eg.March 1 and get 6 months statement i.e From Sep1 to March 1 which is Full 6 months + 1 day

Thanks a lot for your response

 

[shanmasr]

Please advise if mutual fund investments in India can be shown as proof of funds? If so then just getting a print of the current statement would do as getting something on a letter head from the fund house is tough?

 

[vishalg]

Please advise if mutual fund investments in India can be shown as proof of funds? If so then just getting a print of the current statement would do as getting something on a letter head from the fund house is tough?

heard it somewhere that MFs are also accepted not sure though (but that also depends if there is any lock in period and how soon can you withdraw), if you can liquidate them any time then try and liquidate them, if they can be liquidated in a few months then you can take a print of the statement and get it stamped by the fund house. Hopefully that should work.

 

[Stanlee]

Please advise if mutual fund investments in India can be shown as proof of funds? If so then just getting a print of the current statement would do as getting something on a letter head from the fund house is tough?

No, mutual funds will not be accepted as POF. However, if you liquidate those, the proceeds transferred to your bank account can be shown as POF.

 

[vishalg]

No, mutual funds will not be accepted as POF. However, if you liquidate those, the proceeds transferred to your bank account can be shown as POF.

Thanks Stanlee for this info

 

[Stanlee]

Dear Experts,

We have some hard-cash, which we kept in our Bank Locker.

We can withdraw it, and deposit to our current bank account, and will take bank letter and statement to show as POF.

Q1: how we can justify that deposit amount (credit transaction) to CIC? by providing LoE with statement that 'we deposited cash which we kept in a bank locker?' but what's proof?

Q2: we maintain to have avg. balance of last six months, and bank letter to show that avg. balance of required amount? or we deposit cash and take bank statement with letter showing current balance?


Kindly need your expert opinion and advice!

Thanking you all in anticipation!

if you are depositing cash, there is no way to prove that the funds actually belonged to you. Therefore, the best option would be to deposit the cash into your parents or siblings bank account and ask them to transfer it to you. You can explain this as a gift from parents/siblings and explain it with a gift deed and proof of transfer.

In addition to the gift deed and proof of transfer you still will have to give a letter obtained from your bank which has details of bank account balance for the last 6 months. If you are unable to get the letter then you will have to submit last 6 months bank statements, signed and stamped by the bank.

 

[Stanlee]

Any Comments? Here ---
My POF statement will comprise of 3 things: My required amount is 23000 CAD (~12 Lacs)

1. Fixed Deposit - 10000 CAD (5 Lacs - Maintained from past 1 year)
2. PF - 5000 CAD (3 Lacs)
3. Salary Account- 8000 CAD (4 Lacs - Increases every month - this should be the amount end of February - The 6 month statement would show increments (my salary credits)

Is this okay? I plan to submit these documents in the first week of March

Yes, these are fine provided you have all the supporting documents. You can sum up everything in an LOE.