No, as it is has a fixed maturity term and cannot be prematurely withdrawn (unless and otherwise stated in the FD Receipt or FD Advice). This by nature would make it ineligible to be shown as POF as it will not classify as readily transferable.neeti_hasija said:
Proof of Funds (Express Entry)
- Thread starter ThisIsHoof
- Start date
Hi Stan Lee:Stanlee said:
Can you please guide me on the below.
I work in a bank and as pof, i have FD in another bank (just because rates are much higher) and can provide FD statement and certificate as evidence of the same. I also have a loan from my bank. My questions are-
1) Do i need to provide salary statement for the current job. If i do, monthly instalment deduction will be shown. Will these create confusion?
2) Do i need to provide balance certificate from my bank? This will also show the loan amount? Will this be a issue.
3) Is it really necessary to provide 6 months bank statement?
4) As a wayout, i am planning to take another loan (personal), pay the loan of my bank and obtain a clean certificate from my bank, and show that alongwith the the FD statement of another bank. In that case, will the sudden inflow of cash (in case of account statement is provided) create any confusion?
I am in a real dilemma here. Please advise.
1. If you have sufficient funds in the form of FD in the other bank that you are referring to, then, that itself would be sufficient as POF. In that case, submit FD certificate along with a letter from your bank for the FD.Torque said:
Regarding salary slips for the current job, if you are claiming points for the current job, the document upload instructions asks to upload salary slips (if you have them, but it is not mandatory). However, if your reference letter covers all the points which CIC is looking for, you need not submit salary slips. On the other hand, if you choose to upload salary slips, then yes, you will need to explain your loan and get a letter from your relevant bank which would state the details of the accounts (savings, loans etc) held by you with the bank.
2. You need to show this only if choose to submit salary slips which would show loan dedications. What kind of loan is it, is it a secured loan? However, if you already have sufficient funds, declaring a loan will not affect your application negatively.
3. Either a letter from the bank which covers all the requisite information or else get 6 months bank statements signed and stamped by the bank.
4. I would suggest not to go ahead with that approach as you will have to explain the sudden inflow of funds into your account which would suspiciously look like a loan availed to show as POF.
I am planning to use my salary account + linked FDs and RD as POF account.
The current balance in all the accounts is above the cut off(single applicant) = CAD 13277
My average balances go like this:
Aug 2016 = CAD 5500
Sep 2016 = CAD 6113
Oct 2016 = CAD 10000
Nov 2016 = CAD 11130
Dec 2016 = CAD 12260
Jan 2017 = CAD 13277
All the big deposits are salary, except 1 (CAD 3000 in October for which I have made a gift deed). Also, on the balance certificate, I only have the current balance, and not the average balance, as I am afraid that might go against me.
Please suggest me will it work? or should I wait more for the last 6 month average balance to get a bit fine.
The current balance in all the accounts is above the cut off(single applicant) = CAD 13277
My average balances go like this:
Aug 2016 = CAD 5500
Sep 2016 = CAD 6113
Oct 2016 = CAD 10000
Nov 2016 = CAD 11130
Dec 2016 = CAD 12260
Jan 2017 = CAD 13277
All the big deposits are salary, except 1 (CAD 3000 in October for which I have made a gift deed). Also, on the balance certificate, I only have the current balance, and not the average balance, as I am afraid that might go against me.
Please suggest me will it work? or should I wait more for the last 6 month average balance to get a bit fine.
Even if you have the monthly average balances mentioned in the letter, it will not be a problem as you can attribute the incremental balance to salary credits and gift money. If the letter just mentions the current balance, then would suggest to submit 6 months bank statements stamped and signed by the bank in addtion to FD certificates and RD statements (if any). Use an LOE to explain.sahil820sharma said:
Hi
I have a question regarding the POF:
I had a gift deed with which I reached the amount needed , but i had few expenses almost the 1/3 (tax pay and stuff)
Then in January I got my revenues , I am self employed ,so no salary but usually I get irregular payments
in CAD :
Aug 2016 : 12600$
Sep 2016 : 12300$
Oct 2016 : 10900$
Nov 2016 : 7700$
Dec 2016 : 6200$
Jan 2016 : 13200$
I have this documented in bank statements, but it's clear I didn't maintain the 12,300$ as POF in Oct -> Dec , but I can from now on
So do you guys think my POF situation is good for a PNP or ITA ?
I have a question regarding the POF:
I had a gift deed with which I reached the amount needed , but i had few expenses almost the 1/3 (tax pay and stuff)
Then in January I got my revenues , I am self employed ,so no salary but usually I get irregular payments
in CAD :
Aug 2016 : 12600$
Sep 2016 : 12300$
Oct 2016 : 10900$
Nov 2016 : 7700$
Dec 2016 : 6200$
Jan 2016 : 13200$
I have this documented in bank statements, but it's clear I didn't maintain the 12,300$ as POF in Oct -> Dec , but I can from now on
So do you guys think my POF situation is good for a PNP or ITA ?
Go to the EPFO and get your balance stamped by them. I have an issue there as I have 4 different PFs (which due to employers stupidity are now not linked to my current UAN). I also believe there is a thread where someone explained this in detail and has some attachments as well. Do check the forum.napavalley said:
Stanlee said:
Hi StanLee:
thanks a lot. the loan i have from my employer/bank is unsecured. And my account statement has this narrantion in each month "INSTALLMENT PAYMENT" for instalment deduction for this personal loan.
Please note,
My pof requirement is $18,825 (for 3 persons)
Total POF in form of FD in other bank $ 19,600
Loan amount in my bank $9,000
So, my plan is to submit the following -
a) Statment of FD as well as statement - from other bank, which will cover my proof of fund.
b) Balance confirmation certificate from my bank, which will proivde month-end balance in current account. Luckily this will not mention the loan amount.
c) I am not providing pay-slip, but will provide the salary information in the reference letter to be signed by my line manager. This will be in company letterhead and will provide contatct details of himself and the company (apart from other details required for NOC verification)
Do you think it will work? Please advise. Thanks a lot again for your valuable time.
Regards
Hi All,
With respect to the average balance for last 6 months, for me it is definitely less than the required amount of 16K $. Further, I have housing loan, (secured with the housing property) and an education loan (unsecured). All the accounts are maintained with the same bank. I am thinking of liquidating my mutual funds/ other assets and getting money from relatives to show the funds
Will that be acceptable to CIC?
Would appreciate your valuable suggestion.
With respect to the average balance for last 6 months, for me it is definitely less than the required amount of 16K $. Further, I have housing loan, (secured with the housing property) and an education loan (unsecured). All the accounts are maintained with the same bank. I am thinking of liquidating my mutual funds/ other assets and getting money from relatives to show the funds
Will that be acceptable to CIC?
Would appreciate your valuable suggestion.
Hello All,
On my profile I have listed myself as the sole applicant. I do have family in India who are not going to immigrate to Canada.
Do I still have to show proof of funds for 4 family members including my parents and siblings or do I only have to show funds for one person as I have indicated on my profile.
On my profile I have listed myself as the sole applicant. I do have family in India who are not going to immigrate to Canada.
Do I still have to show proof of funds for 4 family members including my parents and siblings or do I only have to show funds for one person as I have indicated on my profile.
POF is for the main applicant, spouse and children - this doesn't apply to parents/siblings.arrayofhope said:
If you're single then simply provide POF for one person.
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Hello everyone,
So I need some help on proof of funds.
I received ITA on January end. Around January 12, my father transferred Rs. 250,000 from his account to my account for the purpose of helping me settling in Canada. Today my total balance inlcuding the FD is approximately 950,000 Rs. I was going through the forums and I came to know that CIC would ask for a 6 month balance and since my father transferred 250,000 in January, this could lead to red flags for the CIC officer.
I have done the following my application:
1) Signed and made a notarized Gift deed from my father to me for the transfer of 250,000 Rs as a gift which would not need to be returned
2) Given an affidavit in which i declared the amount as a gift having no liabilities
3) Gave an affidavit from my father who gave an oath about the money being transferred as a gift
4) Signed and Stamped bank balances of my father account and my account linking the transaction
5) Letter of Explanation on the same explaining that even without the funds from father, my bank balance is higher than LICO amount. (700,000 Rs for 1 individual)
Am I good to go? Or is there anything else needed?
A reply would be really helpful
So I need some help on proof of funds.
I received ITA on January end. Around January 12, my father transferred Rs. 250,000 from his account to my account for the purpose of helping me settling in Canada. Today my total balance inlcuding the FD is approximately 950,000 Rs. I was going through the forums and I came to know that CIC would ask for a 6 month balance and since my father transferred 250,000 in January, this could lead to red flags for the CIC officer.
I have done the following my application:
1) Signed and made a notarized Gift deed from my father to me for the transfer of 250,000 Rs as a gift which would not need to be returned
2) Given an affidavit in which i declared the amount as a gift having no liabilities
3) Gave an affidavit from my father who gave an oath about the money being transferred as a gift
4) Signed and Stamped bank balances of my father account and my account linking the transaction
5) Letter of Explanation on the same explaining that even without the funds from father, my bank balance is higher than LICO amount. (700,000 Rs for 1 individual)
Am I good to go? Or is there anything else needed?
A reply would be really helpful
any thoughts are appreciated on my case:
I received my ITA under FSW, so I will provide POF. I have 2 bank a/c and a job now in Canada. I don't claim this job for my work experience.
balance in Canadian bank a/c A: CAD 12,900, but the 6 months average is about CAD11,000, I need CAD 12,000 as single applicant;
balance in Canadian bank a/c B: CAD 8,000 for over 6 months
My question is:
1. I plan to provide POF with a/c A + my current job offer + current pay stub, will if cause any problem?
2. I also plan to submit the stamped bank statement for a/c A, shall I stamp monthly bank statement for past 6 months, or stamp transaction list for past 6 months?
3. Requesting bank official letter is a bit more troublesome for a/c B, so I prefer to ignore it. But if it is better to show more balance in a/c A, is it OK I transfer some amount from a/c B to a/c A? But it won't make up for the 6 months average.
thanks for ideas
I received my ITA under FSW, so I will provide POF. I have 2 bank a/c and a job now in Canada. I don't claim this job for my work experience.
balance in Canadian bank a/c A: CAD 12,900, but the 6 months average is about CAD11,000, I need CAD 12,000 as single applicant;
balance in Canadian bank a/c B: CAD 8,000 for over 6 months
My question is:
1. I plan to provide POF with a/c A + my current job offer + current pay stub, will if cause any problem?
2. I also plan to submit the stamped bank statement for a/c A, shall I stamp monthly bank statement for past 6 months, or stamp transaction list for past 6 months?
3. Requesting bank official letter is a bit more troublesome for a/c B, so I prefer to ignore it. But if it is better to show more balance in a/c A, is it OK I transfer some amount from a/c B to a/c A? But it won't make up for the 6 months average.
thanks for ideas