Proof of Funds (Express Entry)

[vishalg]

Seniors, please advise.. If letter from Bank A and downloaded statements from others would do
[/quote

Please advise, what do I need to do

if there are recent transfers (significant amount) from B to A. That would definitely raise a concern as the person might have taken a loan from bank B. Ideally you should show letter from bank B as well that would include any loans/credit cards.
Any statements that you are uploading should be signed and stamped

 

[mbanu]

Please I need help! I got ITA under FSW. However, I live and work in Canada with valid work permit, but on contract basis and I do not have the $15,300 for a family of 2. I have only $12700, and I just printed my spouse's account statement without any supporting letter.
What do I need to do please? I am worried.

Any help?

 

[hot season]

I am preparing for the Financial Support. CIC requests "the official letter must be printed on the letterhead of the financial institution, and include your name and the contact information of the financial institution (address, telephone number and e-mail address)". Today I got the paper, but it only contains the headquarters address and the swithchboard. So now how can I deal with it? Pls help me. Thanks a lot!!

 

[varun2810]

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 ?

I am also.planning to show my PF as POF. Will an online statment stamped and signed from my employer and a letter from the employer stating that the PF can be withdrawn once I resign from the job can support it?
Kindly guide..

 

[Almostther]

Hi,

I was invited on 25th Jan under CEC, I have left Canada 2 years back. Is it necessary for me to provide POF. I am planning to write in letter of explanation that "I am invited under CEC, and as per CIC instruction, I don't need to provide proof of fund". If they request me later, then I will provide POF.

The thing is that I have money in mutual fund and I don't want to withdraw unless I really need to.

Please advise with your experience.

 

[sammy89]

Any help?

I dont think an LOC from bank would help your case either. See if someone in your family can prepare a gift deed for remainder of amount to help you out? Because even if you take out a line of credit, it will reflect as a debt.

 

[Mthornt]

Hello all, quick question. My bank gave my the reference letter showing 6 months avg balance, and current balance, etc... everything except balance from my credit card debt. They left that off the statement, even though I asked for it to be included and I don't want to appear to be hiding any information. Any idea how to handle this?

Thx

Any ideas?

 

[vishalg]

Any ideas?

Visit them and request again as it is an important aspect of the letter. If they don't provide you that ask them to print your current unbilled statement (that would have your total limit, available limit as on date), get this signed and stamped by them. if they don't print that, log in to your account and print it yourself and ask them to stamp and sign it.
and do write an LOE explaining the situation.

 

[Mthornt]

Thanks, contacted my bank and they are able to provide the debt information on it's own letter. Apparently Bank Reference Letter for them only attaches deposit accounts, and I have to also get a separate Credit Reference Letter to show this information for my credit card account. It would have been nice to know that while I was at the bank :-\

 

[napavalley]

Important info for those in India who want to use PF for PoF

There is a very easy way to get your PF statement from the PF office delivered to your home at the click of a button!
All you need to do is file an RTI and it costs you just 10 bucks!!! I filed an RTI requesting for my PF statement and just received it today. But it takes a good 30 days to get the reply. The site is https://rtionline.gov.in/ . Please spread this news to your friends.

Here's the reply from the PF office:

Please refer to your application under the RTI Act 2005, dated 09-01-2017 which was received in this office on 19-01-2017. The point wise information is based on the information as provided by the holder of the information is enclosed herewith.

Information sought: As the UAN Portal is not functioning properly, Member has requested for a Provident Fund Account Statement (Member Ledger).

Information Available: As requested by Member the copy of Member Ledger is enclosed.


........

 

[Mthornt]

Nice, my bank supplies the same info through my online account. I was able to order my reference letter online, and it should be here in 7-10 business days!

 

[ashwani.m]

Hello All

got a query regarding proof of funds.

My average balance for past 6 months is 5k canadian dollar does it mean that I only have to borrow rest of the money from my Father and make a Gift Dead accordingly or all the money has to come from my Father?

Regards

Gift deed and the word "borrowing" can't go hand in hand. So don't mention similar words in Letter of Explanation or if CIC asks you anything related to this.. It MUST be a gift not meant to be taken back from you and you should have the right to spend.. You can surely take remaining amount from your father and he will have to give in writing (in the form of gift deed) that he doesn't want this money back, won't have any claim over this amount in future and mentioning his relation with you. Parents giving money to their children is totally fine so relax..

 

[ashwani.m]

Hi everyone,

I need help regarding a FD which I had in my bank. The FD matured and the amount of INR 125,000 ( CAD 2500 approximately) got transferred to my savings accounts which I am going to show to CIC for proof of funds. At present the bank account has a balance of CAD17500 for single applicant with this recent transaction of 125,000 INR. Is it fine?

It is more than required. You are good to go.

 

[cedlechauve]

Hi all,

Sorry to post again but I hope you will have some advice on my situation:

My parents transfered me 3000euros 4months ago and they were about to prepare a notorized gift deed. But I accumulated enough money on my own to be over the $ 12000 minimum required. Then I am planning to give them back the money as i don't need it anymore.
But the transactions (4 months ago and the repayment) will show up on my 6months bank statements.
I am afraid it is going to raise concern from the case officer.
What do you think I should do ? I believe transfering back the money to my parents and explain my situation in the LOE is the best solution.

Thanks for your precious help and see you all in Canada !

 

[dazednconfused]

Senior members please help!!!

For proof of funds (wife and I are applying jointly):

1. We will show only our joint account. 6 month average will be very very low (just couple hundred dollars). Over the last month or so, I have been transferring funds into the account from my personal account.
To be clear, the funds in the personal account were not available either for 6 months. The source of the money is tax refunds and paycheck. So it possible to show the itemized line from my personal account that shows the history of the money (pay check or the tax refund) and the associated transaction details for transferring the money from personal account to joint account?
2. For the rest of the funds, I wanted to show my 401k balance. I will NOT be withdrawing money from my 401k. My 401k firm will give a letter with my name, address, account information and vested balance on closing date of statement. Will this be sufficient or should I also submit a 1 year statement showing history of money in the account. Or would it be better to take a loan against my 401k and show it as balance in the bank account?? Would this be acceptable?
a. Can I then show the joint account balance + the $Y.YY is equal or greater than the CAD15,312 that CIC wants?
3. What is considered as large deposit transactions in the bank account - are 6 transactions of $1000-1500 each is acceptable? I understand that the purpose of the Letter of Explanation is to prove that the money is mine and not on loan from someone else.

Thank you.